TRANSCRIPT 🔗
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Welcome to another episode of Bitcoin & AI Data
Centers, the podcast where we dive deep into
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the world of data centers, artificial
intelligence, AI data centers, and, of course,
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everything Bitcoin and crypto.
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I am your host, Roni, reporting from a secret
location in Wakanda.
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Today, we have a jam-packed episode for you, so
let us dive right in.
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Bitcoin spiked past sixty-one thousand dollars
after Federal Reserve Chair Jerome Powell
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expressed confidence that United States
inflation is on track to return to two percent
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and suggested potential interest rate cuts.
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Powell indicated at the Jackson Hole symposium
that the timing and pace of rate cuts will
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depend on incoming data and the evolving
economic outlook.
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Following Powell's speech, the global
cryptocurrency market capitalization rose to
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two point two eight trillion dollars, marking a
zero point six percent increase in the last
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twenty-four hours.
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Stocks also rose on Friday, with the Dow Jones
Industrial Average climbing four hundred
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seventeen points, the S and P five hundred
gaining one point two percent, and the Nasdaq
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Composite advancing one point eight percent.
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The CME FedWatch tool now shows a sixty-seven
point five percent probability of a twenty-five
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basis point cut and a thirty-two point five
percent chance of a fifty basis point cut at
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the next Federal Open Market Committee meeting
in September.
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The Bitfinex Head of Derivatives stated that
Powell's speech is a significant indicator for
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the upcoming FOMC meeting, with investors
closely monitoring his interpretation of recent
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economic data.
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In other news, the Blockchain Association and
the DeFi Education Fund have raised concerns
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that the Securities and Exchange Commission's
Consolidated Audit Trail database could
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compromise privacy for millions, including
those involved in digital assets.
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The Securities and Exchange Commission adopted
Rule six thirteen following the two thousand
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twelve financial crisis, requiring national
securities exchanges and the Financial Industry
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Regulatory Authority to maintain a Consolidated
Audit Trail.
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The groups argue that the Consolidated Audit
Trail could deanonymize blockchain
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transactions, turning blockchains into a
searchable repository for the government and
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potentially exposing a user's entire
transaction history without a warrant.
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They add that the Consolidated Audit Trail
database, which collects personally
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identifiable information, poses significant
privacy risks and could be vulnerable to data
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breaches.
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Meanwhile, a United States District Judge ruled
that the Securities and Exchange Commission has
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plausibly alleged Kraken facilitated investment
contracts that qualify as securities, allowing
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the case against Kraken to proceed.
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Judge Orrick highlighted Kraken's forty-three
million dollars in revenue from trading fees
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between two thousand twenty and two thousand
twenty-one, emphasizing the few restrictions
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Kraken placed on asset trading.
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The Securities and Exchange Commission's
lawsuit against Kraken, filed in November two
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thousand twenty-three, accuses the exchange of
operating as an unregistered securities
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exchange and broker-dealer, as well as
mishandling customer assets and information.
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Kraken argued that the Securities and Exchange
Commission was overstepping its authority, but
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Judge Orrick pointed out that similar motions
to dismiss were unsuccessful in the Securities
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and Exchange Commission's lawsuits against
Binance and Coinbase.
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In international news, China has extradited a
suspect named Zhang from Thailand, marking the
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first financial criminal suspect to be
extradited under the China-Thailand extradition
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treaty since its implementation in nineteen
ninety-nine.
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Zhang allegedly led a fourteen billion dollar
pyramid scheme known as MBI Group, which
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involved luring over ten million investors into
paying membership fees through the issuance of
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cryptocurrency.
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Chinese and Thai authorities formed a special
working group called Hunting Fox, and Zhang was
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extradited to China after his arrest in
Thailand and a court ruling in May two thousand
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twenty-three.
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China's crackdown on illegal crypto activities
continues, with the country's
Load full transcript
top legal
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authorities recently including crypto-related
money transfers as a method of money laundering
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in their judicial interpretations.
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Lastly, United States spot bitcoin
exchange-traded funds reported sixty-four point
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nine one million dollars in net inflows on
Thursday, marking six consecutive days of
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positive flows.
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BlackRock’s IBIT led the way with seventy-five
point four nine million dollars in inflows,
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with Fidelity’s FBTC recording nine point two
three million dollars in inflows and Ark and
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twenty-one Shares’ ARKB seeing seven point
eight three million dollars.
