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.
BMW Motorrad’s futuristic electric scooter just got its first real refresh since beginning production in 2021. The BMW CE 04, already one of the most capable and stylish electric maxi-scooters on the market, now gets a set of upgraded trim options, new aesthetic touches, and a more robust list of features that aim to make this urban commuter even more appealing to riders looking for serious electric performance on two wheels.
The BMW CE 04 has always stood out for its sci-fi styling and high-performance drivetrain. It’s built on a mid-mounted liquid-cooled motor that puts out 31 kW (42 hp) and 62 Nm of torque. That’s enough to rocket the scooter from 0 to 50 km/h (31 mph) in just 2.6 seconds – quite fast for anything with a step-through frame.
The top speed is electronically limited to 120 km/h (75 mph), making it perfectly capable for city riding and fast enough to hold its own on highway stretches. Range is rated at 130 km (81 miles) on the WMTC cycle, thanks to the 8.9 kWh battery pack tucked low in the frame.
But while the core performance hasn’t changed, BMW’s 2025 update focuses on refining the package and giving riders more options to tailor the scooter to their taste. The new CE 04 is available in three trims: Basic, Avantgarde, and Exclusive.
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The Basic trim keeps things clean and classic with a Lightwhite paint scheme and a clear windshield. It’s subtle, sleek, and very much in line with the CE 04’s clean-lined aesthetic. The Avantgarde model adds a splash of color with a Gravity Blue main body and bright São Paulo Yellow accents, along with a dark windshield and a laser-engraved rim. The top-shelf Exclusive trim is where things get fancy, with a premium Spacesilver metallic paint job, upgraded wind protection, heated grips, a luxury embroidered seat, and its own unique engraved rim treatment.
There are also a few new tech upgrades baked into the options list. Riders can now spec a 6.9 kW quick charger that reduces the 0–80% charge time to just 45 minutes (down from nearly 4 hours with the standard 2.3 kW onboard charger). Tire pressure monitoring, a center stand, and BMW’s “Headlight Pro” adaptive lighting system are also available as add-ons, along with an emergency eCall system and Dynamic Traction Control.
BMW has kept the core riding components in place: a steel-tube chassis, 15-inch wheels, Bosch ABS (with optional ABS Pro), and the impressive 10.25” TFT display with integrated navigation and smartphone connectivity. The under-seat storage still swallows a full-face helmet, and the long, low frame design means the scooter looks like something out of Blade Runner but rides like a luxury commuter.
With these updates, BMW seems to be further cementing the CE 04’s role at the high end of the electric scooter market. It’s not cheap, starting around €12,000 in Europe and around US $12,500 in the US, with prices going up from there depending on configuration. However, the maxi-scooter delivers real motorcycle-grade performance in a package that’s easier to live with for daily riders.
Electrek’s Take
I believe that the CE 04’s biggest strength has always been that it’s not trying to be a toy or a gimmick. It’s a real vehicle. Sure, it’s futuristic and funky looking, but it delivers on its promises. And in a market that’s still surprisingly sparse when it comes to premium electric scooters, BMW has had the lane mostly to itself. That may not last forever, though. LiveWire, Harley-Davidson’s electric spin-off brand, has teased plans for a maxi-scooter-style urban electric vehicle in the coming years, but as of now, it remains something of an undefined future plan.
Meanwhile, BMW is delivering not just a concept bike but a mature, well-equipped, and ready-to-ride electric scooter that keeps improving. For riders who want something faster and more capable than a Class 3 e-bike but aren’t ready to jump to a full-size electric motorcycle, the CE 04 hits a sweet spot. It delivers the performance and capability of a commuter e-motorcycle, yet with the approachability of a scooter. And with these new trims and upgrades, it’s doing it with even more style.
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If you’ve ever wondered what happens when you combine a fruit cart, a cargo bike, and a Piaggio Ape all in one vehicle, now you’ve got your answer. I submit, for your approval, this week’s feature for the Awesomely Weird Alibaba Electric Vehicle of the Week column – and it’s a beautiful doozie.
