Binance Wallet Introduces Bitcoin Atomical ARC-20 Asset Support

Here are some of the major developments in the world of crypto over the past few days.
some of the major developments in the world of crypto
some of the major developments in the world of crypto

Cryptocurrency exchange Binance has integrated Bitcoin ARC-20 Atomic Assets into its native Web3 wallet through the Inscriptions Marketplace. ARC-20 is a token standard that enables the creation of alternative tokens that can be held and transferred on the Bitcoin blockchain, Binance wrote on May 2. To celebrate this new integration, we are offering commission-free trading of ARC-20 tokens until June 2, 2024. Invented in January and modeled after Ethereum's ERC-20 standard, the Atomicals protocol allows for the minting, transfer, and renewal of non-fungible tokens. (NFT) on the Bitcoin blockchain.

In February, cryptocurrency exchange Bitget announced support for Bitcoin Atomic through its native self-custody wallet. Similarly, cryptocurrency exchange OKX has an entire marketplace dedicated to Bitcoin atomic assets. Despite fears that it would become technologically obsolete with the advent of smart contract blockchains such as Ethereum and Solana, Bitcoin has become technologically obsolete over the past year with the advent of innovations such as ordinal numbers, inscriptions, runes, and atomic numbers. gap is rapidly closing.

Last quarter, Orders Exchange completed integration with the Bitcoin Rune protocol to enable the issuance of alternative tokens on its native network, built a Bitcoin asset bridge using MicroVisionChain, and launched a BRC-20 token swap. made possible. Meanwhile, Omnichain's revenue-generating protocol SolvBTC has amassed a total value of $700 million from revenue-generating Bitcoins minted on Arbitrum, Merlin, and BNB smart chains. The protocol estimates that this mechanism will allow a user to earn between 5% and 10% annually on his BTC deposits.

US Lawmakers Urge SEC Approval for Bitcoin Options Trading

US lawmakers are reportedly asking the Securities and Exchange Commission to approve options trading on Bitcoin exchange-traded products (ETPs). As reported by Axios, Representatives Mike Flood and Wiley Nickell recently sent a letter to Chairman Gary Gensler urging the SEC to stop discriminating against crypto funds.

According to Messrs. Flood and Nickel, approval is critical for investors who the SEC wants to protect. Nasdaq has applied to list and offer options trading for BlackRock's iShares Bitcoin Trust, while Cboe will offer options trading for various BTC funds. Similarly, the NYSE plans to trade options on the Bitwise Bitcoin ETF, Grayscale Bitcoin Trust, and other trusts that hold Bitcoin. Recently, the European Commission launched a new consultation on proposed rule changes that would allow options trading in Bitcoin funds.

According to an April 24 filing, the SEC wants to investigate how Bitcoin options may affect market stability, especially during volatile conditions. The agency is also investigating whether current market oversight and enforcement practices are sufficient to address the complexities of Bitcoin options. Participants are asked to submit their first comments by May 15th and any objections by May 29th.

EigenLayer to Release 28M More EIGEN Tokens After Airdrop Backlash

Ethereum Restaking protocol EigenLayer is airdropping approximately 28 million more native EIGEN tokens to over 280,000 wallets, just days after the initial airdrop announcement. On Monday, EigenLayer announced that he would give away his 15% of the total supply to the community, but some users found some provisions of the airdrop program to be restrictive. In a May 2 post to X, the Eigen Establishment said that it will be airdropping additional EIGEN tokens to the wallets of clients who participated in the protocol before April 29 — meaning it will also include the initial airdrop claimants.

The token has not yet been launched, but according to Aevo data, the EIGEN perpetual futures contract is currently trading at $10 on the derivatives market, meaning the value of the recent airdrop is estimated to be around $280 million. There is a possibility that This price of EIGEN is subject to significant changes ahead of the token's official distribution event on May 10th. Eigenlayer said it will consider including more testnet users who may have been excluded from the airdrop.

EigenLayer said this control was put in place to ensure that key features, including payments and slash parameters, are "well established" before EIGEN becomes transferable between users. . In a recent blog post, EigenLayer further elaborated on the non-transferability of his EIGEN but has not yet disclosed the date on which the tokens will become transferable to users. Individual investors and team members are subject to a full lock-up period of one year from the time their tokens become transferable to the community.

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