Someone Just Paid $500,000 For A Tiny BTC Transaction

GM Readers!📪 It's BitDegree Insider, and let's just do it.

⭐️Today's selection:

• ❓Bitcoin Mystery
• 💰Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

BITCOIN MYSTERY

Okay, so something bizarre happened.

A transaction with an eye-popping fee of 19.82 Bitcoin (~$507,000) for transferring a mere 0.074 Bitcoin (~$1,900) has stunned the Bitcoin network!!!

It is an absolute record in terms of dollar value. So, setting a new record is a cause for celebration… But the mood wouldn't be that good. What in the hell happened?

Luckily, these funds are not lost... (well, it looks like there's some hope!).

The mining pool F2Pool received the reward for this transaction. Their representatives have stated that they are ready to return the funds to the user. Phew.

F2Pool stated that 20 Bitcoin are put on hold; if no one claims them within 3 days, they will be redistributed among the miners.

The reason for such a high transaction fee is still unknown.

Transaction fees can increase with network congestion, but this is an unusual case. Well, if it was usual… The crypto industry would be having an existential crisis.

For comparison, the average fee today is $2.

As for the yearly average, in May 2023, the average transaction fee on the Bitcoin network reached more than $20. The reason for the increase in load was a surge in demand for tokens minted on the BRC-20 network.

Also, at that time, the number of 'NFT' Ordinals exceeded 1 million. However, in the first two weeks of August, the trading volume of such assets decreased by more than 90% despite reaching 30 million inscriptions last weekend.

TL;DR: An unknown user paid a fee of 19.8 Bitcoin (~$507,000) for transferring 0.074 Bitcoin (~$1,900).

VENTURE MONDAYS

Story Protocol, a network for creators and intellectual property, has raised $54M in a funding round led by Andreessen Horowitz (a16z crypto). Other participants include Hashed, Endeavor, and Samsung Next.

This represents one of the biggest sums raised recently and includes serious investors. So, what exactly is Story Protocol?

The aim of Story Protocol is to simplify processes related to intellectual property rights management. While details are sparse, their primary goals are to authenticate content released on the Internet through blockchain technology, and make sure it is possible to differentiate AI-generated. They also aim to transparently track the origin of any type of content and to fairly attribute authorship.

Animoca Brands has successfully raised $20M for Mocaverse, its flagship project aimed at redefining digital identity and point systems in the Web3 sphere. The funding was spearheaded by CMCC Global, along with various other noteworthy investors.

Simply put, Mocaverse is a fictional cartoon universe designed to empower users in the realms of Web3 gaming, culture, and entertainment through digital identity and loyalty systems.

The fresh capital will be channeled into advancing the already operational Mocaverse project. Part of this advancement includes the launch of Moca ID, a non-transferable NFT collection that will let users craft their own on-chain identities and accrue loyalty points.

It's worth mentioning that the company had already announced this project back in December 2022. At that time, they had plans to release a separate NFT collection featuring 8,888 Profile Picture (PFP) tokens, scheduled to launch in the first quarter of 2023. The bear market has certainly had its impact, but in their case, the delay might actually benefit the project as a whole.

Socket Protocol, an interoperability protocol focused on providing seamless connectivity across blockchains, has raised $5M in a strategic funding round led by Coinbase Ventures and Framework Ventures.

In simple terms, the project offers cross-chain token bridging between blockchains.

What's interesting is that the project is already fully functional on its own. The capital raised will allow Socket Protocol to expand its partnership with Coinbase. As part of this collaboration, they plan to integrate Coinbase Wallet and the Base network into their protocol. This means the project is set to grow even more, and although there is no native token yet, there is a big chance that for active and regular usage, there will be a chance to receive an airdrop from them. You may try bridging here; don't forget to DYOR.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Binance NFT to Terminate Polygon Network Support, Leaving Users Puzzled. After six months, Binance NFT is stopping the support of Polygon-based NFTs.
• Brian Armstrong Believes Crypto Investors will Impact 2024 US Elections. According to Brian Armstrong, DC doesn't "fully realize how powerful the crypto voting community <...> is."
• Investor Worries over FTX Asset Sale Impact Solana's Market Value. Market fears negatively impact the price of Solana (SOL).

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