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NFT The number of Ordinal inscriptions passed 100,000 late Tuesday, proving that the project to bring digital assets natively to the Bitcoin blockchain continues to intrigue the crypto space since its launch last month. The 100K milestone was closely watched, and comes less than a day after Ordinals crossed the 75,000 inscription mark, according to a Dune report, with transaction fees for the digital collectibles topping $114,590 earlier today. I TOLD YOU 100K TODAY???????????? — trevor.btc (@TO) February 15, 2023 Closing in on 100k inscriptions Close to a 1 year high in transaction fee rates Mempool is over 100 blocks…

NFT BendDAO, the largest NFT lending platform by market cap, hit new all-time highs last month on the backs of 4,399 individual loans, many of them Azukis, Mutants and BAYC. Twitter user @JKrantz speculated that the sudden all-time high might be because borrowers are getting paid a higher interest to take out loans on their NFTs with the native BEND token, which has seen a spike in growth over the last month. In the last 30 days, BEND has been up 377.5%, which some say is the reason why loans are flocking to the platform, as borrowers can yield a…

Ethereum might be the king when it comes to NFTs, but its reign seems under threat from an unlikely source. A few months ago, NFTs on the Bitcoin network were barely even a thing. However, since the launch of Ordinals, a project that allows individuals to inscribe/mint NFTs directly on Satoshis, things have become very interesting.Lack of smart contracts and growing criticism from Bitcoin maximalists haven’t stopped the Ordinals project from picking up. Three weeks after launch, the number of inscriptions is fast approaching 100,000. One of these is a valuable Bored Ape Yacht Club (BAYC) #1626, which belongs to…

The percentage of Ethereum blocks complying with orders set by the United States Office of Foreign Asset Control (OFAC) has now fallen to 47% — the lowest level since Oct. 11. The latest milestone in reversing censorship comes nearly three months after the percentage of OFAC-compliant blocks peaked at 79% on Nov. 21. OFAC-compliant blocks are those that exclude transactions involving parties sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control.A fall in compliant blocks could be seen as a win for those who oppose censorship within the Ethereum ecosystem.Percentage of OFAC-compliant blocks following the Ethereum Merge on Sept. 15.…

A New York judge has granted a request from prosecutors to defer civil proceedings against Sam Bankman-Fried from the Commodities Futures Trading Commission and the Securities Exchange Commission until after the FTX founder’s criminal trial in October.U.S. District Judge of Manhattan Kevin Castel on Feb. 13 granted the motions to stay the civil proceedings “without prejudice,” meaning the cases will now be halted until after the Department of Justice’s criminal trial concludes. The motion was first submitted on Feb. 7 by Damian Williams, the U.S. Attorney for the Southern District of New York, requesting to defer both civil cases against…

Cumulative nonfungible token (NFT) trading volume trended higher in January, and data from a recent Delphi Digital report showed monthly volumes reaching an eight-month high above $1 billion.The key factor that influenced NFT trading was the Blur token airdrop on Feb. 14. Since its launch last year in Q3 2022, Blur has rewarded users with “care packages,” which can be redeemed for tokens starting Feb. 14 at 12 pm ET. Many users have tried to farm these airdrops, increasing the platform’s trading volume. Since the start of 2023, Blur’s trading volume has surpassed that of OpenSea, the market leader in…

Paxos Trust Company says it “categorically disagrees” with the United States securities regulator that has described Binance USD (BUSD) as a security. In the Feb. 13 statement, the BUSD issuer confirmed recent reports that it had received a Wells notice from the United States Securities and Exchange Commission over BUSD and its alleged failure to register the offering under federal securities laws.END/ Paxos remains dedicated to the development of stablecoins, tokenization & #blockchain technology. We’ll continue serving the world’s most respected and established companies to create a more open financial system.— Paxos (@PaxosGlobal) February 13, 2023 “Paxos categorically disagrees with the…

This week on The Market Report, the resident experts at Cointelegraph discuss why the United States Securities and Exchange Commission is going after crypto staking and why stablecoins have been in the news recently.We start off this week’s show with the latest news in the markets:SEC lawsuit against Paxos over BUSD baffles crypto communityOn Feb. 13, the SEC issued a Wells Notice to Paxos Trust Company, which issues the Binance USD (BUSD) stablecoin, alleging that the stablecoin is an unregistered security. On the same day, the New York Department of Financial Services ordered Paxos to halt the issuance of BUSD. This led to…

New York State’s Department of Financial Services, or NYDFS, reportedly received a complaint from stablecoin issuer Circle regarding Binance’s reserves prior to its crackdown on BUSD.According to a Feb. 13 Bloomberg report, Circle alerted NYDFS in an autumn 2022 complaint that Binance’s reserves were insufficient to support its tokens, seemingly including stablecoin Binance USD (BUSD). A person familiar with the matter reportedly said Circle’s team had uncovered the information through blockchain data.Circle’s actions came prior to the United States Securities and Exchange Commission’s plans to file a lawsuit against Paxos, claiming that BUSD was an unregistered security. NYDFS announced its…

Blockchain An Overview of Layer 2 Roll-ups Optimistic and ZK-rollups: Fraud Proofs vs Validity Proofs The ZK-Rollup Space The Hurdles To Overcome Decentralization Plans The Future An Overview of Layer 2 Roll-ups Over the past few years, Layer 2 (L2) rollup solutions have come to the forefront as activity on the Ethereum network has grown. Activity and engagement with non-fungible tokens (NFTs) and Decentralized Finance (DeFi) has caused a surge in Layer 1 (L1) blockchain activity. In turn, the demand for blockspace, represented by gas costs, has increased. And the time for transaction finality has risen due to the increased…