Bitcoin Breaks $58K, Vitalik Sets Layer-2 Standards, Ford Leads Blockchain: News of September 12, 2024

Vitalik: L2s that aren’t at least ‘stage 1’ are dead to me

Ethereum co-founder Vitalik Buterin reaffirmed his focus on Layer-2 decentralization, stating he will only acknowledge scaling solutions at “stage 1” or higher of his decentralization scale starting next year. In a Sept. 12 post, Buterin emphasized this, allowing a brief grace period for promising new projects.

Stage 1 requires Layer-2 networks to have fraud or validity proofs, a multi-signature override system with strict conditions (like 6 of 8 signatures required), and upgrades delayed by at least seven days.

Ford, Toyota double down on blockchain as driverless car tech stagnates

Ford and Toyota continue to lead in the development of blockchain-based vehicle technology, as shown by a recent wave of patent filings from both companies.

Together, they filed at least 43 blockchain-related patents in the second quarter of 2024, standing out in an industry that saw a general decline in filings compared to the previous quarter.

Data from GlobalData Patent Analytics and Just Auto reveals that Ford increased its filings from 3 in Q1 to 14 in Q2, while Toyota also grew its count from 25 to 29 patents during the same period, defying the broader industry trend.

Binance introduces SOL liquid staking

#Binance launches BNSOL, a new way to stake SOL. Stake your $SOL, receive BNSOL, and unlock the flexibility to trade or lend. Keep earning rewards and using your assets across Binance products,  @Web3WithBinance and DeFi, all while staking securely.

Bitcoin Yields as High as 45% on Offer in Pendle's New Pools

DeFi platform Pendle has introduced new pools offering variable yields up to 45% on a bitcoin-backed token, expanding its product offerings. Users can deposit LBTC, a liquid-staking token from Lombard, into Pendle pools on the Ethereum layer-2 network Corn, with over $13 million already invested. The pools, maturing on Dec. 26, also offer fixed annualized yields of 10%.

Pendle splits investments into principal and yield tokens, enabling high returns by trading yield tokens on the open market. CEO TN Lee said the company aims to replicate its Ethereum success with bitcoin.

Bitcoin Jumps Over $58K Amid Tech Stock Rally, SUI Outperforms

Bitcoin surged past $58,000 during Asian trading, driven by a rally in U.S. tech stocks and positive movement in Asian markets. Despite the price jump, U.S. spot bitcoin ETFs saw outflows, with Ark Invest’s ARKB losing $54 million. Meanwhile, AI tokens posted modest gains amid reports of OpenAI's plans to raise $6.5 billion at a $150 billion valuation.

While Bitcoin's rise signals new momentum, significant resistance remains in the $59,000–$60,000 range, posing a challenge to further gains.