Ethereum

Crypto Twitter This Week: Bitcoin Rune Mania and Other Ethereum Legal Drama

Crypto Twitter This Week
Illustration by Mitchell Preffer for Decrypt

Crypto Twitter this week has been dominated by the industry’s new hottest topic, Bitcoin Runes, as well as heated legal drama in the form of a preemptive lawsuit filed by the Ethereum software giant against the U.S. Securities and Exchange Commission (SEC). I did.

Since the latest Bitcoin bisectorRunes—New Bitcoin-based protocol Tokens that can support fungible tokens, such as meme coins, have surged in popularity. The new Runes meme token, DOG, is airdrop To Runestones Ordinal project holders on Wednesday. Distributed to tens of thousands of wallets, DOG instantly became the most popular rune token ever created.

Rune fever has taken over cryptocurrencies this week, resulting in a rapid surge in activity for the protocol. dominate The entire Bitcoin network.

Some cryptocurrency users spike Bitcoin Network Fees Due to Rune Frenzy. However, other protocol supporters remain steadfast in their conviction that the hype for the new type of token is just beginning.

On Ethereum, optimistic news was discovered this week regarding the multi-million dollar sale of another CryptoPunk NFT. A very rare Alien Punk, Punk #635, sold for a whopping $12.38 million to an anonymous collector on Thursday.

This sale marks the third time Alien Punk has traded for more than $11 million.

But not everyone in the Ethereum NFT ecosystem was smiling. On Friday, Yuga Labs, the multibillion-dollar company that developed the once-dominant collection of NFTs. Boring Monkey Yacht Club, laid off an undisclosed number of employees. Greg Solano, the company’s CEO and co-founder, acknowledged in a message to employees that the company had “lost its way.”

But the biggest bombshell of the week came on Thursday. Ethereum software giant Consensys active litigation Federal regulators are suing the company and potentially taking on the SEC in an attempt to declare Ethereum a security in the process.

Industry leaders immediately took to Twitter to support with one’s voice The lawsuit accuses the SEC of potentially attempting to delegitimize Ethereum after several other U.S. government agencies pointed out that ETH is not within the SEC’s jurisdiction.

Hayden Adams, founder of decentralized exchangedex) Uniswap likened the lawsuit to a battle cry for the cryptocurrency industry to finally take an aggressive, collective stance against the SEC. lord of the rings– Same battle. Uniswap said earlier this month that it was being sued by the SEC for securities violations.

Disclosure: ConsenSys Mesh is one of 22 investors in Decrypt. Edited by Ryan Ozawa.

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