ProBit Bits — ProBit Global’s Weekly Blockchain Bits Vol. 103

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 Trump’s Presidential Campaign Now Accepts Cryptocurrencies For Donations

On May 21, former US President Donald Trump’s presidential campaign launched a fundraising page to accept cryptocurrency donations through Coinbase Commerce, accepting Bitcoin, Ethereum, Dogecoin and others with custom or predefined amounts to the campaign. This highlights Trump’s strong stance for cryptocurrencies compared to the current US administration and could signal a shift to a more favorable regulatory landscape should Trump return as president. However, some critics like Elizabeth Warren narrating it as empowering voters to build a crypto army for a electoral victory. Nevertheless, a holistic regulatory framework is needed since crypto adoption has been on the rise for the past few years and continues to grow.

 CryptoPunks Project On Hold By Yuga Labs Amidst Community Backlash

Yuga Labs Co-founder and CEO Grey Solana has announced the halt of changes to the CryptoPunks due to community backlash. This decision was initiated by the reveal of Super Punk World, a new NFT collection featuring 500 3D sculptures by artist Nina Abney. The goal Yuga Labs aimed for was to broaden CryptoPunks appeal to traditional art collectors for digital ownership. The collection however faced criticism regarding price disparities based on gender and color. With the plan to pause any further changes in the CryptoPunks collection, Yuga Labs will distribute Abney’s collection to SuperCoolWorld holders and support educational initiatives about CryptoPunks.

 Ethereum Pumps 18% Amid New Hope For ETF Approvals

Ethereum had a significant 18% increase within a 24 hour period, driven by the speculation that spot Ethereum ETFs might have approval by May 23, despite previous negative noise. Eric Balchunas, Bloomberg’s ETF analysts noted that increased interest in the US SEC urging applicants to expedite their 19b-4 filings, indicating approval odds from 25% to 75%. The pending decision on VanEck’s spot Ethereum ETD application on May 24 adds to the anticipation even though the 19b-4 filings must be accompanied by signed off S-1 registration statements  for the ETFs to launch which could take weeks to months. This development has caused a surge in investor confidence with other cryptocurrencies like Bitcoin, Solana and Dogecoin experiencing notable gains within 24 hours, contributing to the broader crypto market, surpassing the $2.7 trillion market cap for the first time since April 11, 2024.

 Gala Games Hacker Returns Ethereum Tokens After $240 Million Token Heist

The hacker who exploited and created 5 billion GALA tokens worth $240 million has returned some of the funds earned from selling GALA tokens in Ethereum causing a 20% drop in GALA token’s price. This prompted Gala’s CEO to mention plans to use the recovered ETH to buy and burn GALA tokens, potentially increasing their price. Gala Games have been transparent about the hack and explained that a wallet with administrative access minted the tokens, acknowledging internal control mistakes. As of now, 4.4 billion GALA tokens remain frozen in the hacker’s wallet, subject to community voting on whether to burn and remove them from circulation.

 Web3 Social Network Farcaster Raised $150M With Only 80K Daily Users

Farcaster, a blockchain social network protocol, has raised $150 million led by Paradigm, joined with a16z crypto, Haun Ventures, USV, Variant, Standard Crypto, and many others. Farcaster was founded by Coinbase employees, offering developers a platform to build apps on it, with Warpcast, a Twitter like social media platform, being the most popular product. Users have to pay a fee in Ethereum to store data on chain user identities for verification which is a new concept for web2 users. Even though fundraising declined to 68% year over year in 2023, Farcaster has raised a substantial amount of funds with just only 80,000 daily active users, a small comparison to other decentralized social media platforms like Bluesky with 5.6 million active users.

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