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Grayscale’s GBTC also saw twenty-eight point
three six million dollars in outflows, making
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it the second-largest spot bitcoin
exchange-traded fund to experience negative
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flows, alongside Bitwise’s BITB, which logged
eleven point five million dollars in net
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outflows.
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Need to know what happened in crypto today?
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Here is the latest news on daily trends and
events impacting Bitcoin price, blockchain,
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decentralized finance, non-fungible tokens,
Web3, and crypto regulation.
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Fetch.ai has announced the creation of a new
Innovation Lab in San Francisco, California,
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aimed at supporting early-stage startups in the
artificial intelligence industry.
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The decentralized machine learning platform
announced the launch of this new hub on August
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twenty-third.
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This Innovation Lab will back startups working
on artificial intelligence agent solutions, or
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technology that uses artificial intelligence to
perform specific tasks for users.
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The company has committed to allocating ten
million dollars annually to projects involved
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in artificial intelligence agent technology.
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Humayun Sheikh, the Chief Executive Officer of
Fetch.ai, stated, "We aim to fund and support
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projects that bridge the gap between research
and market, delivering tangible advancements
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that revolutionize industries through the power
of artificial intelligence agents."
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As Cointelegraph has reported, blockchain
projects and decentralized applications
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continue to intersect with artificial
intelligence technology.
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Earlier this month, the artificial
intelligence-focused Story Protocol announced
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it had raised eighty million dollars from major
backers, including a16z Crypto and Polychain
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Capital.
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In other news, Parity Technologies is launching
a Web3 individuality solution called
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“Proof-of-Ink,” which uses tattoos as proof of
digital citizenship.
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Gavin Wood, co-founder of Ethereum, Polkadot,
and Kusama, revealed this new digital identity
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solution during a keynote speech at the Web3
Summit in Berlin.
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Proof-of-Ink will enable users to prove their
digital individuality in a privacy-preserving
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manner through a unique tattoo serving as proof
of digital citizenship.
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The solution is set to launch in the fourth
quarter of two thousand twenty-four.
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Wood stated, "We are able to deploy the
baseline palette and launch the app at some
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point this year, hopefully in the final
quarter.
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We are aiming to launch the other two
mechanisms next year."
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While Wood teased that one of the additional
two digital identity solutions is further in
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development, he shared no details about their
mechanics.
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Experts like Wood hope that Web3 adoption will
create a more decentralized and user-centric
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internet, envisioned as a free public good to
help humanity.
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Finally, Tron founder Justin Sun has downplayed
concerns after the removal of twelve thousand
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Bitcoin used as backing for Decentralized USD,
a stablecoin governed by the Tron DAO Reserve.
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Blockchain explorer Blockchair shows that
twelve thousand Bitcoin, worth over seven
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hundred twenty-nine million dollars, was
removed from an address on August nineteenth
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that was previously listed as holding some of
the collateral for Decentralized USD.
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Some on X allege that Sun himself was
responsible for the move, while others have
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raised concerns that Bitcoin was removed
without a vote from the Tron DAO Reserve.
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In an August twenty-second statement on X, Sun
played down these concerns, arguing that
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Decentralized USD’s mechanism is similar to
MakerDAO’s DAI and allows for a collateral
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holder to withdraw without approval if
collateral exceeds an amount specified by the
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--> 00:10:13,855
system.
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Sun said, "This is part of the basics of
decentralized finance 101.
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Currently, Decentralized USD has a long-term
collateralization rate exceeding three hundred
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percent, which means that the capital
utilization is not very efficient."
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Grayscale, the world’s largest digital asset
manager with more than twenty-five billion
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dollars in assets under management, recently
launched a trust to invest in MakerDAO’s Maker
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token.
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Grayscale also operates the Grayscale Bitcoin
Trust and the Grayscale Ethereum Trust.
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Bitcoin miners are struggling to maintain
profits as the Bitcoin network’s April halving
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and rising power costs weigh on miner
production, according to a new JPMorgan report.
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The second quarter of 2023 was a historic
quarter, as Bitcoin miners navigated the fourth
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Bitcoin halving event, which cut the number of
daily coins mined, and all else equal, the
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daily revenue opportunity, in half, resulting
in lower margins and profitability across our
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coverage universe, according to the report,
written by analysts Reginald Smith and Charles
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Pearce.
