In response to the growing demand for scalable and cost-effective Bitcoin payments, the team behind the Bitcoin layer-2 protocol Ark has established a new company called Ark Labs. This innovative firm aims to develop a faster and more efficient payment system on the Bitcoin blockchain, offering a compelling alternative to the Lightning Network.

Led by creator Burak Keceli, Ark Labs seeks to address the limitations of existing solutions while building upon the foundation laid by Lightning Network. The primary focus of Ark Labs is to provide scalable and low-cost Bitcoin payments, catering to the needs of users worldwide.

The core objectives of Ark Labs include the development of an open implementation of the Ark Protocol and the creation of user-friendly services. The company plans to introduce its first service later this year, aiming to revolutionize the landscape of Bitcoin payments.

Unlike the Lightning Network, which faces challenges such as the “inbound liquidity” problem, Ark Protocol offers a novel approach to off-chain payments. By leveraging service providers who offer 24-hour liquidity services for a fee, Ark eliminates the need for users to commit funds upfront to establish liquidity.

Ark’s off-chain payments utilize a unique unspent transaction output (UTXO) model, employing virtual unspent transaction outputs (VTXOs) to facilitate seamless and secure transactions. This model enables unidirectional, one-time-only payments, enhancing the efficiency and usability of Bitcoin payments.

While Keceli has transitioned to other endeavors, the protocol and Ark Labs remain committed to advancing the goals of improving Bitcoin’s payment infrastructure. With its innovative approach and ambitious objectives, Ark Labs emerges as a formidable contender in the realm of Bitcoin payments, poised to reshape the future of digital transactions.

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Robinhood (NASDAQ:HOOD) imposed buying restrictions on GameStop (NYSE:GME) shares late Sunday after the meme stock’s value surged following speculation that Keith Gill, known as “Roaring Kitty,” might hold a substantial position in the company.

The brokerage stated that Blue Ocean ATS, the platform facilitating overnight trades, would only accept orders within 20% above or below a reference price of $22.99. Thus, orders to buy GME above $27.59 or sell below $18.39 during the night would likely be rejected. Despite this, some Robinhood users reported being completely blocked from purchasing GME overnight.

Robinhood did not respond to Cryptonews’ request for comment by press time.

The trading restriction followed a Reddit post by Keith Gill, aka “Roaring Kitty” on YouTube. The post, Gill’s first since April 21, indicated he bought 5 million GME shares for $115.7 million and invested $65.7 million in call options, betting that GME would reach at least $20 per share by June 21. The screenshot also showed he had accrued over $9.3 million in profits from his GME holdings but sustained a loss of nearly $2.5 million on his call options.

In Robinhood’s overnight markets, GME surged nearly 20% in 20 minutes to reach $27.58 following Gill’s Reddit post. GameStop closed at $23.14 on Friday, May 31, marking a 38.8% increase in shares for the year, seemingly influenced by Gill’s return.

On the same day as his Reddit post, Gill shared a green UNO reverse card on X, adding to a series of cryptic posts and memes since his return in May. The latest post garnered nearly 50,000 likes by early Monday. Gill’s reemergence three weeks ago sparked a significant surge in GameStop shares, doubling their value in May alone. Additionally, Ethereum-based meme coins, including one named GME, showed renewed optimism with the reappearance of Roaring Kitty guiding the next bullish phase.

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In May, global non-fungible token (NFT) sales witnessed a notable decline, totaling $604 million, marking the lowest monthly performance since October and the first month of the year with sales below $1 billion.

Ethereum, renowned as the leading blockchain for NFT sales, experienced a dip in sales, recording $164 million in May, the lowest since September. The network also saw a decrease in unique buyers, with only 56,914 recorded, the lowest count since June 2021.

Similarly, the Bitcoin network observed a downturn in NFT sales, with monthly sales totaling $160 million, the lowest since October. The network also reported a decline in both buyers and sellers, marking the lowest count for the year.

Contrary to the overall trend, Solana showcased resilience in NFT activity. Despite the sales slump in major blockchains, Solana recorded $93 million in monthly sales, the first time it fell below $100 million since last November. Solana set new records for monthly unique buyers and sellers, with 346,229 and 594,555 addresses, respectively.

However, despite the heightened activity, Solana witnessed a decline in the average NFT price, with an average monthly sales value of $37.8, the lowest this year. Despite the challenges faced by the NFT market in May, Solana’s performance highlights its growing prominence in the NFT space.

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Coinbase’s recent $25 million donation to political action committees (PACs) has propelled the crypto industry’s campaign fund to approximately $161 million, making it one of the most significant players in U.S. campaign finance.

This substantial cash injection positions the crypto industry as a formidable force in influencing the political landscape, with the potential to allocate over $300,000 for each congressional seat up for grabs in the upcoming elections.

Coinbase joins Ripple and Andreessen Horowitz (a16z) in contributing to the Fairshake PAC and its affiliate PACs, which aim to support congressional candidates with pro-crypto stances. By targeting state primaries and backing candidates aligned with their mission, these committees wield considerable influence, often through independent ad campaigns.

The crypto industry’s involvement in politics underscores its recognition of the pivotal role of U.S. regulations in shaping global acceptance of digital assets. As lawmakers navigate the complexities of crypto legislation, the next congressional session could usher in regulations tailored to digital assets, potentially driving broader adoption and investor confidence.

The influx of funds from Coinbase and other industry giants highlights the growing influence of super PACs, enabling corporations to exert significant sway over elections. With a war chest rivaling that of major political parties, the crypto industry’s campaign finance efforts signify a strategic investment in shaping regulatory frameworks conducive to its growth.

However, transparency regarding Fairshake’s management and strategies remains limited, as key stakeholders refrain from disclosing operational details. Despite criticisms suggesting undue influence, proponents argue that such contributions are commonplace across various industries, aimed at supporting candidates aligned with their interests.

As the crypto industry emerges as a major player in campaign finance, its collective contributions could rival those of established political entities. By leveraging its financial prowess, the industry seeks to advance its agenda and foster an environment conducive to innovation and growth in the digital assets space.

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Cryptocurrency exchange Bybit has confirmed reports of an executive reshuffle following complications with the Notcoin launch, which led to $23 million in compensation being distributed to 320,000 users.

The news, initially reported by Wu Blockchain, indicated that several executives had “voluntarily resigned” and that Bybit had hired new technical and spot managers. A Bybit spokesperson told CoinDesk, “Bybit regularly updates its organizational structure to align with our strategic goals. The affected team members are not leaving the company but have taken up other internal roles.”

Notcoin, a game based on the Telegram instant messaging platform, is one of the largest cryptocurrency gaming projects, boasting 35 million users. Early adopters earned in-game balances that could be converted to a Notcoin airdrop at a 1000:1 ratio.

On May 16, users experienced delays in depositing the newly issued Notcoin to Bybit, resulting in financial losses as they were unable to sell the asset immediately. Bybit received 370,000 on-chain transactions, with 70% of deposits credited before the market went live.

“We prioritized customer interests and conducted a thorough internal review to enhance the customer experience for the future,” the Bybit spokesperson added. “This improvement led to some leadership role changes, which we believe are essential.”

Notcoin is currently trading at over $0.0115, more than doubling from a low of $0.0047 last week, according to CoinMarketCap.

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