Magic Eden coders gathered in an Airbnb in San Jose, California, to hack in preparation for the so-called bitcoin halving.
Amil Husain
In the East Foothills of San Jose, California, 17 coders working for the popular ordinals marketplace maker, Magic Eden, piled into a 4-bedroom, 3,875 square-foot house rented on Airbnb. Their goal was to spend a week hacking to prepare for the so-called bitcoin halving — an event that is baked into the chain’s code and helps to stave off inflation through programmatic monetary policy.
A lot of the talk surrounding the halving, which happens roughly every four years, has been pegged to the fact that new issuance of the world’s largest virtual coin would be cut in half. But the block that locked in the halving also coincided with a couple other major launches on the blockchain, including cutting-edge programming innovations that are expected to draw both a lot more coders and a lot more venture capital dollars into the bitcoin ecosystem.
Also unlike past halving events, the world’s largest cryptocurrency touched a new all-time high above $73,000 in March as record flows entered the bitcoin ecosystem via the newly-launched spot bitcoin exchange-traded funds in the U.S.
“Bitcoin has never been healthier – what was missing previously was a vibrant developer ecosystem on top,” said Magic Eden’s co-founder and chief operating officer, Zedd Yin.
Some of Magic Eden’s coders took breaks from hacking to play arcade games.
Amil Husain
Arcade games and hard liquor
Magic Eden’s pop-up hacker house was modest but had a few bells and whistles that carried the skeleton crew through the week.
Those perks included Teenage Mutant Ninja Turtles and Street Fighter themed arcade-style machine games in the living room — plus a DIY open bar on a collapsible, plastic table in the dining room.
Engineers also went into the hackathon with the distinct advantage of knowing what they wanted to build. In the days leading up to the halving, Yin, 33, convened his team under the same roof in Northern California with one clear goal in mind: To code and launch the definitive marketplace for a new wave of digital products coming to bitcoin’s blockchain. On Monday morning, Magic Eden’s Runes Platform went live, helping to cement its place as the go-to forum to deal in these novel bitcoin offerings.
For years, rival chains like ethereum and solana have competed with bitcoin on functionality, because both have smart contracts — that is, programmable pieces of code — natively built into the base chain. That has been one of the chief reasons why developers around the world have flocked to these blockchains to build applications.
Magic Eden’s pop-up hacker house included arcade games and a ping pong table with a full bar.
Amil Husain
Enter Casey Rodarmor.
The popular bitcoin coder totally disrupted this dynamic last year when he introduced bitcoin’s version of non-fungible tokens known as ordinals, which developers ended up using as a base for bitcoin-issued coins called BRC-20 tokens. The launch was quiet, at first, but ultimately landed him tremendous acclaim.
Late Friday night, at the exact moment that the bitcoin halving initialized, Rodarmor unveiled his latest creation, runes, which is basically just a better and more efficient version of BRC-20 tokens.
“People really respect Casey and think that he sort of captured lightning in a bottle,” said Nic Carter of Castle Island Ventures. “And so there’s very high expectations for runes as well.”
Technically speaking, runes just enables asset issuance of fungible tokens on bitcoin’s base chain. That could be stablecoins, memecoins, or any variety of fungible token.
The reason this is significant to developers is because of its efficiency relative to existing BRC-20 tokens, bitcoin’s widely-used fungible token standard that has already received a ton of traction. Having a universally accepted token standard like this is seen as key to helping unlock scale of decentralized finance on bitcoin. Decentralized finance, or DeFi, is a parallel banking system that cuts out middlemen like lawyers and banks and relies upon code for enforcement.
“Fungible tokens are a significant part of every meaningful ecosystem like solana and ethereum, so runes is an important step in the evolution of bitcoin,” said Yin, who previously helped lead product for all institutional trading products at Coinbase.
Bill Barhydt, who runs Abra, a company that supports miners with a mix of services, including auto liquidations, and has access to macro data across the sector, said bitcoin simply cannot scale 100% on-chain via its own layer one. The problem has to do with the fact that bitcoin’s blockchain lacks the built-in smart contract capabilities necessary to reproduce the banking stack of a chain like ethereum or solana.
“BRC-20 tokens and ordinals, its successor runes, sidechains such as stacks, and DeFi on bitcoin are all showing strong promise in user adoption which stands to dramatically increase the demand for bitcoin block space and adoption, which I believe will create a positive feedback loop further driving bitcoin price gains in the coming years,” Barhydt said. “It’s truly remarkable the level of new development work happening around bitcoin,” he added.
Venture investors agree.
“I’ve never seen deal pacing move this aggressively in the bitcoin space in my entire career,” Carter tells CNBC.
