KEYTAKEAWAYS
- Japan Government Responds to Questions About Bitcoin Reserves
- Starknet Blockchain Reaches Over 1 Million Blocks Processed
- Bitget Announces Merge of BWB and Replacement with BGB
CONTENT
JAPAN GOVERNMENT RESPONDS TO QUESTIONS ABOUT BITCOIN RESERVES
According to Coinpost, the Japanese government recently responded to questions from Senate member Satoshi Hamada regarding Bitcoin reserves. Prime Minister Shigeru Ishiba stated that Japan is still not familiar with the Bitcoin reserve plans of other countries, as the relevant discussions are still in the early stages.
He emphasized that cryptocurrencies do not fall under the category of foreign exchange reserves. The government prioritizes the safety and liquidity of foreign exchange reserves, and the high volatility of Bitcoin does not align with this goal.
Analysis:
The Japanese government remains cautious about including Bitcoin in the country’s reserves, citing its high volatility, which does not match the stability sought in foreign exchange reserves. As a result, it is unlikely that Bitcoin will be incorporated into the current system.
However, the government has stated that it will closely monitor international developments to assess the risks and potential rewards of Bitcoin reserves. This statement suggests that, in the short term, national-level applications of cryptocurrencies like Bitcoin still face challenges, but as global discussions progress, it could open up new opportunities for development in the future.
STARKNET BLOCKCHAIN REACHES OVER 1 MILLION BLOCKS PROCESSED
Additionally, according to Dune Analytics, Starknet’s bridge total volume (TVB) reached 960,331 ETH, with the number of bridging addresses surpassing 1,227,370.
Analysis:
Starknet is a Layer 2 scaling solution built on Ethereum, designed to address scalability issues on the Ethereum network. By introducing Zero-Knowledge Proof (ZKP) technology, it significantly enhances transaction throughput while maintaining Ethereum’s security.
Zero-Knowledge Proof is a cryptographic technique that allows one party (the prover) to prove the truth of a statement to another party (the verifier) without revealing any information beyond the truth of the statement itself.
In Starknet, Zero-Knowledge Proofs are used to validate off-chain computations. By generating concise proofs, Starknet can compress large amounts of transaction data into smaller proofs, reducing the on-chain storage and computation burden.
BITGET ANNOUNCES MERGE OF BWB AND REPLACEMENT WITH BGB
In an official announcement on December 26, Bitget stated that it will merge Bitget Wallet Token (BWB) with Bitget Token (BGB) and replace BWB with BGB, effective on December 27, 2024, at 16:00 (UTC+8). Following this merge, the BWB/USDT spot trading pair will be delisted, and related services will be discontinued.
The token swap will be calculated based on the 7-day average closing price from December 19 to 25, 2024. The average price for BWB was 0.3934 USDT, and for BGB it was 4.5940 USDT. The exchange rate is 1 BWB = 0.08563 BGB.
After the swap, the BWB tokens in users’ accounts will be collected and destroyed, and BGB will be airdropped to users proportionally. This merge will not affect the total supply of BGB, and no new tokens will be created.
Analysis:
By merging BWB into BGB, Bitget can increase the total supply of BGB, thereby enhancing its liquidity and market presence. Concentrating the platform’s value in BGB can attract more user attention and increase their loyalty to the platform. As the cryptocurrency market continues to evolve, this adjustment provides greater flexibility and prepares the platform for future strategic growth.
Recent Daily Articles：
CoinRank Crypto Digest: December 23, 2024
CoinRank Crypto Digest: December 24, 2024
CoinRank Crypto Digest: December 25, 2024
▶ Buy Crypto at Bitget
CoinRank x Bitget – Sign up & Trade to get $20!
