Vitalik Buterin's Message to the Bitcoin Community

GM Readers!📪 It's BitDegree Insider, and it's time to get updated.

⭐️Today's selection:

• 🔷Vitalik's Insights
• ❓APR vs APY
• 💰Venture Mondays
• 👌Selected Meme of The Day
• 📰Bite-Sized News

VITALIK TALKS ORDINALS

The brain behind Ethereum, Vitalik Buterin, unexpectedly turned his piercing gaze towards Bitcoin during the riveting podcast called "What Bitcoiners Can Learn From Ethereum?" There, he shared the stage with crypto maven Eric Wall and Udi Wertheimer, the force behind the acclaimed Ordinals collection "Taproot Wizards."

During the session, Buterin shed light on the transformative influence of the Ordinals protocol on the Bitcoin ecosystem. According to him, it breathed new life into the once stagnant network, leading to its rejuvenation.

Or, as he said:

"I definitely see signs of hope that we have ordinals that are starting to kind of bring back the culture of actually doing things."

More:

"It feels like there's a real pushback to the laser eye movement, which is good."

And:

"It feels like there's some kind of organic return of builder culture, which is definitely a positive sign.

Amidst a heated discourse, the hot-button topic of Bitcoin's scalability took center stage. Eric Wall took a critical stance against the Lightning Network's ability to sustain global adoption, citing its fickle reliability for medium-sized transactions.

In a dynamic rebuttal, Buterin put forth an enticing proposition: deploying roll-ups on Bitcoin (zero-knowledge and similar to what Arbitrum/Optimism have).

According to him, this innovative measure could be a game-changer for Bitcoin's scalability, underscoring the urgent need to strategically augment Bitcoin's base layer to accelerate its future growth.

TL;DR: Vitalik Buterin discussed the impact of the Ordinals protocol on Bitcoin, emphasizing its potential to revive the network and foster a culture of innovation. He proposed implementing roll-ups on Bitcoin as a solution for scalability, highlighting its potential to revolutionize the network and support global adoption.

APR vs APY

APR or APY… That's the question! What's Your Pick? Let's Make It Simple!

Ever wondered what to do when the market begins looking, smelling and feeling like a massive bear that will simply refuse to leave? Should you panic and hide under the blanket? No! There's a smarter move – staking and farming.

If you're puzzled by the tricky terms of APR and APY, which are often heard in talks about passive income, this post is for you.

When we get involved with farming/staking on DEX platforms, we earn reward tokens every second. It's like receiving a "thank you" for taking part in the procedure.

If we don't put these reward tokens back in the liquidity pool, we get APR (Annual Percentage Rate) – our yearly income. But if we do put our tokens back in, that's APY (Annual Percentage Yield).

• APR is the yearly investment return we get.
• APY counts in the crypto you can make by (automatically) reinvesting all the time.

Even though APY gives a more accurate picture of investment returns, some platforms only use APR. No problem, you can change APR to APY with online calculators.

Important to remember! Rewards come in crypto, not cash. So, how much you make will depend on the price of the asset when you take out your money.

TL;DR: 

APY refers to the total interest or return on an investment, including the effect of compounding. It represents the potential earnings on an investment over a year, taking into account any additional rewards or incentives.

APR denotes the annual interest rate or cost of borrowing funds. It is a standardized measure used to compare and calculate the cost of borrowing or lending in various crypto financial products such as loans, staking, or yield farming.

VENTURE MONDAYS

Web3Go, a data platform and intelligence network built on Polkadot, has secured $4M in a Seed funding round led by Binance Labs Fund. Other participants include Hashkey Capital, NGC Ventures, Shima Capital, Infinity Ventures Crypto (IVC), Lingfeng Innovation Fund (LIF), Big Brain Holdings, and Archerman Capital.

Simply put, Web3Go is an analytical project in the cryptocurrency market that blends real-time data infrastructure with Artificial Intelligence.

SuperSight, a startup providing AI-driven insights and analytics in the crypto data space, has garnered $1M in a Pre-seed funding round. The contributors to this round include Blockchain Founders Fund, Animoca Brands, Druid Ventures, Emurgo Ventures, Next Gen Web3, and Vayner Fund.

Wondering if this is just another AI? You may ask, does it stand out? Well, it better does!

This project seeks to bridge the gap in access to cryptocurrency information by enabling swift and easy access to vast amounts of data from a variety of sources. These include Discord, Telegram, Twitter, Mirror, podcast transcripts, and more. They aim to swiftly scrape this data into statistical charts supplemented with analysis.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Crypto Exchange Coinbase Stock Surges in the Face of US SEC's Lawsuit. Following the SEC lawsuit, Coinbase stock price increased by a whopping 52%.
• Marathon Digital's Bitcoin Mining Yield Declines Due to Adverse Texas Weather. Marathon Digital blames weather conditions for decreased Bitcoin yields.
• Revoke Introduces Safeguard Feature Following Crypto Scam with "Fake Approvals." It appears that malicious actors found a way how to exploit "gas tokens."