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Bitcoin miners have struggled to adapt to the
Bitcoin network’s April twentieth halving
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event, which reduced mining rewards from six
point two five Bitcoin to three point one two
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five Bitcoin per two hundred ten thousand
blocks.
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Cash-rich miners like Riot Platforms and
CleanSpark acquired other miners with turn-key
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facilities to increase near-term hashrate and
increase their power pipeline, JPMorgan said.
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Capital-constrained miners like IREN and Cipher
focused on securing greenfield opportunities,
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which require less immediate capital.
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The five publicly-traded Bitcoin miners
JPMorgan covers mined five thousand eight
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hundred fifty-four Bitcoin in the second
quarter, down twenty-eight percent from the
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prior quarter.
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Marathon Digital Holdings maintained its lead
in number of Bitcoin mined, earning two
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thousand fifty-six Bitcoin, the report said.
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CleanSpark, meanwhile, gained market share
after investing two hundred thirty-one million
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dollars in capital expenditure in the second
quarter.
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It earned around twenty-seven percent of total
second quarter revenues among covered miners,
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the report said.
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Collectively, the five miners issued some one
point two billion dollars in equity as they
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sought to keep pace with the industry’s rising
demands, according to the report.
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Post-halving, some miners are reallocating
computational power from Bitcoin mining to
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artificial intelligence applications.
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Hive Digital Technologies Limited notched a
thirty-six percent uptick in sales in the
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second quarter of two thousand twenty-four
after diversifying into servicing artificial
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intelligence applications.
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Others, such as Bitdeer Technologies Group, are
doubling down on Bitcoin mining with advanced
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mining equipment.
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The diversification into artificial
intelligence applications by some miners could
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indicate a shift in strategy as they seek to
maintain profitability in a challenging
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post-halving environment.
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Hong Kong’s spot Bitcoin exchange-traded funds,
or ETFs, have surpassed two billion Hong Kong
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dollars, which is roughly two hundred fifty-six
million dollars, in assets under management.
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The Hong Kong Bitcoin ETFs have had a
relatively slow start compared to their United
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States counterparts.
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According to data from SoSo Value, the three
spot Bitcoin ETFs in Hong Kong experienced a
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net inflow of approximately two hundred
forty-seven Bitcoin in the past week, bringing
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their total holdings to around four thousand
four hundred fifty Bitcoin.
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The total assets under management for the ETFs
now stands at around two point one billion Hong
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Kong dollars, or two hundred sixty-nine million
dollars.
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ETFs from China Asset Management and Harvest
Asset Management, operated in partnership with
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the digital asset trading platform OSL, account
for more than one point three billion Hong Kong
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dollars, or one hundred sixty-seven million
dollars, in assets under management.
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The third spot Bitcoin ETF, which is
unaffiliated with OSL, holds seven hundred
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seventy-six million Hong Kong dollars, or
ninety-nine
point five million dollars,
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representing about forty-two percent of the
market.
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Despite the recent inflows, Hong Kong’s spot
Bitcoin ETFs have underperformed relative to
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their United States counterparts.
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When the ETFs launched on April thirtieth, they
attracted a total of two hundred sixty-two
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million dollars of inflows in their first week,
with the majority of this figure subscribed
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before the listings went live.
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Actual asset inflows during the first week were
a modest fourteen million dollars, a stark
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contrast to the billions that flowed into
United States spot Bitcoin ETFs when they
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launched in January.
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This disparity highlights the challenges Hong
Kong faces in positioning itself as a global
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hub for cryptocurrency investments.
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As noted by Bloomberg ETF analyst Rebecca Sin,
the city’s in-kind ETF creation model offers a
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unique opportunity to increase assets under
management and trading volume.
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However, Hong Kong has yet to catch up with the
United States market in terms of investor
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interest and capital inflows.
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The crypto industry has seen increased
consolidation in the past week as companies
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refine their strategies in anticipation of the
growing adoption of blockchain-based solutions.
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Asset manager Bitwise, for instance, has
stepped into the European market with the
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acquisition of ETC Group.
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Meanwhile, crypto miner Bitfarms has announced
a one hundred twenty-five million dollar deal
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to purchase Stronghold Digital Mining at a
considerable premium.
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Deals have also been taking place among crypto
startups, particularly those working at the
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intersection of blockchain and artificial
intelligence.
