Magic Eden Airdrops ME Token to Multi-Chain NFT Users

The leading Bitcoin NFT marketplace, Magic Eden has launched its ME token, allowing users across Bitcoin, Ethereum, Solana, and Polygon to claim and stake tokens. Users can link wallets to the ME Foundation website and finalize the claim process on Magic Eden’s mobile app, with staking options that provide governance voting power and participation in Magic Eden Quests.

The initial claim period, distributing 12.5% of the total supply, runs until February 1, 2025. Staking allows users to lock ME tokens for up to four years, increasing staking power and earning rewards. The ME ecosystem promises utility across Solana projects with incentives for liquidity pools and trading.

Partnerships with platforms like Raydium, Orca, Meteora, and Jito provide staking and liquidity rewards. By aligning with multiple blockchains, Magic Eden positions ME as a central utility token within its growing on-chain economy.

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Peter Schiff Urges US to Sell Bitcoin Reserves

Economist and Bitcoin critic Peter Schiff has called on President Joe Biden to liquidate federally held Bitcoin to reduce the 2024 budget deficit. Schiff argued that selling the reserves would prevent the establishment of a "Strategic Bitcoin Reserve" and halt speculative narratives around government-held BTC. The current Bitcoin treasury of the US is 207,189 BTC.

Schiff’s stance directly counters President-elect Donald Trump’s earlier proposal to establish a national BTC stockpile. While Schiff champions gold as a financial hedge, his remarks reignite debates on Bitcoin’s role in national finance. Schiff’s own actions, including selling a Bitcoin Ordinals collection, highlight a paradoxical relationship with crypto.

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Satoshi’s Guidance on Quantum Computing Threats to Bitcoin

The release of Google’s Willow quantum chip has reignited fears about potential threats to Bitcoin’s cryptographic security. However, Satoshi Nakamoto’s 2010 BitcoinTalk guidance offers solutions in case of such cryptographic vulnerabilities. Nakamoto suggested transitioning to new hash algorithms in an orderly manner or locking the blockchain’s state to continue with a more secure function.

In a more technical explanation: Bitcoin relies on ECDSA for securing private keys and SHA-256 for its proof-of-work mechanism, both of which remain safe from current quantum capabilities. Despite the recent tech advancements, experts like Bernstein estimate millions of qubits are required to compromise Bitcoin’s encryption, so for now we should be safe.

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Galxe Unveils Gravity EVM Upgrade and Ecosystem Fund

Galxe launched its Gravity blockchain’s EVM upgrade and a $50 million ecosystem fund to foster development. The upgrade introduces Grevm 1.0, an efficient EVM written in Rust, aiming to attract developers with access to Galxe’s million daily users. Gravity’s proof-of-stake design supports subsidiary chains and dApps, reducing reliance on centralized systems.

The $50 million fund, supported by venture firms like HashKey and Spartan Group, is supplemented by $5 million in developer grants. Gravity’s goal is to enable uniform gas payments across 70 blockchain networks using its native G token. By decentralizing infrastructure and incentivizing projects, Galxe aims to expand its footprint as a top SocialFi project.

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Data of the Day

The crypto market endured its largest altcoin liquidation since May 2021, with $1.58 billion wiped out in the last 24 hours. Ether, Solana, and Cardano bore the brunt, dropping 5%, 6%, and 11% respectively, while Bitcoin dropped below $95,000. Analysts attribute the selloff to excessive leverage, with altcoin open interest falling sharply after reaching multi-week highs.

The deleveraging event saw $1.39 billion in long liquidations, marking the largest daily reduction in altcoin open interest. Ether alone faced over $200 million in liquidations, signaling volatility and leveraged speculation. Despite the market’s turmoil, some analysts suggest the event could pave the way for more sustainable price action by reducing speculative excess.

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More Breaking News

• Circle and Binance partner to expand global stablecoin adoption, with Binance integrating USDC into its platform and Circle providing liquidity and technology.
• DEX aggregator Jupiter approves a revised airdrop proposal, distributing JUP tokens over the next two "Januaries" after initial rejection.
• Microsoft shareholders reject a proposal to add Bitcoin to the company's balance sheet, citing volatility concerns.
• Neptune Protocol raises $3.9 million in seed funding to launch USDN, the native stablecoin of the Solana-powered Eclipse blockchain.
• Tether's USDT receives approval as an accepted virtual asset in Abu Dhabi, enabling integration into the regulated financial framework.
• Donald Trump expresses a desire for Bitcoin to reach $150,000 early during his presidency, with cryptocurrency markets rallying post-election.
• Changpeng Zhao (CZ) predicts China's eventual adoption of a Bitcoin reserve, though its crypto policies remain unpredictable.
• Vancouver Mayor Ken Sim proposes Bitcoin adoption to combat inflation and safeguard the city's financial stability.

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