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EtherScan Acquires SolScan as Michael Saylor plans to sell $215M in MSTR

By
Paul Ugbede Godwin
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Etherscan, the leading blockchain explorer and analytics platform for Ethereum, has announced that it has acquired SolScan, the most popular explorer for Solana, in a deal worth $50 million. This is the first major acquisition in the blockchain space that involves two different platforms, and it signals a new era of interoperability and collaboration.

Etherscan and SolScan have been working together since 2023, when they launched a cross-chain bridge that allows users to seamlessly transfer assets and data between Ethereum and Solana. The bridge has facilitated over $10 billion worth of transactions and enabled new use cases such as decentralized finance, gaming, and NFTs.

The acquisition will allow Etherscan and SolScan to leverage their respective strengths and resources to provide a more comprehensive and user-friendly service for both developers and users. Etherscan will integrate SolScan’s features and data into its platform, while SolScan will benefit from Etherscan’s security, scalability, and reliability. The two explorers will also work on developing new tools and solutions for the emerging blockchain ecosystem.

Etherscan’s founder and CEO, Matthew Tan, said: “We are thrilled to welcome SolScan into the Etherscan family. SolScan has been a pioneer and innovator in the Solana space, and we share a common vision of building a more open, transparent, and inclusive blockchain world. Together, we will be able to offer a more holistic and integrated experience for our users across multiple chains.”

SolScan’s co-founder and CTO, said: “We are honored to join forces with Etherscan, the most trusted and respected explorer in the industry. Etherscan has been an inspiration and a partner for us since day one, and we are excited to continue our journey with them. By combining our expertise and technology, we will be able to deliver more value and innovation to the blockchain community.”

In a surprising move, Michael Saylor, the CEO of MicroStrategy, announced that he will sell 315,000 shares of his company worth $215 million to buy more Bitcoin personally. This decision comes after MicroStrategy has already accumulated more than 120,000 Bitcoins as part of its corporate treasury strategy.

Saylor explained his rationale in a blog post, saying that he believes Bitcoin is the best store of value and hedge against inflation in the current economic environment. He also said that he is confident in the future growth and innovation of MicroStrategy, and that he will continue to lead the company as its largest shareholder.

According to Saylor, selling some of his shares does not reflect any change in his long-term vision or commitment to MicroStrategy. He said that he is simply reallocating some of his personal wealth to Bitcoin, which he considers to be a superior asset class. He also said that he will not sell any more shares for at least one year, and that he will donate 10% of the proceeds to charitable causes.

Saylor’s announcement has sparked mixed reactions in the crypto community. Some praised him for his boldness and conviction in Bitcoin, while others criticized him for diluting the value of MicroStrategy and creating a conflict of interest. Some also questioned the timing and legality of his move, as it coincides with a recent SEC investigation into MicroStrategy’s Bitcoin purchases.

Regardless of the opinions, Saylor’s move is undoubtedly a significant event in the history of Bitcoin and corporate adoption. It shows that Saylor is willing to put his money where his mouth is, and that he is not afraid to take risks and challenge the status quo. It also shows that Bitcoin is becoming more attractive and mainstream as an alternative investment for individuals and institutions alike.

Ethereum core devs chart an ambitious 2024

Meanwhile, Ethereum, the second-largest cryptocurrency by market capitalization, has been undergoing a series of upgrades and innovations in the past few years. The most notable ones are the transition from proof-of-work to proof-of-stake consensus mechanism, the implementation of sharding and rollups to improve scalability and efficiency, and the introduction of new features and standards to enhance interoperability and usability.

However, the Ethereum core developers are not resting on their laurels. They have a bold vision for the future of the network, and they are working hard to make it a reality. In this blog post, we will introduce you to two of the most influential and active core devs in the Ethereum community: Dencun and Pralectra. We will also explore their plans and projects for 2024, which promise to bring Ethereum to new heights of innovation and adoption.

Dencun: The mastermind behind EIP-1559 and EIP-3675

Dencun is a pseudonymous developer who has been contributing to Ethereum since 2017. He is best known for proposing and leading the development of two of the most impactful Ethereum Improvement Proposals (EIPs) in recent history: EIP-1559 and EIP-3675.

EIP-1559, which was activated in August 2021, introduced a new fee mechanism that dynamically adjusts the gas price based on network demand and burns a portion of the fees, creating a deflationary pressure on ETH supply. EIP-3675, which was implemented in December 2021, finalized the transition from proof-of-work to proof-of-stake by merging the Ethereum mainnet with the Beacon Chain, the backbone of the new consensus protocol.

Both EIPs have been widely praised by the Ethereum community for improving the security, sustainability, and user experience of the network. They have also boosted the value proposition of ETH as an asset, as evidenced by its strong performance in the market.