For a week, the Magic Eden team gathered in an Airbnb in San Jose to work on the code for a new digital asset marketplace that would go live at the bitcoin halving block.
Amil Husain
Bitcoin ‘layer two’ interest spikes
Indeed, the VC appetite for these layer two bitcoin projects has been picking up in the last few months.
PitchBook says that the fourth quarter of 2023 was the first time in almost two years that deal value in the crypto sector had increased, reaching $1.9 billion — up 2.5% from the previous quarter. While still well off the 2021 high of $31 billion, funds are building back interest, and trust, in the space.
“There’s definitely been an awakening of capital interest in the bitcoin layer two space,” said Muneeb Ali, who co-founded Stacks — an open-source blockchain network that brings smart contracts to bitcoin.
Stacks is a separate chain to bitcoin but the two are able to work together. The project launched its own upgrade at the time of the halving block, as well, which reduced transaction time to five seconds, compared to the 10 to 30 minute block times tied to bitcoin’s base chain.
“Having so much VC interest just cements that the bitcoin ecosystem is primed to grow,” Ali said, who noted that the pace of projects launching on bitcoin has also picked up momentum in the last six months, from a half dozen projects going live to more than 50.
A new report released by Austin-based venture fund Trammell Venture Partners found that the bitcoin startup sector had a breakout year at the pre-seed stage, noting a 360% year-over-year increase in transaction count.
“Founders really want to be building on bitcoin specifically,” Christopher Calicott, the fund’s managing director and founding partner, said of the study’s findings.
The report also noted that early-stage, bitcoin-native startups raised just under $1 billion from 2021 through 2023.
Take Alpen Labs. The layer two project, which is bringing cutting-edge scaling technology known as zero-knowledge proofs to bitcoin, just emerged from stealth mode with Ribbit Capital leading a $10.6 million round. Another popular layer two solution dubbed “Build on Bitcoin,” or BOB, has raised $10 million in seed funding.
“Ordinals, BRC-20s and other innovations that came about in 2023 really helped build momentum ahead of the halving,” Ali said. “They made bitcoin fun again for developers and showed that users will favor NFTs, assets, and apps on bitcoin if given the opportunity.”
In the East Foothills of San Jose, California, 17 coders working for the popular Ordinals marketplace maker, Magic Eden, piled into a 4-bedroom, 3,875 square-foot house rented on Airbnb.
Amil Husain
DeFi on bitcoin rails
For years, developers have been trying to bake additional functionality into bitcoin’s base chain. Barhydt tells CNBC that demand for DeFi — specifically yield and lending — is a key driver of crypto adoption.
Sidechains like stacks, for example, have been working to bring the speed and competitive transaction costs of solana-type rails to the bitcoin ecosystem, in order to decongest the main chain and allow the overall bitcoin economy to scale.
With runes, these existing projects have a new tool they can use to grow, since it enables them to potentially plug into a native, lightweight token system on the main bitcoin chain rather than having to generate their own independent token environment.
“Runes presents an efficient system for creating and managing fungible tokens directly on bitcoin in a way that reduces blockchain bloat and improves scalability compared to other token standards,” said Hong Fang, president of crypto exchange OKX. “This has major implications for layer two solutions and sidechains that are working to scale bitcoin,” added Fang, who previously spent nearly a decade workingat Goldman Sachs.
Stacks’s Ali has dubbed the post-halving environment “bitcoin season two.”
“Season two is all about the return of builders to bitcoin. Users are finally separating bitcoin the asset from Bitcoin, as the rails,” he said.
As for Yin and his team — one other big takeaway of the runes hackathon was the need for a bit more due diligence on Airbnb properties.
The team had an outdoor gas fireplace that wasn’t working so there was a constant smell of a gas leak the entire week, the rental’s WiFi was down for the entire first day — and a handful of folks got Covid.
Ford claims its new midsize EV pickup will have a lower cost of ownership than a Tesla Model Y and more space than a Toyota RAV4. Starting at $30,000, it will also cost about the same as the RAV4. Here’s how the new Ford EV Universal Platform will make it happen.
Ford reveals new affordable Universal EV platform
Ford’s big bet is about to pay off. The company is preparing to launch a family of affordable electric vehicles based on the new Ford Universal EV Platform.
The first vehicle based on the platform will be the promised midsize four-door electric pickup. Ford’s new EV pickup will start at around $30,000 and will be assembled at its Louisville Assembly Plant.
Based on the new Ford Universal EV Platform, it will also have more passenger space than the latest Toyota RAV4.
