Bitcoin surpasses Solana to become second most popular NFT blockchain
The monthly trading volume of nonfungible tokens (NFTs) and memecoins on Bitcoin in May surpassed Solana’s volume, according to data from CryptoSlam.
Bitcoin ordinals trading volume currently stands in second place behind Ethereum, which did $393 million in NFT volume, more than twice that of ordinals on Bitcoin in 30-days starting April 23. Bitcoin gained a significant lead over popular blockchains like Polygon, ImmutableX, BNB Chain and Solana during this period.
According to a Dune dashboard by BRC-20 token standard creator Domo, BRC-20 token transactions accounted for the majority of ordinals activity on Bitcoin.
The BRC-20 token standard is an experimental fungible token standard built using ordinals. It has harbored hype for memecoin, speculative cryptocurrencies whose price action is fueled by certain enthusiastic communities.
South Korean authorities propose crypto holdings disclosure by officials
The People’s Power Party (PPP), the governing party in South Korea, has proposed a new bill urging lawmakers and other high-level government officials to implement crypto legislation and regulations as soon as possible.
On Monday, May 22nd, a legislative committee unanimously approved the updated Public Service Ethics Act:
“Given the current high level of public interest, especially regarding lawmakers, it’s not appropriate to enforce the law six months later after the promulgation”.
In addition, the measure mandates that all government employees, including parliamentarians, must include cryptocurrency holdings in their required annual financial statements. After a recent crypto incident involving now-independent member Kim Nam-kuk. The measure also intends to provide more openness in the holdings of parliamentarians.
Ledger Delays Plans for Private Key Recovery Service Following Controversy
After a week of vicious backlash from the crypto community, hardware wallet company Ledger has delayed the release of its private key recovery service.
“We’ve heard your feedback on Ledger Recover,” the company said from its main Twitter account yesterday, announcing plans to host a town hall over Twitter Spaces at 12:30 p.m. EST on Tuesday, May 23.
On Tuesday morning, Ledger Chief Technology Officer Charles Guillemet said on Twitter that the company has “decided to accelerate our open-sourcing roadmap to bring more verifiability to everything we do.” A graphic he shared showed that a white paper on the Recover Protocol would be made available “in the coming days.”