Dencun is not done yet. He is currently working on several projects that aim to further enhance Ethereum’s capabilities and competitiveness. One of them is EIP-4488, which proposes to reduce the gas cost of call data, the data that is passed to smart contracts when they are executed. This would lower the barriers for developers and users to deploy and interact with complex applications on Ethereum, such as decentralized exchanges, lending platforms, gaming dapps, and more.

Another project that Dencun is involved in is EIP-6484, which suggests introducing a new opcode called BASEFEE that would allow smart contracts to access the current base fee of the network. This would enable new possibilities for fee management and optimization, such as fee abstraction, fee delegation, fee rebates, and more.

Pralectra: The pioneer of zk-SNARKs and zk-rollups

Pralectra is another pseudonymous developer who has been working on Ethereum since 2018. She is a leading expert and innovator in the field of zero-knowledge proofs (ZKPs), a cryptographic technique that allows users to prove that they know some information without revealing it.

Pralectra has been instrumental in bringing ZKPs to Ethereum, both at the protocol and application levels. She is one of the main contributors to EIP-1962, which added support for various ZKP primitives to the Ethereum virtual machine (EVM), enabling developers to use them in their smart contracts. She is also one of the co-founders and core developers of ZKSync, one of the most popular and advanced zk-rollup solutions on Ethereum.

ZKSync is a layer-2 scaling platform that uses ZKPs to compress and verify transactions off-chain, while maintaining security guarantees from the mainnet. ZKSync can process thousands of transactions per second with minimal fees and latency, while supporting smart contracts, token transfers, NFTs, and more.

Pralectra is constantly pushing the boundaries of ZKPs and zk-rollups on Ethereum. She is currently working on ZKSync 2.0, which aims to bring full EVM compatibility and programmability to zk-rollups, allowing any existing or future dapp to run on ZKSync with zero friction or compromise. She is also working on ZKPorter, a new scaling technique that combines zk-rollups with data availability sampling, resulting in an exponential increase in throughput and a significant decrease in cost. ZKSync 2.0 and ZKPorter are expected to launch in 2024, marking a new era of scalability and privacy for Ethereum.

Dencun and Pralectra are just two examples of the many talented and dedicated core developers who are making Ethereum better every day. They represent the ethos and vision of Ethereum: a decentralized, open-source, community-driven platform that strives for innovation and excellence.

As we enter 2024, we are excited to see what Dencun, Pralectra, and the rest of the Ethereum core devs will bring to the table. We are confident that they will continue to surprise and delight us with their groundbreaking ideas and implementations. We are proud to support and celebrate their work, and we invite you to join us in following their progress and achievements.

Court Orders Nigeria to Pay Godwin Emefiele N100m Over Rights Violations

By
Samuel Nwite
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A ruling by the High Court of the Federal Capital Territory, Maitama, has ordered the Federal Government to compensate the embattled former Governor of the Central Bank of Nigeria, Mr. Godwin Emefiele, with a hefty sum of N100 million.

The ruling, delivered by Justice Olukayode Adeniyi, condemned the prolonged detention of Emefiele by security agencies without trial, deeming it both illegal and unconstitutional.

This judgment found the actions of the Federal Government and its agencies to egregiously infringe upon Emefiele’s fundamental rights enshrined in the 1999 Constitution. Moreover, the court issued a restraining order against the Federal Government and its agents, prohibiting any re-arrest or detention of Emefiele without a valid court order.

The genesis of this legal battle emerged from a fundamental rights enforcement suit initiated by the former CBN boss, challenging the legality of his extended detention in the custody of the Department of State Services (DSS). Emefiele, in his lawsuit, sought damages totaling N1 billion as redress for the rights violation.

Story Background

Emefiele’s legal ordeal commenced with his suspension by President Bola Tinubu on June 9, which subsequently escalated when the Department of State Services (DSS) rearrested him in July 2023. The dramatic arrest followed a confrontation with Correctional Services officers subsequent to a bail grant by a Federal High Court in Lagos.

Late last year, Emefiele was granted bail at the sum of N20 million by the Lagos court. Justice Nicholas Oweibo, presiding over the case, affirmed that the charges against Emefiele were bailable offenses but ordered his remand at the correctional center until the bail conditions were met.

Facing charges related to illegal possession of a firearm and ammunition at the Federal High Court in Lagos and corruption charges in Abuja, the DSS later withdrew the charges. The Director of Public Prosecutions cited emerging facts necessitating further investigation as grounds for the withdrawal.

