The Protocol: 77% of Bitcoin Holders Have Never Used BTCFi, Survey Reveals

2 hours ago

Welcome to The Protocol, CoinDesk's play wrapper of the astir important stories successful cryptocurrency tech development. I’m Margaux Nijkerk, a newsman astatine CoinDesk.

In this issue:

BTCFi’s Big Problem: 77% of Bitcoin Holders Haven’t Even Tried It, Says Survey
Ethereum’s Fusaka Upgrade Passes Holesky Test, Moves Closer To Mainnet
DoubleZero Mainnet Goes Live With 22% of Staked SOL connected Board
Bee Maps Raises $32M to Scale Solana-Powered Decentralized Mapping Network

Unknown artifact benignant "divider", specify a constituent for it successful the `components.types` option

Network News

BITCOIN HOLDERS HESITANT TO EXPLORE BTC DEFI : Bitcoin decentralized concern (DeFi), besides known arsenic BTCFi, has been touted arsenic the adjacent question of innovation for the world’s largest cryptocurrency. However, probe suggests bitcoin holders themselves are hardly engaging. Some 77% of bitcoin holders person ne'er tried a BTCFi platform, according to a survey of much than 700 respondents crossed North America and Europe by BTC mining ecosystem GoMining. Just implicit 10% reported having experimented erstwhile oregon twice, portion lone 8% said they actively usage BTCFi services for output oregon lending. The survey highlights a stark disconnect betwixt the sector’s committedness and its existent reach. “There’s an tremendous appetite for these opportunities, but the manufacture has built products for crypto natives, not for mundane bitcoin holders,” said GoMining CEO Mark Zalan successful a statement. That appetite shows up successful the data: 73% of respondents expressed involvement successful earning output connected their BTC done lending oregon staking, portion 42% privation entree to liquidity without selling. Yet hesitation dominates. More than 40% said they would allocate little than 20% of their holdings to BTCFi products, underscoring the sector’s spot and complexity problem. — Jamie Crawley Read more.

ETHEREUM FUSAKA UPGRADE ON HOLESKY TESTNET GOES LIVE: Ethereum’s adjacent upgrade, Fusaka, conscionable moved person to going unrecorded connected the main blockchain aft a successful trial run connected the Holesky trial web past week. The Fusaka hard fork comes lone a fewer months aft Ethereum’s major Pectra upgrade and is designed to marque things cheaper for institutions utilizing Ethereum. One of the changes it introduces is PeerDAS, a diagnostic that lets validators cheque lone portion of the information needed alternatively of afloat chunks (“blobs”), which helps chopped costs for some layer-2 networks and validators. Test networks similar Holesky enactment arsenic signifier grounds wherever developers tin safely trial caller codification earlier it reaches the existent chain. Holesky, launched successful 2023, was peculiarly important due to the fact that its validator setup intimately mirrors Ethereum’s mainnet. But implicit the past fewer months, Holesky has started showing signs of age and reliability issues. Fusaka is the past upgrade the web volition spot earlier it shuts down — 2 weeks aft Fusaka goes unrecorded connected mainnet. The adjacent two testnet runs are scheduled for October 14 and 28. After those are complete, Ethereum developers volition fastener successful a day for Fusaka’s afloat mainnet launch. — Margaux Nijkerk Read more.

DOUBLEZERO MAINNET GOES LIVE: A caller task wants to springiness blockchains their ain “fast lane” connected the internet. The DoubleZero Foundation announced that its highly anticipated mainnet-beta is live. DoubleZero is a web built to velocity up however blockchain validators speech to each other. Instead of relying connected the nationalist internet, which tin sometimes beryllium dilatory and unpredictable, Solana validators tin present link done DoubleZero’s fibre routes, which fto users transact faster. In elemental terms, DoubleZero is similar a backstage road strategy for blockchains. While mean net routes are designed to beryllium inexpensive and broad, they aren’t built for the split-second coordination thousands of blockchain nodes need. DoubleZero says its web reduces lag and makes it easier for validators to process transactions and enactment successful sync, which could amended some show and reliability for extremity users. The task has already seen aboriginal adoption. Currently, 22% of staked SOL is plugged into the DoubleZero network. Big manufacture names similar Jump Crypto, Galaxy, RockawayX, and Jito are contributing fibre links and engineering resources, betting that faster net infrastructure volition wage disconnected arsenic blockchain applications scale. — Margaux Nijkerk Read more.

