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Summary of Past Week Articles July 29, 2022

The majority of Bitcoin transactions take place during European and American business hours:

According to the report’s conclusions, the use of the Bitcoin network in Asia would plummet around July 2021, roughly coinciding with China’s significant crackdown on Bitcoin mining.

Due to lower consumption in Asia, the United States and Europe gained a higher percentage of total usage.

Since 2022, Bitcoin usage has been mainly concentrated around early US business hours and late European working hours.

However, according to Coin Metrics, a tendency can still be seen when looking at the network’s transaction fees, which tend to be the highest during US hours.

USD coin (USDC), a stablecoin issued by the US-based payments firm Circle, is still the most popular during US business hours, according to the firm’s data.

Tether (USDT), the world’s largest stablecoin by market capitalization, was the most popular during European and Asian hours.

The Solana Team plans to open a physical store in New York to promote Solana and Web3:

The open-source blockchain Solana (SOL) team is preparing to open an actual store in New York City, USA, to promote the Solana blockchain and Web3 in general.

The Solana Spaces store, located in Hudson Yards, was created in partnership with the Solana Foundation, a non-profit organization dedicated to expanding the Solana network.

The shop does not appear to be open yet.

According to numerous accounts, the store has only been open to ‘preview visitors.’ However, according to Solana Spaces, 30 previews were granted on Wednesday.

Solana Spaces said the store was intended to be a “cultural center” and “embassy” for the Solana community.

The blockchain was introduced as an alternative to the more expensive Ethereum (ETH), but it struggles to live up to that ambition, notably due to frequent outages.

As a regulator warns about Metaverse’s “Virtual Empire,” Zuckerberg braces for a battle with Apple over Metaverse:

Facebook’s parent company Meta and tech behemoth Apple are reportedly engaged in an intense, philosophical competition to build the metaverse. Each company attempts to determine what direction the internet should go in, according to the social media platform’s founder and CEO, Mark Zuckerberg.

Meanwhile, a government official is concerned about Meta’s virtual reality empire.

During a recent internal meeting, the entrepreneur shared his thoughts on the ongoing competition with Facebook staff. According to The Verge, which cited a recording of Zuckerberg’s comments during an internal all-hands meeting.

According to the CEO, Meta will pitch itself as a more open but less expensive alternative to Apple’s hardware since the California-based tech giant is slated to debut its first augmented reality headset before the end of this year.

The latest development comes as the US Federal Trade Commission files a lawsuit to halt Meta’s acquisition of virtual reality devoted fitness app Supernatural.

The agency alleges that Meta and Zuckerberg are seeking to extend Meta’s virtual reality empire by illegally acquiring a dedicated fitness app that illustrates virtual reality’s value to consumers.

According to a transcript of a recent earnings call on Meta’s second quarter of 2022, Zuckerberg remarked to the metaverse that building these platforms will unlock hundreds of billions of dollars, if not trillions, over time.

In Damien Hirst’s Experiment, Physical Art Slightly Wins Over NFTs:

The deadline for UK art superstar Damien Hirst’s The Currency NFT burn expired today, forcing artwork owners to choose between burning their NFT and keeping the token for the artist’s accompanying original work on paper.

According to the project’s official website, by the end of the countdown, 5,149 NFTs had been burned, or over 51.5 percent of the total, and their owners had been granted tangible artworks in exchange.

As a result, 4,851 NFTs are left, and the artist has stated that the same amount of actual pieces will be destroyed.

However, Hirst has stated that he will organize an exhibition of the paper artworks at the Newport Street Gallery in London, which will debut on September 9, 2022.

Damien Hirst provided people the option of keeping the NFT (while discarding the physical) or vice versa.

According to OpenSea data, the cheapest item in the NFT collection currently costs ETH 5.75 (USD 8.565).

He gave the owners a year to make a decision.

Harmony proposes minting billions of ONE token to compensate hacker damage:

Harmony, a Layer-1 blockchain, has suggested minting billions of its ONE tokens to compensate the Horizon bridge hack victims, which saw about USD 100 million in user assets stolen.

To issue new tokens, the Harmony blockchain would have to hard fork and raise the supply of ONE.

The first option is an expected 100 percent reimbursement, which recommends minting ONE 4.97 billion, which translates to a 3-year monthly emission of 138 million tokens, or roughly USD 2.76 million, using the token price of USD 0.020.

One of the community members decided that it would be challenging to pay out the tokens, which might result in a significant increase in freshly generated tokens over the next three years.

On the other hand, many users chastised the team for seeking to print money out of thin air, claiming that they would drive down costs for others in the community because more supply usually implies cheaper prices.

Another community member stated that minting billions of new tokens could cause the price of ONE to plummet.

ONE was trading at USD 0.0198 at 7:41 UTC on Wednesday morning, down 2.5 percent in a day and 23.5 percent in a week.

Tesla Unveils Bitcoin Holdings and Profit from BTC Sale:

Tesla has confirmed that it still maintains digital assets worth around USD 222 million, despite previously stating that it has sold 75 percent of the bitcoin it owned on its balance sheet.

The sale resulted in a USD 64 million profit for the corporation.

According to the filing, the sale netted Tesla a total of USD 936 million in the second quarter.

During the company’s second-quarter earnings call, Tesla’s chief financial officer, Zachary Kirkhorn, stated that it had sold 75 percent of its bitcoin for a realized gain.

During the same call, CEO Elon Musk informed the market that the sale was not motivated by a loss of faith in bitcoin but rather by the company’s need for a stronger cash position.

He said that Tesla is open to raising its bitcoin stake in the future.

Tesla initially purchased USD 1.5 billion in bitcoin during the first quarter of 2021.

Following that, Tesla made no modifications to its bitcoin holdings until the second quarter of this year, when it liquidated the previously disclosed 75% of its original bitcoin position.

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