🥩Bitcoin Stakers Pile $1.42B Into Babylon

GM Defiers!

It was a big day for Bitcoin, with Babylon taking in $1.42 billion in less than two hours from stakers after opening deposits for the second time. Despite Babylon accepting deposits over the course of just 10 Bitcoin blocks, stakers piled nearly 23,000 BTC into the protocol.

HBO’s highly anticipated documentary attracted backlash after naming Peter Todd as Satoshi Nakamoto. Many in the crypto community claimed the film advanced little evidence to support its claims, while Todd vehemently denied he created Bitcoin.

Markets traded sideways ahead of the release of minutes from the Fed’s September meeting. BTC and ETH swung between gains and losses, while SOL and DOT dipped by 1%.

Ethereum developers advanced two new proposals in a bid to bolster the scalability of the network’s base layer.

Plus, Wrapped Bitcoin shuffles BTC collateral, Crypto.com sues the SEC over Wells Notice, and Aave proposes GHO deployments on Base and Avalanche,

✍️ In today’s newsletter:

• Babylon TVL roars past $1.42B
• HBO documentary attracts backlash
• Markets stay calm ahead of Fed minutes
• Ethereum developers propose EIP-7781 and EIP-7783
• WBTC reserves move on-chain ahead of restructuring
• Crypto.com launches legal action against SEC
• Aave plots GHO on Base and Avalanche
• Bitcoin news round-up

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🪙 Babylon Attracts $1.42B In BTC Over 10 Bitcoin Blocks

Babylon, the hyped Bitcoin staking protocol, amassed nearly 23,000 BTC in less than two hours after opening deposits for just the second time. Roughly 12,570 users deposited assets onto Babylon over the course of 10 Bitcoin blocks.

📹 Crypto Community Slams HBO Documentary Claiming Peter Todd Is Satoshi

HBO’s highly-anticipated documentary exploring the identity of Satoshi Nakamoto claimed Peter Todd, a long-time Bitcoin contributor, is the blockchain’s pseudonymous founder. However, the film attracted pushback from critics who say it offered scant evidence and may have put Todd’s safety at risk, despite Todd rejecting its claims.

💎 Ethereum Developers Float Two Proposals To Improve Layer 1 Efficiency

Ethereum developers published EIP-7781 and EIP-7783 in a bid to bolster the scalability of the network’s base layer. EIP-7781 would reduce Ethereum’s slot time to eight seconds from 12, while EIP-7783 would increase gas targets over time.

🔎 Wrapped Bitcoin Transfers Reserves Ahead Of Controversial Restructure

Wrapped Bitcoin, the largest Bitcoin-baked ERC-20 token, shuffled the collateral assets backing the WBTC token on-chain. The conspicuous transfers come as Wrapped Bitcoin gears up for its controversial looming corporate restructure.

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📉Crypto Markets Tread Water Ahead of Fed Minutes

Crypto markets were calm on Wednesday morning ahead of the release of minutes from the Fed’s last meeting, which are expected to provide insights into future rate policy. Aerodrome is today’s top gainer after rallying 6% in the past 24 hours. Bittensor, Sei and Kaspa are the biggest losers, down between 5% and 7%.

⚖️ Crypto.com Sues the SEC in Response to “Unlawful” Wells Notice

Crypto.com hit back at the U.S. Securities and Exchange Commission with legal action after receiving a Wells Notice — communication forwarded by the SEC to companies that are the subject of an investigation. The news follows the SEC issuing Wells Notices to prominent crypto firms including Coinbase, OpenSea, and Robinhood in recent years.

👻 Aave Could Soon Launch GHO Stablecoin on Avalanche and Base

Aave DAO is considering a proposal advocating for the project to deploy its GHO stablecoin on Base and Avalanche. The proposal comes after GHO launched on Arbitrum, its first deployment outside of Ethereum, in July.

🗞️ Bitcoin Roundup: Ethiopian Mining Booms, Russian Investigator Jailed Over BTC Bribe, Fold Files For IPO

Ethiopia’s Bitcoin mining sector appears to be booming as miners seek out cheap electricity amid the aftermath of the fourth Bitcoin halving in April. In other Bitcoin news, a Russian investigator was jailed for accepting a 1,032 BTC bribe, the U.S. Supreme Court greenlit Silk Road BTC sales, and Fold filed for an IPO.

🌍 ELSEWHERE

• FTX Settlement Requires Caroline Ellison to Give Up 'All of Her Assets' (Decrypt)
• VanEck to Invest in Early Stage Ventures Including Crypto With New $30M Fund (CoinDesk)
• Hyperledger posts incident report for Arbitrum bridge failure citing 'extremely rare edge case' (The Block)
• Coinbase Activates Bitcoin Taproot Transfers (Unchained)

🔥TRENDING

• Ethereum Layer 2 Scroll to Airdrop 15% of SCR Token to its Community
• Crypto.com Sues the SEC in Response to “Unlawful” Wells Notice
• Crypto Markets Slide as China Stimulus Disappoints
• Binance To Debut Pre-Market Trading For Scroll’s SCR Token On Oct. 11
• FTX’s Bankruptcy Plan Approved Despite User Dissent
• Memecoins Rally on VC Attention