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“We took a radical approach to a very hard challenge: Create affordable electric vehicles that delight customers in every way that matters – design, innovation, flexibility, space, driving pleasure, and cost of ownership,” Ford’s CEO Jim Farley said during the event in Kentucky.
According to Farley, Ford is done with the “good college tries” from other Detroit automakers to make affordable EVs, promising the company’s new platform will change the game by lowering costs and optimizing efficiency.
Ford introduces its new Universal EV Platform (Source: Ford)
Ford is the first automaker to build prismatic LFP batteries in the US, which will not only cut costs but also free up interior space.
Farley explained that the new platform reduces parts by 20% compared to the average vehicle. It also has 25% fewer fasteners, 40% fewer worstations dock-to-dock in the plant, and 15% faster assembly time.
Perhaps, most importantly, Ford’s leader explained that it will help reduce costs for owners. Farley claimed that the new Ford Universal EV platform will enable “lower cost of ownership over five years than a three-year-old used Tesla Model Y.”
Ford Mustang Mach-E (left) and F-150 Lightning (right) (Source: Ford)
How so? For one, it’s significantly more efficient than the first-gen Ford EVs. The wiring harness alone in the new midsize truck will be 4,000 feet shorter and 10 kg lighter.
The LFP batteries lie flat under the floor, which improves handling, creates a quiet ride, and “provides a surprising amount of interior space,” Ford said. In fact, it will have more passenger room than the latest Toyota RAV4. And that’s not even including the added Frunk and truck bed.
Doug Field, Ford’s Chief EV, digital, and design officer, said the company took inspiration from the Model T to make it more than just a utility vehicle.
Ford promises that the new electric pickup will also be fun to drive, with a targeted 0 to 60 mph time as fast as the Mustang EcoBoost, and even more downforce.
The company will release additional information for the midsize electric pickup soon, including a reveal date, final prices, range, battery sizes, and charge times.
Ford said it’s aiming for a starting price of around $30,000, with customer deliveries set to begin in 2027. The company invested around $5 billion into its Louisville Assembly Complex, creating nearly 4,000 jobs to deliver its new EV pickup and LFP batteries.
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Tesla is slowly starting to advertise, and it has now done a rare ad on a billboard in Los Angeles. It’s pathetically misleading about its “self-driving” capabilities.
The judge hasn’t released their verdict on this case yet, but Tesla doesn’t seem deterred whatsoever.
At their North Hollywood location, Tesla put up a billboard advertising demo drives for its ‘Full Self-Driving (FSD) Supervised’ system:
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The billboard beautifully illustrates Tesla’s approach to its FSD system.
When it’s time to market and sell the system, Tesla emphasizes the “Full Self-Driving” part. Still, when it’s time to take responsability, like in a court room after a crash for example, then Tesla focuses on the “supervised” part and shout loud and clear that its “Full Self-Driving” system is not an autonomous driving system but a level 2 driver assistance system just like a cruise control and the driver is always responsible.
On the billboard, Tesla wrote the ‘supervised’ part more than twice as small as the “Experience Full Self-Driving” part:
Interestingly, the ad appears to feature an old Model 3 interior, but the advertised feature is “Full Self-Driving” with demo drives, which aligns with Tesla’s strategy to promote its $8,000 Full Self-Driving package.
Despite its name, the system is not fully self-driving. It is considered a level 2 driver assistance system as the driver is always responsible for the vehicle, unlike level 3-5 autonomous systems.
Tesla has been promising that it will become “unsupervised” in the future through new software update, but CEO Elon Musk said it would happen by the end of every year for the last 6 years and it never happened.
The current best data available, since Tesla doesn’t release any, indicates that Tesla’s most advanced publicly available Full Self-Driving Supervised update, FSD 13.9, achieves approximately 340 miles between critical disengagements.
According to NHTSA, humans drive about 700,000 miles between crashes.
Electrek’s Take
One of the main criticisms of Tesla in its self-driving approach has always been: is it doing enough to prevent people from becoming overconfident and abusing its ADAS systems?
I think the answer to that question is a clear no, and this billboard is a beautiful illustration of that.
Whenever it’s time to market the feature, it’s always about the promise of full self-driving, and whenever it’s time to take responsibilities, FSD is just a poor little level 2 ADAS system.
It’s becoming old.
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Portable power stations long ago became one of those “why didn’t I get one sooner?” products for me. Whether it’s keeping a fridge running during a power outage, charging cameras in the field, or juicing up my growing fleet of electric bikes, a good battery box is worth its weight in gold. Sometimes I use them simply when I’m too lazy to go find an extension cord! I recently got my hands on the new Dabbsson 2000L power station, and after putting it through its paces, I think this one’s going to earn a permanent spot in my gear lineup – and yes, probably a spot in my e-bike charging garage!
