CBN bring in Gluwa in attempt to raise eNaira adoption.

So, apparently, Gluwa Nigeria Limited (Gluwa) has entered into a strategic partnership with the Central Bank of Nigeria (CBN).

The Gluwa website seems very new, and the anchor content on it seems to revolve around its’ so called ‘strategic partnership with CBN, whatever that might mean.

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‘This partnership with the CBN signifies a significant stride in Gluwa’s mission to develop a borderless financial ecosystem centred on emerging markets, aiming at broadening financial inclusion.’ – code for marketing tripe.

The Marketing Director is one Alan Kong. Very ‘son of the soil’ 9ja name it is. Must be from some obscure part of ‘North’ I don’t know, because being tribally titled for over 20 years, I tend to recognise Nigerian names.

I cannot find any long term history of Alan Kong online in relation to Gluwa.

At time of writing, it’s difficult to establish Gluwa architecture, beyond their own statement about it being an L1. They have 46 Github repositories here.

I haven’t really had time to look at it in detail, but despite my distain for CBDCs, I see that some of those repositories refer to ERC 20, and that should be nowhere near any nations sovereign digital currencies than 20 x 20 foot barge poles.

Not sure what is going on here and why local engagement hasn’t happened on this. It makes the recent headline grabbing drama and reversal regarding Expatriate Levy look at best, ‘somehow’.

We have folk on ground like Franklin Peters, Hanu Fejiro Agbodje, Efosa Ighodaro, Deborah Ojengbede and Oyemi Victor (to name a few).

With the (ominous) lack of visibility on the issue at time of writing, I will be politically economical and file this under ‘perplexing’

Additional Perspective – Coinchapter, Chainwire

Cryptojacking on the rise since BTC ETFs.

Cryptojacking is a growing trend of cybercrime that involves the unauthorized use of a computer, mobile device, or server to mine cryptocurrencies. It presents a lower risk than ransomware because it operates almost silently in the background, constantly providing a pay-out for the perpetrators. It uses a distributed computing model to mine, usually completely undetected by the device owner, who may notice drops in performance, particularly over an internet connection. 

Attacks in the financial sector have risen by more than 250 percent in the past year. The US and Europe saw significant increases in cryptojacking, with a 340% and 788% rise respectively, and incidents increased to 332 million compared to 67 million a year ago, targeting cloud and macOS devices. The intensity of cryptojacking has been significant since the approval of Bitcoin Spot ETFs. – Additional Perspective – Sonic Wall

NFT Calendar closing on its 50,000th Drop.

NFT Calendar is a well known free promo tool for announcing and managing NFT releases and it has been operating since 2021. It is well over the 49k mark in assisted drops, and is eyeing 50,000. With the release trajectory for new series heating up, this milestone is likely to be met sooner rather than later.

There is also an interesting article about different options to promote an NFT collection on the site by Alice Lynx

Over $USD 2M unaccounted For on Unizen; hack suspected.

Unizen, which is described as a DeFi trading platform is suspected of being attacked, possibly due to an approval-related vulnerability. The total losses are estimated to exceed $2 million.

While Unizen describes itself as a Cross-Chain enabled DeFi / DEX Aggregator on Ethereum, Eth has been becoming steadily more centralized since ‘The Merge’. It still remains the best of bad choices in the EVM Compatible Ecosystem and its contradictory to describe anything built on top of them as DEX or DeFi, or DAO or ‘De’ anything.

Ultimately the only way of achieving true DEX,  DeFi, or DAO is to run it on top of a Nakamoto Consensus PoW Blockchain.

Users of the approval-related transaction aggregator are advised to withdraw as soon as possible. Unizen (ZCX)  lost 11.34% in the days’ trading on the news.  Additional Perspective – Foresight News, Binance News

Why Ethereum Spot ETFs may never happen.

The resistance within the ‘against’ camp for Eth ETFs isn’t just confined to the SEC. There are many somewhere between ambivalent and hostile on the basis that Ethereum has commercial actors endemic to its core operations in ways Bitcoin does not.

This means the SEC has allies where it did not have with the BTC ETFs and at a minimum, many counterweights to SEC BTC ETF opposition would be absent in its crusade against Eth ETF.

Grayscale, who was motivated to sue the SEC in order to be able to convert the assets in its Bitcoin trust to an ETF, won’t do so for its Ethereum.

The SEC approved all spot Bitcoin ETFs to begin trading at the same time, and after an expensive lawsuit, Grayscale then ended up in a spot ETF issuers race,  losing market share rather than keeping its first-mover advantage.

Once bitten, twice shy.

The SEC has set May 23 as a deadline for spot Eth ETFs submissions, and applicants are nowhere near the engagement milestones with the SEC as spot bitcoin ETF applicants were positioned within their timeline relative to the closure deadline.

Besides the concern about commercial actors, such as stakers and validators who stand to benefit without ever actually investing in an Eth ETF, an asset struggling to achieve $USD 4k a unit, is not the same as the approx $50k BTC unit price around the time of ETF launch.

Structurally, Handshake is Bitcoins closest relative, and operates on Nakamoto Consensus, but at a unit price of only USD 3 cents, and lucky to scrape a USD$100k daily volume, it sits light years outside the interests of Financial Houses.

There really isn’t another crypto-asset to rival Bitcoin in the combination of its market cap and fixed supply with its robustness and ownerlessness of structure.

Also listen to Laura Shin and Eric Balchunas here

Additional Perspective – Unchained

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