Despite the withdrawal of charges, Emefiele remained in custody and was subsequently transferred to the Economic and Financial Crimes Commission (EFCC). There, he faced a six-count charge for alleged involvement in procurement fraud. Although granted bail worth N300 million, stringent conditions, including producing two Abuja-resident sureties with property within the Maitama District, delayed his release until December 23, culminating in about 34 days spent at Kuje prison.

Presently, Emefiele confronts allegations of economic crimes, fraud, and breach of public trust. A report by Special Investigator Jim Obazee, appointed by President Tinubu, has leveled accusations of financial misconduct against Emefiele during his tenure as CBN governor.

These successive detentions and legal battles have marked a tumultuous period for the former apex bank chief.

Africa’s Leading Startup Ecosystems, The ‘Big Four’, Attracted 87% of Funding in The Region in 2023

By
Ojukwu Emmanuel
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Fund, money cash dollar

Recent report have revealed that Africa’s leading startup ecosystem the ‘big four’ which comprise South Africa, Kenya, Nigeria, and Egypt, attracted 87% of funding in the region, their largest share since 2019.

These regions were home to 71% (357 out of 500) of the start-ups who raised $100k or more on the continent last year.

Despite the 36% decline in fundraising in 2023, down from the $5 billion recorded in 2022, marking the lowest figure since 2020 ($2.1 billion), the big four nations continued to shine.

In terms of funds raised by region, the report showed that North Africa captured the largest share with 33.67% of the total funds raised, followed by East Africa (26.22%), Southern Africa (19.94%), West Africa (17.89%), and Central Africa (1.92%)

By sector, fintech start-ups remain the best-funded nuggets in Africa, accounting for 45% of total financing raised last year.

Here is How Each Country in the ‘Big Four’ Performed

Kenya

With just under $800m raised in 2023, Kenya shot up to the first position, after it attracted the most funding, 28% of the continent’s total. While it suffered a decline (-25% YoY), its share of Eastern Africa’s funding grew from 86% in 2022 to 91% in 2023. 93 start-ups raised $100k or more during the period (19% of Africa’s total).

Egypt

In Egypt, there were 48 such ventures raising $100k+ in 2023, the lowest number out of the Big Four. But thanks to a YoY decline (-20%) it was enough for the country to claim the second spot.

Egypt’s share of North African funding grew substantially from 72% in 2022 to 95% in 2023 (+23pp, by far the strongest progression), due both to the magnitude of MNT-Halan’s fundraising, and Algeria and Tunisia’s inability to repeat their strong 2022 performance.

South Africa

South Africa’s share of regional funding remains the highest at 97%. The 70 start-ups who raised $100k or more in the country cumulated $600m in funding i.e. 21% of the continent’s total. South Africa was the only one of the Big Four not to see its total funding shrink between 2022 and 2023 (+8% YoY).

Nigeria

Nigeria is reported to be the country where the most dramatic change happened in 2023. While the country still claimed the highest number of start-ups to raise $100k or more on the continent), the amount they raised was divided by 3 YoY (-67%) to reach $410m, compared to $1.2b in 2022, and $1.7b in 2021.

As a result, its share of Western African funding continued to drop to reach 68%, down from 85% in 2021, and 77% in 2022. This marked the lowest regional share of any Big Four market since 2019.

According to investors, the ‘Big Four’ have continued to remain the regions with the highest funding because their markets include talent, existing innovation, infrastructures that need disruption, and the deepness of technology infrastructure which covers telecommunications, mobile money penetration, government alliances, and clear regulations.

Kenya Leads African Startup Funding, Overtook Nigeria in 2023 with $800m

By
Samuel Nwite
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0

In a shift from the regular investment development within Africa’s burgeoning startup sphere, Kenya surpassed Nigeria as the primary recipient of startup funding in 2023, securing an impressive $800 million, as revealed by a comprehensive analysis conducted by research firm ‘Africa: The Big Deal.’

The report’s insights shed light on a shift in funding dynamics across the continent, highlighting shifts in investment dynamics and geographical trends.

“Nigeria, previously at the helm in 2021 and 2022, witnessed a remarkable downturn, sliding to the fourth position with a modest $410 million raised in 2023,” stated ‘Africa: The Big Deal,’ noting the nation’s stark decline from a staggering $1.7 billion in 2021.

Highlighting Nigeria’s dramatic transformation, the report noted, “While Nigeria retained the highest number of startups raising $100k or more (146, accounting for 29% of the continent), the total amount raised plummeted to $410 million from $1.2 billion in 2022 and $1.7 billion in 2021.”

It added, “As a result, its share of Western African funding continued to drop to reach 68%, down from 85% in 2021, and 77% in 2022. This is the lowest regional share of any Big Four market since we started collecting the data in 2019.”

The dominance of what the report categorizes as ‘The Big Four’ – Nigeria, Kenya, Egypt, and South Africa – persisted, capturing a significant 87% share of all startup funding across Africa in 2023, the highest concentration since 2019.