For starters, it’s relatively compact for its 2,048Wh capacity. Measuring roughly the size of a small cooler (11” × 18” × 9” or 28 x 46 x 23 cm) and weighing 41 lbs (18.6 kg), it’s not exactly a lunchbox, but it’s light enough for one person to carry and small enough to stash in a car trunk or camper van shelf without rearranging your life.
One of the first things I tested was the fast-charging claim, and I can say that it’s the real deal. Using Dabbsson’s “P-Boost” mode, I was able to charge the battery from empty to 80% in under an hour from a standard wall outlet. That’s faster than most high-capacity big-name brands, and it’s a huge benefit if you only have a short window to top it up before hitting the road or before the power comes back on after an outage. The 2000L can even handle short bursts of up to 3,300W output, which is overkill for most small electronics but perfect for starting up tools or appliances with a big surge current. I recently got in some electric jet boats, and they have weirdly high power chargers at 2,400W, so this would be for quick field top-ups down by the lake!
There are six 2200W AC outlets, two USB-A ports, a 100W USB-C as well as a 30W USB-C, a 126W car port, and a surprisingly rare 50W DC5521 round port.
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That last one might sound niche, but it’s perfect for powering certain fridges, monitors, or field communications gear without wasting energy by going through the inverter. If you’ve ever run a 12V fridge on a power station that only has AC, you know how much extra juice gets lost in conversion – so having a native DC port is a nice touch.
But back to the big test: charging my Velotric Triker. This is a three-wheeled electric cargo trike that can haul kids, groceries, or a whole lot of camera gear for filming days. Its battery isn’t small, but the Dabbsson 2000L can fill it up multiple times without itself needing to be recharged. I plugged the trike into one of the AC outlets, and while the onboard charger isn’t drawing anywhere near the 2000L’s full output rate, it was nice knowing I could recharge multiple e-bike batteries in a day and still have power left over for lights, a laptop, and even running a small fan during breaks.
For anyone using e-bikes off-grid, whether that’s camping, filming, or just riding far from civilization, this power station could keep you rolling for days.
I also tried it in a few other scenarios. In the garage, it ran my shop vac without breaking a sweat. Out in the yard, I plugged in a power saw for a cordless cutting session. The 15ms EPS (Emergency Power Supply) switchover time means that if I use it as an electrical outage solution and the power ever cuts out, like is common in a big storm, the fridge or other major devices I could plug into it would barely blink.
Dabbsson also put some serious thought into off-grid use. The 2000L can take up to 800W of solar input, which means you can recharge it from the sun in around 3.5 hours under ideal conditions, if you have enough solar panels. I had a single panel, which will still let you charge up with a trickle!
Better yet, you can charge from solar and AC at the same time, with solar prioritized. That’s handy for vanlifers who want to grab some extra juice at a campground while still getting the most out of their rooftop panels.
And if you’re worried about battery life, the LiFePO₄ chemistry here is rated for an impressive 4,000 cycles to 80% capacity. That’s years longer than the standard lithium-ion cells found in many cheaper power stations. LiFePO₄ also tends to be more thermally stable, and Dabbsson doubled down on safety with some extreme testing, claiming to pass the nail penetration test (meaning the cells didn’t catch fire when pierced) and withstanding surface temps up to 500°C. I didn’t do a nail penetration test myself, so we’re going to have to decide whether or not to take their word on that one.
They also claim 56 separate extreme-weather tests, so whether it’s sitting in a hot car trunk in summer or running in a chilly campsite, it seems built to handle it.
Noise-wise, it’s impressively quiet. In “silent charging” mode, it stays under 25 dB, which is around the level of a whisper, so you can charge it overnight in a bedroom or use it in a tent without feeling like you’re sleeping next to a server farm.
If I had to nitpick, 41 lbs is quite heavy for longer carries. It’s manageable for short carries, but you’re not throwing it in a backpack and hiking into the woods. And while the compact size is nice, the handle design could be a little more ergonomic for long hauls. But these are small trade-offs for the amount of capacity and features packed into this form factor.
At its current sale price of $649, the Dabbsson 2000L undercuts most of the big-name competition while matching or beating them in fast charging, solar input, and safety features. For e-bike riders, vanlifers, campers, or just anyone who wants a reliable backup power source at home, it’s an easy recommendation. After charging my electric trike, running my chest freezer, and powering tools around the yard, I feel like I’ve only scratched the surface of what it can do.
And honestly, that’s the best kind of problem to have with a portable power station, knowing you’ve got way more capability than you’re likely to ever need. It may be heavy, but that weight is all the extra capacity that is there if you ever need it.
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