Ethereum Aims for January Testnet Launch of Dencun Upgrade

Welcome to the final edition of Datawallet Daily for the week. As always, we’ve curated the must-know crypto stories from the last 24 hours just for you:

• Ethereum Aims for January Testnet Launch of Dencun Upgrade 
• Bitcoin Core Developer Luke Dashjr Reverses Stance on Ordinals
• Solana Saga Phone Orders Canceled Due to Inventory Issue
• Hong Kong Ready to Accept Applications for Spot Crypto ETFs

Ethereum Aims for January Testnet Launch of Dencun Upgrade 

Ethereum developers are advancing towards the Dencun upgrade, with a significant testing phase set for January 17 on the Goerli test network. This upgrade introduces “proto-danksharding,” aimed at reducing fees for layer 2 rollups and scaling the blockchain by expanding data storage capacity. Although initially planned for late 2023, the complexity of Dencun pushed its anticipated launch to 2024. 

A tentative timeline suggests further testing on the Sepolia and Holesky testnets in late January and early February, respectively, with a potential mainnet deployment by February’s end. However, these dates are subject to change based on testnet outcomes. Dencun follows the Shapella upgrade, which enabled staked ETH withdrawals from the blockchain.

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Solana Saga Phone Orders Canceled Due to Inventory Issue

Orders for the Solana Saga phone were canceled due to an inventory issue, Solana Mobile announced on X. The phone had seen a demand surge, driven by the spike in the price of the Solana-based memecoin BONK and an arbitrage opportunity from the included 30 million BONK tokens. 

The inventory problem, attributed to a third-party distributor, led to more orders than available stock. Affected customers have been informed of the cancellation and will receive refunds. Some orders were also canceled for “suspicious activity.” Despite the initial surge, BONK’s value has since dropped, reducing the arbitrage advantage for those who ordered the phone.

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Bitcoin Core Developer Luke Dashjr Reverses Stance on Ordinals

Bitcoin Core developer Luke Dashjr, known for opposing Bitcoin Ordinals, has seen a shift in stance from his mining pool company, Ocean. Backed by Jack Dorsey and recently funded with $6.2 million, Ocean now allows miners to choose whether to process blocks with non-financial transactions, such as Ordinals. Ordinals, similar to NFTs, have been controversial in the Bitcoin community. 

Ocean’s update introduces three block template policies for miners: Ocean Recommended (reducing “spam”), Bitcoin Core with an “Ordisrespector” spam filter, and standard Bitcoin Core, which includes more “spam” like Ordinals and BRC-20 transactions, reflecting a move towards greater miner autonomy.

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Hong Kong Ready to Accept Applications for Spot Crypto ETFs

Hong Kong is gearing up to welcome spot crypto ETFs, as announced by its financial regulator. Today, the Securities and Futures Commission (SFC) and the Hong Kong Monetary Authority released a joint circular, outlining the preparedness to accept applications for these ETFs. The SFC also published a separate circular detailing the requirements for funds with direct investment in virtual assets, including ETFs investing in crypto spots. 

These ETFs must transact through SFC-licensed crypto platforms or authorized financial institutions, with stringent custody and valuation standards. This move marks Hong Kong’s continued embrace of the crypto industry, contrasting with mainland China’s stricter stance.

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Other breaking news

• Crypto Exchange Aligned with Gary Gensler Delays US Launch to Early 2024
• Ethereum Becomes Go-To Blockchain for Tokenizing Real Assets
• CAKE Token Surges Following PancakeSwap’s Supply Reduction Proposal
• Mantle Hits 200 TPS Peak Amid Expanding Inscriptions on Layer 2s
• Top Broker-Dealer: Bitcoin Growth Fuels Crypto Derivatives Demand

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