Volume 1 | Edition 19 | October 26 2023
Good morning and welcome back!
What a week it has been, am I right?
I named this newsletter Chain Reaction because it seemed fitting for the web3 space. Every article or post on X has the chance to send the space into a frenzy, some good and some bad.
This week was no exception and one of the best exhibits of the malleability of sentiment around blockchain. I hope everyone is paying close attention to how swiftly the tides are moving these days.
If you aren’t sure of what I’m talking about just stick around for World of Web3 and I’ll get into it there.
What do you think, anon?
Is BTC heading into an early Bull Run?
There is all this talk of a bull run on X and the grifters are coming back out of their hibernation. The surge in BTC’s price proves there is enough liquidity watching from the sidelines to move the needle a bit.
On the other hand, macro is continuing to look bloody. The entire globe is fighting someone now it seems while the next US election cycle is just starting to grow its initial legs.
Could this be the beginning of a bull run, anon?
Are NFTs coming back?
Do people actually care about the art?
These are the things you see on X these days. Welcome to my world.
Let’s jump into the last week in this whacky space.
This section covers major recent developments and trends in the world of digital assets. Keep your finger on the pulse with all the biggest stories and updates from the last week.
Last week we saw the Cointelegraph blunder that led to a decent jump in the BTC price, this week we saw an escalated response from the BTC price to ETF related news.
For those that may have missed it, last week a Cointelegraph ‘intern’ was too quick to the trigger when they posted on the official Cointelegraph X account that the SEC had approved the Blackrock $IBTC ETF.
This, of course, came out as fake news within hours of the original posting and was removed. This was not before BTC saw a huge jump in price, surging from about $28,000 to over $30,000, and coming right back down.
In what seems to be a regular occurrence at this point we saw another whacky news event shoot the BTC price to 1 ½ year highs.
On October 23, the DTCC officially listed $IBTC on their website. This caused BTC to jump from just under $30,000 to over $35,000, where it’s currently still sitting.
Blackrock’s IBTC on the DTCC website
Thats over a 16% increase in price from one piece of news. The news caused so much traffic on the DTCC website that it crashed.
Looks like the DTCC website has crashed
— Eric Balchunas (@EricBalchunas)
Oct 24, 2023
The DTCC is the Depository Trust and Clearing Commision and it is the official clearinghouse for tickers that will eventually make it to the stock market. Many people are speculating that this is all but confirmation that the ETF will be approved before year’s end.
In an odd turn of events, the ticker was taken off the DTCC website for a few short hours but was eventually relisted on the same day.
To supplement the news about IBTC, we also got some great bits from both the SEC Commissioner and a CFTC Commissioner.
JUST IN: 🇺🇸 SEC Commissioner says the "logic for why we haven't approved a Spot #Bitcoin ETF has always mystified me."
— Watcher.Guru (@WatcherGuru)
Oct 23, 2023
This woman works for the same organization as Gary Gensler. If this doesn’t show you that something is wrong with that guy, then I don’t know what to say.
CFTC Commissioner Summer Mersinger also had some interesting things to say about the market and how it handles BTC and crypto.
🚨 NEWS: CFTC Commissioner Summer Mersinger Stated she is "not surprised" with the recent $BTC pump.
She believes there is "a lot of interest" in a #Bitcoin Spot ETF and that the "market is ready" 👀
— BlockNews.com (@blocknewsdotcom)
Oct 24, 2023
So, there you have it, folks. The SEC Commissioner says that she doesn’t know why they haven’t already approved a spot ETF for BTC. A CFTC Commissioner says that the market is ready for Bitcoin. The ticker is listed on the clearinghouse and rumors of bulls are in the air.
Enjoy the energy, there is a ton of value in that.
However, don’t fall for hype trains and promises of moon. You are all much better than that. Let’s see how this plays out!
Those of you that follow what we are doing with media may have seen a shakeup in the weekly routine we have established.
Wednesday no longer consists of Nomad Network but instead an extension of The Cigar Lounge hosted by @E4Echelon on X. Nomad Network has officially meshed into The Cigar Lounge and subsequently The Cigar Lounge is joining the Decent Media lineup.
Official X Account
Not only has The Cigar Lounge joined the Decent Media mission but it also added two more co-hosts and a new format!
Pat, from the Shucked Up Oyster Club, and I have joined E on The Cigar Lounge stage to talk about all sorts of topics.
The format is as follows:
We have seen awesome engagement thus far and hope to see you in this afternoon’s episode!
Be sure to check it out here:
The Cigar Lounge Ep.19
"Where community and builders meet"
Set your reminders, play the video and repost
— E (@E4Echelon)
Oct 25, 2023
Here, we explore the latest technological advancements and innovations in the tech space. AI, Blockchain, Digital Creators, and more will be explored in this section every week.
This week, we're zoning in on the 0 Knowledge Network (0KN), a project poised to redefine digital privacy and anonymity.
0KN proposes a decentralized network that stands distinct in its approach to metadata privacy, addressing the shortcomings found in existing solutions like VPNs, Tor, and I2P.
0KN’s Mixnet promises to surpass the privacy capabilities of TOR or VPNs
Unlike these systems, which falter against powerful adversaries, 0KN's Trellis architecture’s goal is to maintain user anonymity even under the pressure of network-level surveillance.
The envisioned applications are broad, spanning anonymous messaging, social media platforms, private cryptocurrency transactions, and more.
