Jack LONG (jack-long)

Orbiter Finance Announces OBT Tokenomics and Airdrop Details Orbiter Finance, a decentralized cross-rollup Layer 2 bridge, has unveiled its native token $OBT, aiming to drive further decentralization. The token allocation includes 40% for the community, 20% for ecosystem growth, and the remainder split among the foundation, team, and investors. To qualify for the airdrop, users must have engaged with the protocol for at least two months since December 2021 and accumulated 40 OPoints through transactions. The airdrop, beginning January 20, 2025, will distribute 22% of the total $OBT supply, with additional rewards spread over six months

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An appeals court ruled that the Treasury Department went beyond its authority when it imposed restrictions on Tornado Cash in August 2022 and accused cryptomixer of facilitating the laundering of more than $7 billion for North Korean hackers and other criminals. The Court of Appeals ruled in favor of plaintiffs Joseph Van Loon, Tyler Almeida, Alexander Fisher, Preston Van Loon, Kevin Vitale and Nate Welch, who appealed the decision in November 2023. Texas courts announced the blocking of the service. The Court of Appeal's ruling states that OFAC's authority cannot extend to autonomous and immutable code that is not under anyone's control. Immutable smart contracts cannot be owned because they do not belong to anyone, the court decided. The rate of the TORN token soared by 203% to $23.83. Over the past day, the token's trading volume increased by 3899%, amounting to $5.81 million. The market capitalization of TORN now totals $125.65 million, which indicates an increased interest of traders in the token.

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What happened? Lawyers for Coinbase, the leading US centralized crypto exchange (CEX), have asked the US District Court for the Northern District of California to dismiss a lawsuit filed against it by BiT Global, a cryptographic giant, in connection with the delisting of the wrapped bitcoin issued by it under the ticker symbol wBTC . What else is known? Coinbase removed wBTC from its platform late last year, shortly after it announced the launch of its own wrapped bitcoin, cbBTC, on its second-layer (L2) Base network based on the Ethereum blockchain. As for wBTC, it was initially managed by custodian BitGo, which in August last year announced the launch of a joint venture with BiT Global. The latter is partly owned by the founder of the TRON blockchain and the head of the HTX and Poloniex exchanges, Justin Sun, and his participation in the management of wBTC has attracted criticism from some members of the crypto community.

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Layer 2 solutions like Polygon are addressing blockchain scalability. How important is this for mass adoption?

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