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PIP Labs, for example, announced an eighty
million dollar funding round on August
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twenty-first for the tokenization of
intellectual property, bringing the startup’s
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valuation to two point two five billion
dollars, according to Bloomberg.
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Despite the significant figures surrounding
blockchain and artificial intelligence
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startups, venture firms are reportedly slowing
down their investments in artificial
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00:17:43,240
intelligence companies, citing a lack of clear
revenue models and issues on the demand side.
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Anirudh Pai, a partner at Dragonfly, told
Cointelegraph, "Investor fervor for artificial
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intelligence has been intense, and we do not
fully buy into the hype since demand, as shown
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by revenue, for applications writ large appears
to have lagged."
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However, investors are still optimistic about
layer-two solutions, especially Ethereum
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rollups.
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This week’s Crypto Biz examines recent
acquisitions in the crypto industry, Tether’s
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plans for a dirham stablecoin in the United
Arab Emirates, and Polychain’s investment in
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the Bitcoin protocol Corn.
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San Francisco-based asset manager Bitwise has
expanded into the European market by acquiring
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ETC Group, a London-based crypto investment
firm with over one billion dollars in assets
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under management.
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00:18:40,184 --> 00:18:45,724
This acquisition adds nine European-listed
crypto exchange-traded products to Bitwise’s
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portfolio, increasing its total assets under
management to over four point five billion
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dollars.
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The move will strengthen Bitwise’s global
presence in Europe and expand its crypto
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00:18:57,440 --> 00:18:58,339
product offerings.
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00:18:59,359 --> 00:19:05,532
Bitwise’s spot Bitcoin exchange-traded fund in
the United States held nearly two point two
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00:19:05,532 --> 00:19:09,404
seven billion dollars in net assets as of
August nineteenth.
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00:19:10,825 --> 00:19:16,392
Crypto miner Bitfarms has acquired Stronghold
Digital Mining in a one hundred twenty-five
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00:19:16,392 --> 00:19:20,204
million dollar deal, according to an August
twenty-first announcement.
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00:19:21,190 --> 00:19:26,683
The acquisition includes fifty million dollars
in assumed debt and could add up to three
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00:19:26,683 --> 00:19:34,070
hundred seven megawatts of power capacity to
Bitfarms’ operations, potentially expanding its
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00:19:34,070 --> 00:19:41,515
energy portfolio to over nine hundred fifty
megawatts by two thousand twenty-five.
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00:19:41,515 --> 00:19:46,714
Stronghold shareholders will receive two point
five two Bitfarms shares for each Stronghold
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00:19:46,714 --> 00:19:47,214
share.
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00:19:47,779 --> 00:19:52,980
That is a seventy-one percent premium to the
Stronghold ninety-day volume-weighted average
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00:19:52,980 --> 00:19:55,799
price on Nasdaq as of August sixteenth.
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00:19:56,579 --> 00:20:01,444
The deal seeks to diversify Bitfarms’
operations beyond Bitcoin mining through
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00:20:01,444 --> 00:20:04,505
high-performance computing capabilities, said
the company.
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00:20:05,684 --> 00:20:12,085
Tether has partnered with a consortium in the
United Arab Emirates to launch a stablecoin
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00:20:12,085 --> 00:20:13,865
pegged to the UAE dirham.
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00:20:14,724 --> 00:20:21,059
The new stablecoin will be “fully backed by
liquid UAE-based reserves,” according to an
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00:20:21,059 --> 00:20:21,559
announcement.
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00:20:22,500 --> 00:20:29,059
The consortium includes two UAE-based
companies, Phoenix Group, a multibillion-dollar
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00:20:29,059 --> 00:20:33,055
tech conglomerate based in Abu Dhabi, and Green
Acorn Investments.
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00:20:34,315 --> 00:20:40,174
According to Tether, cryptocurrency use in the
United Arab Emirates has grown exponentially
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00:20:40,795 --> 00:20:46,619
since two thousand twenty-two, “driven by the
establishment of the Virtual Asset Regulatory
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00:20:46,759 --> 00:20:48,619
Authority” in the country.
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00:20:48,619 --> 00:20:55,159
Polychain Capital has invested five point four
million dollars in the Bitcoin platform Corn
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00:20:55,159 --> 00:20:55,659
Network.
