Happy Friday! Binance Bytes is an initiative by the Research team to provide a quick round-up of the week.
Highlights 🧵:
1/ In May, Bitcoin reached a significant milestone as total transactions surpassed one billion, demonstrating the network's growing usage and activity. Notably, the introduction of Inscriptions, Ordinals, and BRC-20s has been a major driver of Bitcoin’s accelerating growth, accounting for a large portion of the network’s transactions. Runes, a newly launched token standard on Bitcoin, is also contributing to this momentum. Our most recent report thoroughly explores these dynamics.
2/ Vitalik Buterin has proposed EIP-7702, aiming to enhance account abstraction on Ethereum by allowing externally-owned accounts to temporarily function as smart contract wallets during transactions. Susquehanna, a $438B asset manager, has disclosed its purchase of $1.3B worth of spot BTC ETFs.
3/ LayerZero has offered Sybil farmers the opportunity to self-report and receive 15% of their intended airdrop allocations, aiming to distribute tokens to genuine users and discourage excessive airdrop farming. Hyperliquid has announced its plan to transition to HyperBFT- a consensus algorithm capable of supporting 200K TPS.
Check out our latest publications from this week 🔎: The Future of Bitcoin: Tokens