Welcome to The Protocol, the weekly Summary of Coindesk of the most important stories in terms of technological development of cryptocurrency. My name is Margaux Nijkerk, journalist at Coindesk.
In this issue:
- The big BTCFI problem: 77 % of Bitcoin holders did not even try it, according to a survey
- Ethereum’s fusaka upgrade succeeds in the Holesky test and is getting closer to the main network
- The main dualzero network is put online with 22 % soil put into play on board
- Bee Maps lifts $ 32 million to develop the decentralized cartography network fed by Solana
Network news
Bitcoin holders hesitate to explore BTC Defi: The decentralized Bitcoin (DEFI) finance, also known as BTCFI, was presented as the next wave of innovation for the largest cryptocurrency in the world. However, research suggests that Bitcoin holders themselves barely commit. According to a survey of more than 700 people in North America and Europe by the mining ecosystem BTC Gomining, around 77 % of Bitcoin holders have never tried a BTCFI platform. Just over 10 % said they had experienced once or twice, while only 8 % said they actively use BTCFI services for return or loan. The survey highlights a marked discrepancy between the promises of the sector and its real scope. “There is a huge appetite for these opportunities, but the industry has created products for the natives of cryptography, and not for daily Bitcoin holders,” said Mark Zalan, CEO of Gomining, in a press release. This appetite is reflected in the data: 73 % of those questioned expressed their interest in obtaining a return on their BTC through loans or stimulus, while 42 % wish to access liquidity without selling. However, hesitation dominates. More than 40 % said that they would allocate less than 20 % of their assets to BTCFI products, stressing the problem of trust and complexity in the sector. – Jamie Crawley Learn more.
The upgrade of Ethereum Fusaka on Holesky Testnet is linked: Ethereum’s next upgrade, Fusaka, has just gotten closer to its online on the main blockchain after a successful test on the Holesky test network last week. The Hard Fork of Fusaka arrives only a few months after the major Pectra d’Ethereum upgrade and is designed to make things cheaper for institutions using Ethereum. One of the changes introduced is Peerdas, a feature that allows validators to check only part of the necessary data instead of complete pieces (“blobs”), which makes it possible to reduce costs both for layer 2 networks and for validators. Test networks like Holesky serve as a training ground where developers can safely test the new code before it reaches the real chain. Holesky, launched in 2023, was particularly important because the configuration of its validator closely reflects the main network of Ethereum. But in recent months, Holesky has started to show signs of aging and reliability problems. Fusaka is the last upgrade that the network will see before its closure – two weeks after the Fusaka online on the main network. The next two Testnet executions are scheduled for October 14 and 28. Once these are finished, the developers of Ethereum will set a date for the full launch of the main Fusaka network. – Margaux Nijkerk Learn more.
Mainnet Doublezero is live: A new project wants to give blockchains their own “fast way” on the internet. The Doublezero Foundation announced that its long -awaited beta version of the main network was online. DoubleZero is a network designed to speed up the way the blockchain validators communicate with each other. Instead of relying on the public Internet, which can sometimes be slow and unpredictable, Solana validators can now connect via the fiber optic roads of Doublezero, which allows users to make transactions more quickly. In simple terms, Doublezero is like a private highway system for blockchains. Although normal Internet roads are designed to be cheap and wide, they are not designed for coordination in a fraction of a second, including thousands of blockchain nodes need. DoubleZero claims that its network reduces the shift and allows validators to more easily treat transactions and remain synchronized, which could improve both performance and reliability for end users. The project has already been adopted quickly. Currently, 22 % of the soil involved are connected to the DoubleZero network. Large names in the industry such as Jump Crypto, Galaxy, Rockawayx and Jito contribute to fiber optic links and engineering resources, betting that a faster internet infrastructure will be chargeable as blockchain applications evolve. – Margaux Nijkerk Learn more.