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00:20:56,440 --> 00:21:01,045
The funding will support Corn Network’s
development of decentralized finance
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00:21:01,105 --> 00:21:07,265
applications on the Bitcoin blockchain,
focusing on smart contracts, lending, and
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00:21:07,265 --> 00:21:08,565
decentralized exchanges.
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00:21:09,664 --> 00:21:15,169
Also investing in the new yield-generating
protocol were Binance Labs, Framework Ventures,
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00:21:15,630 --> 00:21:18,210
HTX Ventures, and Relayer Capital.
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00:21:18,990 --> 00:21:25,845
Corn promises to align users, apps, and
tokenholders within a unified ecosystem backed
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00:21:26,244 --> 00:21:29,544
by a tokenized version of Bitcoin dubbed BTCN.
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00:21:31,204 --> 00:21:36,804
The protocol plans to generate revenue from its
native token emissions, along with fees paid
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00:21:36,804 --> 00:21:37,544
for transactions.
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00:21:39,210 --> 00:21:46,890
Bitcoin demand among United States investors
surged after the Federal Reserve confirmed its
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00:21:46,890 --> 00:21:49,150
intentions to lower interest rates.
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00:21:49,849 --> 00:21:56,585
Bitcoin buyer interest in the United States hit
a thirty-nine-day high following the United
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00:21:56,644 --> 00:22:03,044
States Federal Reserve further confirming that
interest rates were due to fall, according to
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00:22:03,044 --> 00:22:03,944
recent data.
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00:22:05,299 --> 00:22:11,140
“Bitcoin demand in the United States spiked
today as the Federal Reserve signaled the cycle
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00:22:11,140 --> 00:22:16,900
of lower interest rates will begin,”
CryptoQuant Julio Moreno wrote in an August
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00:22:16,900 --> 00:22:19,000
twenty-fourth X post.
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00:22:20,785 --> 00:22:26,545
On August twenty-third, Bitcoin’s Coinbase
Premium Index spiked to its highest point in
256
00:22:26,545 --> 00:22:27,365
thirty-nine days.
257
00:22:27,904 --> 00:22:32,865
Moreno’s
claim was based on the Coinbase
Premium Index, which measures the gap between
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00:22:32,865 --> 00:22:38,759
the Bitcoin price on Coinbase Pro and Binance
and is used as an indicator of United States
259
00:22:38,759 --> 00:22:41,740
investor demand compared to the rest of the
world.
260
00:22:42,200 --> 00:22:49,157
The indicator hit its highest point since July
fifteenth, reaching zero point zero one one
261
00:22:49,157 --> 00:22:49,664
four.
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00:22:49,664 --> 00:22:54,625
While positive readings suggest buying
pressure, negative readings can signal a
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00:22:54,625 --> 00:22:55,924
sell-off is happening.
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00:22:57,345 --> 00:23:03,033
Just before Crypto Black Monday on August
fifth, when Bitcoin’s price fell below fifty
265
00:23:03,033 --> 00:23:09,450
thousand dollars, the Coinbase Premium dropped
below minus zero point one zero.
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00:23:09,450 --> 00:23:15,289
The increase in demand came after Federal
Reserve Chair Jerome Powell assured the public
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00:23:15,289 --> 00:23:19,644
that interest rate cuts were likely, but he did
not specify when.
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00:23:20,585 --> 00:23:26,105
“The time has come for policy to adjust,” he
said during a speech at the annual Jackson Hole
269
00:23:26,105 --> 00:23:26,605
symposium.
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00:23:28,184 --> 00:23:33,923
At the time of publication, Bitcoin is trading
at sixty-three thousand nine hundred
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00:23:33,923 --> 00:23:39,789
seventy-eight dollars, up five point four six
percent since August twenty-second, according
272
00:23:39,789 --> 00:23:41,490
to CoinMarketCap data.
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00:23:42,445 --> 00:23:47,404
Bitcoin’s price spiked to just shy of the
sixty-five thousand dollar mark, reaching
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00:23:47,404 --> 00:23:52,605
sixty-four thousand seven hundred sixty-nine
dollars — a level it had not hit since August
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00:23:52,605 --> 00:23:53,105
second.
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00:23:54,460 --> 00:24:01,019
Cointelegraph recently reported that Powell’s
event, which markets had keenly watched for
277
00:24:01,019 --> 00:24:07,180
policy easing cues, saw a dovish Powell herald
an “appropriate dialing back of policy
278
00:24:07,180 --> 00:24:11,715
restraint” while not giving a concrete timeline
for the cuts to begin.
