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U.S. equities closed slightly lower, down 0.45%, ahead of April’s inflation data. The broader cryptocurrency declined slightly further as news of Jane Street and Jump reducing their crypto involvement due to US regulatory pressure surfaced, with Bitcoin and Ether dropping 0.55% and 0.15%, respectively, in the past 24 hours.
Today's outperformer is BSV, which surged 30% in the past 24 hours due to the blockchain introducing Bitcoin Ordinals and BRC-20 into their network.
Bitcoin SV (BSV) is a blockchain that hard-forked Bitcoin Cash in November 2018, proclaiming to achieve Satoshi Nakamoto's vision by emphasizing scalability for the original Bitcoin protocol.
Currently, Bitcoin has an all-time high of unconfirmed transactions due to BRC-20 transactions, while BSV has just deployed its own BRC-20 standard. Thus, speculators are betting that BSV will receive some spillover attention and block demand. BSV has bigger block sizes, higher transactions per second, and cheaper fees, making it better suited for the larger amounts of BRC-20 transactions. Although it may just be speculation now, it is worth keeping an eye on BSV as its technology is much better suited for BRC-20 to thrive on than BTC.
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Neutron, a blockchain-focused on integrating smart contracts into the Cosmos network, has been approved to launch on Replicated Security (RS). RS is a shared security model developed by the Cosmos Hub, which enhances security for projects launching as consumer chains on the platform in exchange for sharing fees with Cosmos HUB’s ATOM validators. As the first chain to launch on RS, Neutron aims to become the primary smart-contracting platform for the Cosmos ecosystem. By allowing various smart contracts to deploy on the Cosmos Hub, Neutron resolves the problem of high costs and complex infrastructure for app chains while also enabling the platform to attract more projects and generate revenue without seeking additional validators.
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