US Government Moves 10,000 Silk Road BTC to Coinbase

US Government Moves 10,000 Silk Road BTC to Coinbase

Another noticeable movement of 10,000 Bitcoin, valued at nearly $600 million, was recently transferred to a Coinbase Prime wallet from a known U.S. government wallet, according to Arkham Intelligence. This transfer follows a similar move two weeks ago when $2 billion worth of Bitcoin, confiscated from the Silk Road marketplace, was shifted to an unidentified wallet.

The US DOJ has been managing these assets since the Silk Road seizure, with formal forfeiture completed in 2023. These movements are part of a broader strategy to manage confiscated digital assets, potentially signaling upcoming sales or other government actions. Coinbase Prime, a key player in institutional crypto services, is often involved in such high-profile transactions.

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MetaMask Launches Crypto Debit Card Using Linea Layer 2

MetaMask, Mastercard, and Baanx are launching a blockchain-based debit card in the EU and UK. This pilot phase includes a few thousand digital-only cards, with wider distribution later this year. The card lets MetaMask wallet users spend USDC, USDT, and wETH held on the Linea Layer 2 network, connecting blockchain technology to traditional payment systems.

The collaboration highlights the growing intersection between traditional finance and blockchain-based assets, offering more flexible financial services. As users retain custody of their funds until payment, this innovation emphasizes security and autonomy. MetaMask and its partners are exploring how blockchain can enhance accessibility, particularly in regions with unbanked populations.

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Renzo Liquid Restaking Expands to Solana and Jito

Renzo, an Ethereum liquid restaking service, has announced its expansion into the Solana ecosystem through a collaboration with the Jito Foundation. This partnership will introduce ezSOL, a liquid restaking token, allowing users to maximize rewards by leveraging Jito's MEV-enhanced validator network. Liquid restaking enables users to earn additional income by locking staked assets in various protocols.

Renzo’s move into Solana highlights the growing trend of cross-chain innovations, aimed at increasing capital efficiency and diversifying staking strategies. The launch of ezSOL is set for next month, further integrating Renzo's services into the broader blockchain ecosystem. This expansion comes as Renzo solidifies its position as a leader in liquid restaking, even amid fluctuating market conditions.

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EigenLayer Adds Permissionless Token Support

EigenLayer, an Ethereum restaking project, is introducing permissionless token support, allowing any ERC-20 token to be used as a restakable asset on its protocol. This move broadens the range of assets that can secure decentralized networks. Following a testing phase, the mainnet deployment is scheduled for next week, with user interface support to follow later in Q3.

EigenLayer's innovative approach allows users to re-stake their ether or liquid staking tokens, providing additional security to third-party protocols. The project, backed by a $100 million investment from Andreessen Horowitz, currently manages over $12.6 billion in assets. This latest development reinforces EigenLayer's commitment to expanding the utility and security of decentralized finance.

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Data of the Day

Growthepie reported a daily transaction record of 12.42 million in the Ethereum Layer 2 scaling sector. Since January 2024, Coinbase's Base blockchain has seen a 700% increase in activity over the past six months, driving a 140% increase in transactions.

The need for lower-cost, higher-throughput L2 solutions has spurred user activity, especially in meme coin creation. Meanwhile, Layer 1 Ethereum transactions have remained stable, but L2 platforms have seen a decent increase in stablecoin holdings.

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More Breaking News

• Coinbase teases a new product "cbBTC," speculated to be a wrapped Bitcoin token, aiming to expand its Bitcoin economy.
• Goldman Sachs discloses holding over $400 million in US spot Bitcoin ETFs, including significant stakes in BlackRock's and Fidelity's funds.
• Binance introduces Toncoin (TON) as its 56th Launchpool, allowing users to stake tokens and earn rewards from a 7.6m TON prize pool starting Aug 15.
• Sahara Labs secures $37 million in funding to develop its decentralized blockchain platform, led by Pantera Capital and Polychain Capital.
• dYdX announces a major fall upgrade, dYdX Unlimited, allowing users to list new trading markets without governance approval.
• Crypto.com has been appointed as a multi-year sponsor of the UEFA Champions League, covering both gameday events and ad campaigns.

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