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00:24:12,975 --> 00:24:18,894
Just hours before the Federal Reserve’s
announcement and Bitcoin’s price surge, Bitcoin
280
00:24:18,894 --> 00:24:24,820
was hovering around the sixty thousand dollar
mark, with concerns about potential selling
281
00:24:24,820 --> 00:24:31,907
pressure from miners due to the cost of mining
Bitcoin remaining at seventy-two thousand two
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00:24:31,907 --> 00:24:34,434
hundred twenty-four dollars.
283
00:24:34,434 --> 00:24:39,815
Crypto analyst Will Clemente stated that
“there’s still seven days left in the month,
284
00:24:39,955 --> 00:24:45,795
but there’s no denying that the market has seen
sub sixty thousand Bitcoin as value for six
285
00:24:45,795 --> 00:24:48,855
months now,” in an August twenty-third post.
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00:24:50,180 --> 00:24:57,539
Solana's native
token, SOL, has been unable to
break above the one hundred fifty dollars
287
00:24:57,539 --> 00:25:00,680
resistance level since August twelfth.
288
00:25:01,460 --> 00:25:08,234
However, some network metrics have shown
strength, including the total deposits in its
289
00:25:08,234 --> 00:25:15,085
decentralized applications, which have surged
to their highest level since October twenty
290
00:25:15,085 --> 00:25:16,154
twenty-two.
291
00:25:16,154 --> 00:25:21,730
Traders are now questioning whether these
improvements in network fundamentals are
292
00:25:21,730 --> 00:25:28,450
sufficient to drive SOL’s price back to one
hundred ninety dollars and what factors may be
293
00:25:28,450 --> 00:25:29,829
hindering its performance.
294
00:25:31,169 --> 00:25:37,244
One reason for the lack of enthusiasm among
investors stems from Cboe Global Markets’
295
00:25:37,465 --> 00:25:43,945
recent decision to remove the nineteen B dash
four forms for spot Solana exchange-traded
296
00:25:43,945 --> 00:25:46,845
funds from its website on August sixteenth.
297
00:25:47,945 --> 00:25:54,269
Some market participants, including finance
lawyer Scott Johnsson, suggest that the United
298
00:25:54,269 --> 00:26:00,509
States Securities and Exchange Commission has
informally rejected the Solana exchange-traded
299
00:26:00,509 --> 00:26:04,769
fund, consistent with Chair Gary Gensler’s
earlier stance.
300
00:26:05,535 --> 00:26:12,035
Eric Balchunas, a senior exchange-traded fund
analyst at Bloomberg, shares a similar view,
301
00:26:12,335 --> 00:26:18,195
noting that while the S dash one filings from
the exchange-traded fund issuers remain active,
302
00:26:18,734 --> 00:26:24,519
the chances of approval are slim, with the only
hope being a change in the current Securities
303
00:26:24,519 --> 00:26:29,900
and Exchange Commission administration should
Donald Trump win the United States presidential
304
00:26:30,119 --> 00:26:30,619
election.
305
00:26:31,799 --> 00:26:37,204
As a result, investor optimism regarding the
potential launch of a spot Solana
306
00:26:37,204 --> 00:26:43,424
exchange-traded fund has diminished, reducing
the immediate impact of Solana’s network
307
00:26:43,424 --> 00:26:43,924
metrics.
308
00:26:43,924 --> 00:26:50,929
Crypto trader and investor CoinMamba, for
example, believes Solana’s appeal has waned as
309
00:26:50,929 --> 00:26:56,489
Ethereum’s average fees have dropped to around
one dollar for the first time since July twenty
310
00:26:56,489 --> 00:27:01,765
twenty, while other blockchains are gaining
traction with memecoin launches, a significant
311
00:27:01,904 --> 00:27:04,085
driver of demand for the SOL token.
312
00:27:04,085 --> 00:27:10,544
CoinMamba also suggests that Solana needs to
“find a new narrative,” indicating that the
313
00:27:10,544 --> 00:27:15,990
outlook for SOL’s price appreciation depends on
exploring new niches and discovering
314
00:27:16,130 --> 00:27:19,829
decentralized applications that can offer
a
competitive edge.