Bee Maps lifts $ 32 million during a round: Bee Maps, the decentralized cartography project fueled by Hivemapper, has raised $ 32 million in new funds to extend its global network of contributors and develop its infrastructure, he announced this week. The cycle was led by Pantera Capital, LDA Capital, Borderless Capital and AJNA Capital, marking one of the most important funding in the decentralized physical infrastructure sector (backdrop) this year. Bee Maps is an application on the Hivemapper network, which is one of the largest decentralized physical infrastructure networks (purposes) focused on data map on Solana. Hivemapper allows drivers to provide data via dashboard cameras compatible with AI, which detect real -time changes on roads (such as new panels on roads, detours or construction zones), guaranteeing that digital cards can be updated quickly to stay precise. Bee Maps uses this infrastructure by rewarding contributors with his native token, $ Honey, for the collection of images at the street level. This increase highlights the strong appetite for investors for Bee Maps’s vision in real -time cards based on AI. In recent months, Bee Maps has teamed up with major players, including Lyft and the Robotaxi program in Volkswagen, to provide its cartographic data on their platforms. The new capital will be used to distribute more devices, improve AI models that process and update card features and increase incentives to contributors linked to $ Honey. – Margaux Nijkerk Learn more.
In other news
- Kaio, the Tokenization Society supported by Brevan Howard and Digital Laser, focused on the cryptography of Nomura Bank, brings its tokenized funds to the SEI network (SEI) while the demand for active in the real world increases. The company, formerly known as free capital, has issued more than $ 200 million assets, including symbolic versions of Brevan Howard, Hamilton Lane, Digital Laser and a BlackRock Fund, with the intention of expanding access to additional strategies. The tokens, available for institutional and accredited investors, allow subscription, buyout and chain reporting. The SEI network, designed for high-speed financial transactions, provides underlying rails for execution. Kaio’s expansion follows the introduction by the company of Tokenization Securitize, supported by ARK, of the Diversified Apollo Credit Fund of $ 112 million, a tokenized fuel fund of the Private Credit vehicle in Apollo, in SEI. The announcement highlights an increasing trend in symbolic active active ingredients (RWA), where traditional investments such as obligations, credit and funds are represented in the form of digital tokens. – Kristian Sandor Learn more.
- Yuma, a subsidiary of Digital Currency Group (DCG) focused on decentralized artificial intelligence (IA), respectively appointed veterans founders of Greg Schvey and Jeff Schvey as new operating directors and director of technology, the company announced. These hires mark a key expansion for Yuma while it extends its operations through the Bittensor network, including validation, mining and subnet accelerator initiatives, and is preparing to launch an asset management division, said the company. The Schvey brothers are best known for having co-founded Tradeblock, an institutional portfolio management and cryptographic data platform acquired by DCG, and Axoni, a blockchain infrastructure company at the service of traditional financial markets. The largest commercial unit in Axoni was acquired by the London Stock Exchange Group (LSEG) in 2024. DCG was one of the first investors in the two companies. – Will Canny Learn more.
Regulation and Policy
- The Bank of England (BOE) provides exemptions on the limits offered on assets in stable parts, Bloomberg reported earlier this week. The BOE will grant derogations from certain companies which must have large quantities of tokens, such as cryptographic exchanges, indicates the report, citing a person close to the file. The Central Bank of the United Kingdom will also authorize companies to use stable parts for the settlement in its sandbox of digital securities, sources said. Last month, BOE officials planned to impose ceilings from 10,000 to 20,000 pounds (13,400 to 26,800 dollars) for individuals and 10 million pounds ($ 13.4 million) for stable parts. The figures in the digital asset industry criticized these plans as being unrealizable. The governor of BOE, Andrew Bailey, expressed his skepticism with regard to stable pieces in July, highlighting the possible threats for financial stability and warned worldwide investment banks. – Jamie Crawley Learn more.
- The Securities and Exchange Commission is still looking to formalize an “innovation exemption” allowing companies to rely on digital assets and other innovative technologies in the United States, potentially from the end of the quarter, said the president of the agency, Paul Atkins. While recognizing that the current government’s current closure “paralyzed” the capacity of the dry to progress in terms of rules of rules, Atkins said that working on this exemption remained its priority for the end of the year or the first quarter of 2026, he said on Tuesday during a future event and derivatives Law Report organized by the law firm Katten Muchin Rosenman LLP in the center of Manhattan. The President of the SEC started with one of his now common choruses: cryptography is the “first work” and the agency has become a pro-innovation organization seeking to encourage developers and entrepreneurs to build in the United States- Nikhilesh of Learn more.
Calendar
- October 13-15: Summit on digital assets, London
- October 16-17: European Blockchain Convention, Barcelona
- November 17-22: DevConnect, Buenos Aires
- December 11-13: Solana Breakpoint, Abu Dhabi
- February 10-12, 2026: consensus, Hong Kong
- February 17-21, 2026: Ethdenver, Denver
- March 30. 2: Ethcc, Cannes
- May 5-7, 2026: consensus, Miami
