🔔 MARKET MOVING NEWS! (10/12/24)
1️⃣ Ethereum Layer-2 Network Movement Launches MOVE Token With $830 Million Airdrop ☄️
Yesterday, the Movement Network Foundation announced the mainnet beta launch of the Ethereum layer-2 network Movement and its utility token ‘MOVE.’ The Foundation airdropped more than $830 million (based on peak value) worth of MOVE tokens for early users to claim. Specifically, the airdrop provided 1 billion MOVE tokens, around 10% of the total token supply to eligible communities and participants that had completed transactions and quests on the Movement testnet. An additional 12.5% of the supply was also unlocked for the Movement Network Foundation and additional community initiatives, bringing the total circulating supply to 2.25 billion MOVE tokens or 22.5%.
2️⃣ El Salvador To Scale Back Bitcoin Dreams to Seal $1.3B IMF Deal ❓
El Salvador is reportedly changing some parts of its controversial Bitcoin law to secure a $1.3 billion loan deal from the International Monetary Fund (IMF). Specifically, the country plans to ease a requirement that forced local businesses to accept BTC, making it a voluntary payment method. The country has also agreed to reduce its budget deficit, pass an anti-corruption law and increase reserves. The deal is expected to be finalised in the next two or three weeks. It is also anticipated to unlock another $1 billion of lending from the World Bank and $1 billion from the Inter-American Development Bank over the next few years.
3️⃣ Solana DeFi Exchange Jupiter Gets OK for Airdrops After First $1.7 Billion Vote Failed 🔍
JUP token holders have reportedly voted to pass a revised airdrop proposal that is set to airdrop JUP tokens to the Jupiter DAO community over the next two Januarys. The recent approval follows a failed first try a few weeks ago. The revised proposal made a few key changes by incorporating feedback from thousands of previous voters. This includes providing an allocation for JUP stakers and increasing the focus on including real users, instead of airdrop-farming bots, via criteria like “actual holdings” and “participation in the ecosystem.”
4️⃣ Ethereum Researcher Max Resnick Moves to Join Solana Development Firm Anza ‼️
Ethereum researcher Max Resnick has announced that he is leaving Consensys to join Solana-focused development firm Anza. Notably, this transition comes after Resnick recently opposed key aspects of Ethereum’s roadmap. For context, Resnick wrote an article titled “Ethereum Needs to Dream Bigger,” which claimed Ethereum's original vision has been “ground to dust” due to “developing bulletproof production software and navigating core developer politics.”
He stated,
I’m taking my talents to Solana. In my first 100 days, I plan on writing a spec for as much of the Solana protocol as I can get to, prioritising fee markets and consensus implementations where I believe I can have the highest impact […] Anza developers are extremely cracked and I’m excited to get the opportunity to work with them.
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5️⃣ MicroStrategy Makes Another Large Bitcoin Purchase, Buying 21,550 BTC for $2.1B 💸
Business intelligence firm MicroStrategy has reportedly acquired approximately 21,550 BTC for approximately $2.1 billion in cash between Dec. 2 and Dec. 8, 2024. The average purchase price was $98,783 per coin, including fees and expenses. It funded the acquisition by selling roughly $2.13 billion worth of shares during the same period. The company now has an additional $9.19 billion remaining from its previously existing $21 billion at-the-market (ATM) share sales facility. According to the filing, the current average buy price of its total BTC holdings is roughly $60,324 per coin. The firm's BTC holdings cost it approximately $25.6 billion in total.#CryptoAMA $BTC $ETH $XRP