315
00:27:20,210 --> 00:27:26,210
However, this analysis overlooks the fact that
PayPal USD — a stablecoin issued on the Solana
316
00:27:26,210 --> 00:27:31,355
network — reached six hundred twenty million
dollars in issuance despite being launched less
317
00:27:31,355 --> 00:27:34,554
than three months ago in May twenty
twenty-four.
318
00:27:34,554 --> 00:27:40,234
Moreover, several projects continue to be
developed on Solana, many of which are backed
319
00:27:40,234 --> 00:27:44,240
by million-dollar funding rounds from
experienced venture capitalists.
320
00:27:45,259 --> 00:27:52,220
Examples include Colosseum, a company tasked
with managing Solana’s hackathon programs after
321
00:27:52,220 --> 00:27:57,775
securing sixty million dollars to accelerate
ecosystem growth, and Decentralized Autonomous
322
00:27:57,835 --> 00:28:03,781
Wireless Network, a decentralized broadband
initiative that recently raised eighteen
323
00:28:03,781 --> 00:28:05,595
million dollars.
324
00:28:05,595 --> 00:28:12,359
While success is not guaranteed, the growth of
the Solana ecosystem is undeniable, as
325
00:28:12,359 --> 00:28:18,119
evidenced by the increasing total value locked
on the network, which suggests there is still
326
00:28:18,119 --> 00:28:20,460
room for SOL’s price to improve.
327
00:28:21,640 --> 00:28:27,819
On August twenty-second, Solana network
decentralized applications collectively held
328
00:28:27,819 --> 00:28:34,464
thirty-four point nine million SOL, the highest
level since October twenty twenty-two,
329
00:28:34,464 --> 00:28:38,644
representing a thirteen point seven percent
increase from the previous month.
330
00:28:39,664 --> 00:28:45,480
Notable highlights from the past thirty days
include the decentralized exchange Jupiter,
331
00:28:46,019 --> 00:28:53,140
which reached a total value locked of one point
zero six billion dollars, and Kamino, a lending
332
00:28:53,140 --> 00:28:58,634
and leverage platform currently holding one
point four eight billion dollars in deposits.
333
00:29:00,055 --> 00:29:06,934
It is also worth noting that, in United States
dollar terms, Solana has five billion dollars
334
00:29:06,934 --> 00:29:15,301
in total value locked, surpassing its closest
competitor, BNB Chain, which holds four point
335
00:29:15,301 --> 00:29:17,269
five billion dollars.
336
00:29:17,269 --> 00:29:23,974
While growth in total value locked is generally
a positive sign, it does not necessarily
337
00:29:24,195 --> 00:29:30,835
indicate an increase in user numbers or
activity, as most decentralized applications do
338
00:29:30,835 --> 00:29:33,815
not require a substantial deposit base.
339
00:29:34,595 --> 00:29:40,779
The number of unique active addresses
interacting with those applications is the most
340
00:29:40,779 --> 00:29:44,559
reliable proxy for gauging the actual number of
users.
341
00:29:45,900 --> 00:29:51,660
Over the past thirty days, half of Solana’s top
decentralized applications experienced a
342
00:29:51,660 --> 00:29:57,095
decline in user numbers, with most of the
growth concentrated on Raydium and a recently
343
00:29:57,154 --> 00:30:00,295
launched high-risk decentralized finance
platform.
344
00:30:00,914 --> 00:30:07,315
Conversely, some projects that previously
garnered attention, such as Helio, Solend, and
345
00:30:07,315 --> 00:30:12,549
Marginfi, saw fewer than fifty thousand active
addresses each.
346
00:30:13,089 --> 00:30:20,369
Therefore, Solana’s total value locked growth
alone is insufficient to support a short-term
347
00:30:20,369 --> 00:30:24,775
SOL price rally targeting one hundred ninety
dollars or higher.
348
00:30:25,955 --> 00:30:30,215
That wraps up today’s episode of Bitcoin & AI
Data Centers.
349
00:30:30,914 --> 00:30:35,279
I hope you found our deep dive into the latest
happenings in the world of data centers,
350
00:30:35,680 --> 00:30:41,700
artificial intelligence, AI data centers, and
everything Bitcoin and crypto to be insightful.
351
00:30:42,799 --> 00:30:45,619
I am your host, Roni, signing off from Wakanda.
352
00:30:46,320 --> 00:30:50,740
Stay tuned for more updates and in-depth
analysis on our next episode.
353
00:30:51,488 --> 00:30:52,628
Goodbye for now!