Bitcoin Blockchain Bandwidth Usage Surges Past 90% for the First Time Since 2024 Halving

• Bitcoin’s blockchain bandwidth usage has surged past 90% for the first time since the 2024 halving event.
• The launch of LayerZero’s token has sparked debate over the donation requirement to claim tokens.
• The Winklevoss twins’ support for Trump has also made headlines, sparking discussions within the crypto community.

Bitcoin’s blockchain bandwidth usage exceeds 90% post-2024 halving, LayerZero token launch stirs debate, and Winklevoss twins make notable political donations in BTC—unpacking the latest crypto developments.

Bitcoin Reclaims Blockchain Dominance Post-Halving

For the first time since the recent halving in April 2024, Bitcoin’s blockchain bandwidth usage has surpassed the 90% mark, indicating a significant uptick in network activity.

According to a chart by Dune Analytics user Cryptokoryo, on June 20, Bitcoin commanded a 91.4% share of transactions, while Runes, BRC-20, and Ordinals accounted for 6.8%, 1.6%, and 0.2%, respectively. This uptick can be attributed to the adoption of new token standards, such as Runes and BRC-20.

Dune Analytics data further reveals significant transaction increases involving these token standards, with Runes transactions surpassing 750,000 on April 23. The post-halving rise in bandwidth usage emphasizes Bitcoin’s growing transactional footprint.

LayerZero Token Launch Sparks Controversy

LayerZero’s newly launched token, ZRO, has been the center of heated discussions due to the donation requirement for token claims, which some compare to a “tax.” The token’s value surged by 15.15% to $4.71 within 20 minutes of its June 20 launch but subsequently dropped by 22% within two hours.

Critics argue this mechanism changes the nature of airdrops, making them more akin to Initial Coin Offerings (ICOs). Proponents believe it addresses common issues that plague recent token airdrops. LayerZero estimates that around $18.5 million will be donated to the Protocol Guild, a collective funding mechanism for Ethereum developers.

This donation requirement has prompted backlash within the crypto community, with users suggesting it undermines the original concept of airdrops and alters the landscape of token distribution.

Winklevoss Twins Support Trump with BTC Donations

In a move that has surprised few, Cameron and Tyler Winklevoss, co-founders of the Gemini cryptocurrency exchange, have pledged a $2 million Bitcoin donation to Donald Trump in the upcoming United States presidential elections.

This support comes as no surprise given their vocal criticism of current President Joe Biden’s stance on cryptocurrencies. According to a post by Tyler Winklevoss on X, Biden is perceived as anti-crypto. Cameron Winklevoss echoed this sentiment in a subsequent post, reaffirming their political allegiance.

Conclusion

The recent rise in Bitcoin’s blockchain usage post-halving, the contentious launch of LayerZero’s token, and the Winklevoss twins’ political contributions in BTC highlight the dynamic and multifaceted nature of the cryptocurrency landscape. These developments underscore the evolving trends and debates within the crypto community, offering valuable insights for stakeholders as they navigate this complex ecosystem.