Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Solana's Network Update: Solana developers have released a crucial mainnet beta update, v1.17.31, to address ongoing congestion issues on the Solana blockchain.

2. OKX Embraces Memecoin Frenzy: Cryptocurrency exchange OKX has added support for popular Solana-based memecoins, such as Dogwifhat (WIF) and the Cat in a Dog’s World (MEW).

3. Grand Base Protocol Breach: Real-world asset tokenization protocol Grand Base (GB) experienced a significant breach resulting in a loss of $1.7 million due to a compromised private key.

4. Offchain Labs’ Arbitrum BOLD: Offchain Labs has introduced Arbitrum BOLD on testnet, a protocol aimed at enhancing security and scalability for Ethereum Layer 2 solutions.

5. 💡Feature of the Day - Edward Snowden Raises Alarm: NSA whistleblower Edward Snowden has raised concerns over a proposed surveillance bill known as Section 702 reform, warning of its potential implications for privacy and civil liberties.

6. 🫨 What’s Buzzing? - Did you know you can earn from Telegram? Watch UseTheBitcoin’s latest YouTube video “Telegram implements TONCOIN for Ad Revenues” to know how you can earn with Telegram’s TON coin!

   
   All this and more in today’s headlines!

📰 News Highlights:

🔧 Solana's Network Update [Source][Source][Source]

Solana developers have rolled out a crucial mainnet beta update, v1.17.31, aimed at alleviating ongoing congestion issues plaguing the Solana blockchain. The update, released on April 12, underwent rigorous testing for three days before being recommended for general use by mainnet beta validators.

The latest patch introduces several enhancements geared towards addressing network congestion and improving overall performance. Notable upgrades include:

• Measures to differentiate between staked and non-staked packets
• Optimizations in packet aggregation to reduce resource usage
• Adjustments to streamer Quality of Service (QoS) thresholds for staked nodes

Developers emphasized the importance of validators upgrading to the latest patch when inactive validator stakes on the network are below 5%.

The congestion issues, which persisted for nearly a week, were attributed to factors such as surging demand for Solana block space and delays in implementing necessary patches.

💱 OKX Embraces Memecoin Frenzy [Source][Source][Source]

Capitalizing on the surging popularity of memecoins, cryptocurrency exchange OKX has added support for prominent Solana-based memecoins, including Dogwifhat (WIF) and the Cat in a Dog’s World (MEW).

WIF, launched in November 2023, quickly ascended the ranks to become one of the top memecoins by market capitalization, boasting a market cap of nearly $50 billion by the first quarter of 2024.

MEW, a newcomer to the memecoin scene, aims to disrupt the dominance of dog-themed memecoins with its unique approach.

🔒 Grand Base Protocol Breach [Source][Source]

Real-world asset tokenization protocol Grand Base (GB) suffered a devastating loss of $1.7 million following a private key compromise. The breach, which occurred on April 15, resulted in the theft of tokens from the protocol's liquidity pools, causing panic among users and stakeholders.

Blockchain analytics firm PeckShield confirmed the exploit, highlighting the severity of the breach and its implications for the protocol's security and integrity. Subsequent analysis by CertiK revealed that the hacker gained control of Grand Base deployer contracts, enabling unauthorized minting and withdrawal of tokens.

In response, Grand Base administrators urged community members to cease interaction with the compromised contract and emphasized the importance of prioritizing user safety.

Efforts to track the hacker's wallets and mitigate further losses are underway, with discussions ongoing with centralized exchanges to freeze any illicitly obtained funds.

🚀 Offchain Labs’ Arbitrum BOLD [Source][Source][Source]

Offchain Labs has introduced Arbitrum BOLD on testnet, a significant milestone in bolstering security and scalability for Ethereum Layer 2 solutions. The Bounded Liquidity Delay (BOLD) protocol offers a novel approach to dispute resolution, leveraging interactive fraud proofs to enhance the resilience of optimistic rollups.

Designed to mitigate delay attacks and ensure permissionless validation, BOLD empowers users to participate in the consensus process and defend against adversarial threats effectively. By guaranteeing fixed upper bounds on confirmation times and fostering decentralized validation, BOLD represents a critical advancement in the evolution of Layer 2 infrastructure.

💡 Feature of the Day: 

🌐 Edward Snowden Raises Alarm [Source][Source]

NSA whistleblower Edward Snowden has sounded the alarm over a proposed surveillance bill that could grant the National Security Agency unprecedented powers over internet surveillance. The bill, a reform of the Foreign Intelligence Surveillance Act (FISA) known as Section 702, has sparked widespread concern over its potential implications for privacy and civil liberties.

Critics warn that the bill's broad definition of "electronic communications surveillance provider" could compel virtually every internet-related service provider to assist in NSA surveillance efforts, undermining individual privacy rights and expanding government surveillance capabilities to alarming levels.

The proposed legislation has faced significant opposition from lawmakers and privacy advocates, with calls for greater transparency and accountability in government surveillance practices.

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🫨 What’s Buzzing?:

🚀 Telegram implements TONCOIN for Ad Revenues 🚀

TON, Telegram's coin, introduced in April 2022, now integrated into the platform's business accounts and ad system.

TON Integration and Features:

• Telegram Business offers features like hours/location display, start page customization, quick replies, and automated messages.

Revenue and Usage:

• Channel owners can earn 50% of ad revenue in TON coins, which can be withdrawn, reinvested, or used to purchase ads and Premium features.

• TON coins function similarly to Facebook boosts for ad purchases.

Investment Potential:

• Initial surge in TON's price after integration, but hype may be fading, potentially leading to retracement.

• Personal interest in TON investment due to perceived utility and potential.

Anticipation for future developments with TON in Telegram's ecosystem. To learn more, watch UseTheBitcoin’s latest YouTube video “Telegram implements TONCOIN for Ad Revenues”

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com