Despite a 25% decline in funding, Kenya emerged as the frontrunner, securing the largest investment share (28%) of the continent’s total, with 93 startups raising $100k or more, constituting 19% of Africa’s aggregate funding.

Egypt, with 48 startups securing $100k or more, claimed the second spot among the Big Four, experiencing a moderate decline (-20%) compared to Kenya and Nigeria. Notably, Egypt’s share of North African funding surged to an impressive 95% in 2023, marking substantial growth from 72% in 2022.

“But thanks to a YoY decline (-20%) more moderate than Kenya and most importantly Nigeria, it was enough for the country to claim the second spot. Egypt’s share of North African funding grew substantially from 72% in 2022 to 95% in 2023 (+23pp, by far the strongest progression), due both to the magnitude of MNT-Halan’s fundraising, and Algeria and Tunisia’s inability to repeat their strong 2022 performance,” the report stated.

Maintaining its position as the highest recipient of regional funding at 97%, South Africa stood out, with 70 startups raising $100k or more, accumulating $600 million, comprising 21% of the continent’s total. Impressively, South Africa defied the trend with an 8% year-over-year increase in total funding, distinguishing itself from the declining trends in the other Big Four nations.

The report underlined how these transformative shifts redefined Africa’s investment ecosystem, signaling a notable alteration in the geographical distribution of startup funding, with Kenya’s ascension as a significant focal point.

Overall, the findings noted the evolving nature of Africa’s startup ecosystem, reflecting the fluidity of investment patterns and the emergence of new frontiers for entrepreneurial growth.

Analyst at ‘Africa: The Big Deal’ said this shift not only marks a turning point in funding dynamics but also signifies the evolution and maturation of Africa’s startup ecosystem, opening doors to new opportunities and challenges.

Apple’s iPhone Sales Plummet 30% in China Amid Pressure from Huawei

By
Samuel Nwite
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0

In a significant shift within the Chinese smartphone market, Apple witnessed a staggering 30% drop in iPhone sales during the first week of 2024, according to analysts from Jefferies.

This precipitous decline not only rattled Apple’s position but also served as the primary force behind a broader double-digit plummet in smartphone shipments across the country. It also underscores a fightback by Chinese companies against the dominance of American companies in the local market.

Jefferies, in a recently published note, revealed that despite robust discounting efforts on various iPhone models through major Chinese online platforms, including a 16% price slash on the iPhone 15 Pro and Pro Max on Pinduoduo, Apple struggled to retain its market share against the onslaught of domestic rivals.

Analysts from Jefferies said this decline in Apple’s sales showcases intensified competition in China’s smartphone arena, particularly with the resurgence of Huawei.

Throughout 2023, Apple experienced a marginal 3% year-over-year dip in sales in China, marking a modest decline. However, this recent 30% plunge in the first week of 2024 signified a swift acceleration in the company’s struggle within its third-largest market.

The Jefferies analysts pinpointed the rise of Chinese competitors, notably Huawei, as a key factor behind Apple’s struggles. They highlighted the impact of Huawei’s triumphant return to the high-end smartphone market with its Mate 60 series, which emerged in August last year, marking a significant comeback post-U.S. sanctions that previously impeded the company’s progress.

Huawei’s resurgence in the market was unmistakable, securing a commendable 6% surge in market share in the Chinese smartphone realm for the final quarter of 2023. This growth trend, according to analysts, is poised to continue exerting pressure on Apple throughout 2024.

Our projections indicate a challenging year ahead for Apple, with an anticipated continuous decline in shipment volumes, while Huawei is expected to further solidify its market presence, the Jefferies note forecasted.

The analysts estimated Huawei’s shipment figures to soar to approximately 64 million smartphones globally in 2024, a substantial leap from the estimated less than 35 million units shipped in 2023.

This market upheaval in China has broader implications for the smartphone industry. Analysts, including those from IDC, anticipate a potential rebound for the Chinese smartphone market after a prolonged downturn. IDC forecasts unspecified year-on-year sales growth in the fourth quarter of 2023, signaling a potential turnaround after ten consecutive quarters of dwindling shipments.

Apple and Huawei did not respond immediately to requests for comment on this stark shift in market dynamics.

Apple’s grapple with sales decline and Huawei’s accelerating resurgence in China’s market marks the Chinese telecom giant’s growing defiance of the US sanctions. The analysts estimate that Huawei will ship approximately 64 million smartphones worldwide in 2024 – up substantially from the estimated less than 35 million shipped in 2023.

This new market dynamics set the stage for a fierce battle in the Chinese smartphone market, with ramifications expected to reverberate throughout the global tech industry.

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