BEE MAPS RAISES $32M IN FUNDING ROUND: Bee Maps, the decentralized mapping task powered by Hivemapper, has raised $32 cardinal successful caller backing to grow its planetary contributor web and standard its infrastructure, it announced this week. The circular was led by Pantera Capital, LDA Capital, Borderless Capital and Ajna Capital, marking 1 of the largest financings successful the decentralized carnal infrastructure (DePin) assemblage this year. Bee Maps is an exertion connected the Hivemapper network, which is 1 of the largest decentralized carnal infrastructure networks (DePIN) focused connected mapping information connected Solana. Hivemapper enables drivers to lend information done AI-enabled dash cams, which observe real-time changes connected roads (like caller signs connected the roads, detours, oregon operation zones), ensuring integer maps tin update rapidly to enactment accurate. Bee Maps leverages this infrastructure by rewarding contributors with its autochthonal token, $HONEY, for collecting street-level imagery. The rise highlights beardown capitalist appetite for Bee Maps’ imaginativeness of real-time, AI-powered maps. In caller months, Bee Maps has teamed up with large players including Lyft and Volkswagen’s robotaxi program to bring its mapping-data to their platforms. The caller superior volition beryllium utilized to administer much devices, heighten AI models that process and update representation features and boost contributor incentives tied to $HONEY. – Margaux Nijkerk Read more.

Unknown artifact benignant "divider", specify a constituent for it successful the `components.types` option

In Other News

KAIO, the tokenization steadfast backed by Brevan Howard and Nomura Bank's crypto-focused Laser Digital, is bringing its tokenized funds to the Sei web (SEI) arsenic real-world plus request is expanding. The firm, formerly known arsenic Libre Capital, has issued implicit $200 cardinal successful assets, including token versions of feeder funds of Brevan Howard, Hamilton Lane, Laser Digital and a BlackRock fund, with plans to grow entree to further strategies. The tokens, disposable to organization and accredited investors, let for onchain subscription, redemption and reporting. The Sei Network, built for high-speed fiscal transactions, provides the underlying rails for execution. KAIO's enlargement follows ARK-backed tokenization steadfast Securitize introducing the $112 cardinal Apollo Diversified Credit Fund, a tokenized feeder money of Apollo's backstage recognition vehicle, to Sei. The announcement highlights a increasing inclination successful tokenized real-world assets (RWAs), wherever accepted investments similar bonds, recognition and funds are represented arsenic integer tokens. — Kristzian Sandor Read more.
Yuma, a subsidiary of Digital Currency Group (DCG) focused connected decentralized artificial quality (AI), has appointed seasoned crypto founders Greg Schvey and Jeff Schvey arsenic its caller Chief Operating Officer and Chief Technology Officer, respectively, the institution said. The hires people a cardinal enlargement for Yuma arsenic it scales operations crossed the Bittensor network, including validator, mining, and subnet accelerator initiatives, and prepares to motorboat an plus absorption division, the institution said. The Schvey brothers are champion known for co-founding TradeBlock, an organization crypto information and portfolio absorption level acquired by DCG, and Axoni, a blockchain infrastructure steadfast serving accepted fiscal markets. Axoni’s largest concern portion was acquired by the London Stock Exchange Group (LSEG) successful 2024. DCG was an aboriginal capitalist successful some ventures. — Will Canny Read more.

Unknown artifact benignant "divider", specify a constituent for it successful the `components.types` option

Regulatory and Policy

The Bank of England (BoE) is readying exemptions to its projected limits connected stablecoins holdings, Bloomberg reported earlier this week. The BoE volition assistance waivers to immoderate firms that request to clasp ample amounts of tokens, similar crypto exchanges, the study said, citing a idiosyncratic acquainted with the matter. The U.K.'s cardinal slope volition besides let firms to usage stablecoins for colony successful its Digital Securities Sandbox, the radical said. Last month, it was reported that BoE officials planned to enforce caps of 10,000-20,000 pounds ($13,400-$26,800) for individuals and 10 cardinal pounds ($13.4 million) connected stablecoins. Digital plus manufacture figures criticized the plans arsenic unworkable. BoE politician Andrew Bailey expressed skepticism astir stablecoins successful July, highlighting imaginable threats to fiscal stableness and warned planetary concern banks against processing their own. — Jamie Crawley Read more.
The Securities and Exchange Commission is inactive looking to formalize an "innovation exemption" for companies to physique connected integer assets and different innovative technologies successful the U.S., perchance arsenic soon arsenic the extremity of the quarter, said bureau Chair Paul Atkins. While acknowledging that the existent authorities shutdown had "hamstrung" the SEC's quality to marque advancement connected rulemaking, Atkins said moving connected this exemption is inactive his precedence for the extremity of the twelvemonth oregon the archetypal 4th of 2026, helium said astatine a Futures and Derivatives Law Report lawsuit hosted by the instrumentality steadfast Katten Muchin Rosenman LLP successful midtown Manhattan connected Tuesday. The SEC seat opened with 1 of his now-common refrains: That crypto is "job one" and the bureau has go a pro-innovation assemblage looking to promote developers and entrepreneurs to physique successful the U.S. — Nikhilesh De Read more.

Unknown artifact benignant "divider", specify a constituent for it successful the `components.types` option