Yet, the true promise of 0KN lies in its potential to provide robust anonymity guarantees while assuming full network surveillance, a feat not achieved by existing systems.
0 Knowledge Network (0KN)
Official X Account
At the core, 0KN is building a fully decentralized network with no trusted parties or centralized components. By hiding all metadata and ensuring sender anonymity amidst network monitoring, 0KN is not just a step, but a giant leap towards redefining digital privacy.
As 0KN navigates the balance between performance and security, the potential to set a new standard in digital anonymity is palpable, should the practical implementation align with the ambitious vision.
The coolest part about all of this? They are using the blockchain to introduce concepts like “Staked Servers” and “Delegated Staking” that enhance the networks decentralization.
Yes, degens, they have a token. Check out their X account and I’m sure you will find it.
Check out the full 0KN whitepaper where they go much further in depth than my brain can even handle! 👇👇
👇 Subscribe to Chain Reaction! 👇
If you are catching today’s edition on the web and you are not already subscribed, do us a favor and click the button below! Subscribing is free and it is the #1 way to support the Chain Reaction newsletter. In the future, we will be exploring the possibility of subscriber and referral rewards.
Here, we delve into the latest and greatest in the CryptoLink ecosystem, as well as its partners.
What’s up, CryptoLink family?
We have a short update this week but it’s because there is plenty being worked on in the background.
The development team, in collaboration with Cletus, recently upgraded and tidied our integration documentation. This means that integrating with CryptoLink’s infrastructure just became EVEN EASIER.
We have always prided ourselves on our ease of integration, but we upped the game. The upgraded documentation creates a streamlined process for project founders and developers to hook into that instant cross-chain goodness.
Remember, if you know someone building something cool, be sure to spread the word about this awesome technology and how easy integration is! No 100+ person company with clueless account managers here. We keep it quick, simple, and hands on.
That’s not all!
Our development team is also working on a protocol owned arbitrage bot! This will benefit the treasury as well as the entire health of the ecosystem.
Until next week, keep swappin’ folks!
Chain-specific information to better your understanding of the crypto landscape. From new project launches to the latest blockchain upgrade, you’ll find it here in Interchain Intel.
The diligent minds have been at work, fine-tuning their stable coin, GUD, ensuring all's set for a grand entrance.
The chapters of testing, auditing, and NobleSwap integration have been neatly closed, marking a successful end to this phase.
Unfortunately, the road to innovation isn't without its bumps. In testing the cross-chain functionality of GUD, a minor hiccup emerged with the RPC node. To lay the red carpet for GUD and Paper Bridge, a comprehensive upgrade of the mainnet client is now in the process.
This upgrade isn't just a tweak; it's a significant stride towards increasing the ecosystem's performance and functionality. It's a complex yet crucial job that calls for a brief intermission of the mainnet for the rest of the week.
The ripple effect of this move extends to a temporary pause in distributions as the Gauss mainnet goes offline for a spell. Yet, fear not, for once the lights are back on, distributions will kick back into gear.
If you have any questions or concerns, be sure to tag the team in their Discord!
Join the Gauss Discord Server!
Gauss: A Curated Layer-1 Blockchain Ecosystem. We vet projects and teams before they launch with us. #jointheGANG | 3820 members
We’ve heard it a million times at this point…
“We are building a web3 game blah blah blah blah”.
How many have raised $20m in series A funding though?
‘Shrapnel’ is a first-person shooter that aims to take on the likes of Call of Duty and others in the FPS space but with a spin on it that could attract avid gamers.
Official X Account
The game will have an ‘extraction’ game mode like a battle royale format that we are all familiar with today. The only difference is that the loot you get out of the round with will be tradeable assets that live on the blockchain!
They are utilizing a blockchain gaming launcher called Forte to build the game with interoperability in mind.
The company was asked by Cointelegraph about whether they will live on one or multiple blockchains, with the company’s response being they want to be interoperable within the space as well.
Can you survive? Can you extract?
💥Jump into Early Access with pre-launch content from your EXTRACTION PACK.
🛒 For sale now on:
Limited availability. twitter.com/i/web/status/1…
— SHRAPNEL 🔺 (@playSHRAPNEL)
Oct 23, 2023
It doesn’t look too shabby!
I have a feeling the gamers reading this will want to track this one.
There you have it, anon!
This one was a bit shorter than normal but there is just so much going on at the moment and not enough time!
I wanted to write a full opinion piece on game theory and the entire idea of (3,3) and why it’s flawed, but I am going to keep that one in my back pocket. That article deserves a full deep dive and explanation. Plan on it coming soon.
In the meantime, munch on this post on X I threw out there this week…
People in web3 still believe in the OlympusDAO version of (3,3) Game Theory.
Cooperative GT hasn't even been used in international politic/economics for decades.
Noncooperative Game Theory is what people here should be studying. And it says your 3,3 doesn't work
— Wally (@CryptoLinkWally)
Oct 24, 2023
There are so many great things being built directly around you. Sometimes it seems like this space completely sucks, but I promise there are some incredible tools and brands being established that will shake everything up in due course.
Keep your finger on the pulse and continue to be a part of the Chain Reaction family.
If you do those two things it is scientifically proven that you won’t go bald. (Thanks for this one E)
Love you all. Talk to you next week.
Co-Founder, Decent Media