The value settled on the Bitcoin network has been surging recently, reaching a new daily all-time high last week. Bitcoin’s daily settlement value hit an all-time high on Oct. 6, with $31 billion worth of transactions being settled on-chain using the Bitcoin network.
The record high marks an increase in the network’s daily settlement volume of approximately 40 times since the beginning of 2020.
According to data from Coin Metrics, daily settlement volume has since pulled back sharply, with the Bitcoin network settling $11.6 billion worth of transactions on Oct. 10.
On-chain analyst Willy Woo commented the uptick in activity and settlement value over the weekend, tweeting that volume money moving on Bitcoin's blockchain currently dwarfs that of major centralized payment networks Visa and Mastercard in the United States.
Block data from Blockchain.com reveals that a colossal Bitcoin (BTC) transaction worth $2 billion was processed on Monday night. Despite the enormous financial value, the unknown wallet holder only paid 0.00001713 BTC fees equivalent to $0.78.
Although it is unknown what the purpose of this transfer was, or indeed which individual or entity enacted it, what has clearly been showcased is the enormous potential of financial transactions utilizing cryptocurrency and blockchain technologies.
However, this is not the first instance of a transaction of this magnitude with minimal fees. Back in August 2020, a Bitcoin transaction worth $1 billion was recorded with a nominal fee of just $4.
Attempts to transfer money of this value in traditional fiat markets would simply be futile. Anchored to anachronistic models, the financial ecosystem stands as a stark outlier to the instantaneous, largely inclusive, modern information services experience.
An international fiat transfer often takes one to four working days to process and includes a hefty transaction fee of 1%–3%. For a transaction worth $2 billion, this would come at the cost of between $20 million and $60 million.
Sorare, a marketplace for nonfungible token (NFT) trading cards, has raised $680 million in a Series B funding round led by Japanese fintech giant SoftBank, resulting in a revised valuation of $4.3 billion for the platform. According to the company, the latest funding will help expand Sorare’s portfolio of football player NFTs by partnering with more football leagues and associations.
In early September, the French NFT-based trading platform secured its first soccer league partnership with La Liga in addition to having NFT collaborations with Paris Saint-Germain, Liverpool and other top-tier soccer teams. Sorare also plans to diversify its NFT-based portfolio offerings to other fantasy sports.
Existing investors and high-profile business angels participated in the funding, including Benchmark, Accel and Headline. New investors include Atomico, Bessemer Venture Partners, D1 Capital, Eurazeo, IVP and LionTree.
In July, SoftBank had led a $532-million funding round for Sorare. However, Sorare CEO Nicolas Julia denied the funding claims, which was initially fueled by insider information.
This Daily Dose was brought to you by Cointelegraph.