Feast your eyes on this salad slinging, coleslaw cruising, tuber taxiing produce chariot!
I think this electric vegetable trike might finally scratch the itch long felt by many of my readers. It seems every time I cover an electric trike, even the really cool ones, I always get commenters poo-poo-ing it for having two wheels in the rear instead of two wheels in the front. Well, here you go, folks!
Designed with two front wheels for maximum stability, this trike keeps your cucumbers in check through every corner. Because trust me, you don’t want to hit a pothole and suddenly be juggling peaches like you’re in Cirque du Soleil: Farmers Market Edition.
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To avoid the extra cost of designing a linked steering system for a pair of front wheels, the engineers who brought this salad shuttle to life simply side-stepped that complexity altogether by steering the entire fixed front end. I’ve got articulating electric tractors that steer like this, and so if it works for a several-ton work machine, it should work for a couple hundred pounds of cargo bike.
Featuring a giant cargo bed up front with four cascading fruit baskets set up for roadside sales, this cargo bike is something of a blank slate. Sure, you could monetize grandma’s vegetable garden, or you could fill it with your own ideas and concoctions. Our exceedingly talented graphics wizard sees it as the perfect coffee and pastry e-bike for my new startup, The Handlebarista, and I’m not one to argue. Basically, the sky is the limit with a blank slate bike like this!
Sure, the quality doesn’t quite match something like a fancy Tern cargo bike. The rim brakes aren’t exactly confidence-inspiring, but at least there are three of them. And if they should all give out, or just not quite slow you down enough to avoid that quickly approaching brick wall, then at least you’ve got a couple hundred pounds of tomatoes as a tasty crumple zone.
The electrical system does seem a bit underpowered. With a 36V battery and a 250W motor, I don’t know if one-third of a horsepower is enough to haul a full load to the local farmer’s market. But I guess if the weight is a bit much for the little motor, you could always do some snacking along the way. On the other hand, all the pictures seem to show a non-electric version. So if this cart is presumably mobile on pedal power alone, then that extra motor assist, however small, is going to feel like a very welcome guest.
The $950 price is presumably for the electric version, since that’s what’s in the title of the listing, though I wouldn’t get too excited just yet. I’ve bought a LOT of stuff on Alibaba, including many electric vehicles, and the too-good-to-be-true price is always exactly that. In my experience, you can multiply the Alibaba price by 3-4x to get the actual landed price for things like these. Even so, $3,000-$4,000 wouldn’t be a terrible price, considering a lot of electric trikes stateside already cost that much and don’t even come with a quad-set of vegetable baskets on board!
I should also put my normal caveat in here about not actually buying one of these. Please, please don’t try to buy one of these awesome cargo e-trikes. This is a silly, tongue-in-cheek weekend column where I scour the ever-entertaining underbelly of China’s massive e-commerce site Alibaba in search of fun, quirky, and just plain awesomely weird electric vehicles. While I’ve successfully bought several fun things on the platform, I’ve also gotten scammed more than once, so this is not for the timid or the tight-budgeted among us.
That isn’t to say that some of my more stubborn readers haven’t followed in my footsteps before, ignoring my advice and setting out on their own wild journey. But please don’t be the one who risks it all and gets nothing in return. Don’t say I didn’t warn you; this is the warning.
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The OPEC logo is displayed on a mobile phone screen in front of a computer screen displaying OPEC icons in Ankara, Turkey, on June 25, 2024.
Anadolu | Anadolu | Getty Images
Eight oil-producing nations of the OPEC+ alliance agreed on Saturday to increase their collective crude production by 548,000 barrels per day, as they continue to unwind a set of voluntary supply cuts.
This subset of the alliance — comprising heavyweight producers Russia and Saudi Arabia, alongside Algeria, Iraq, Kazakhstan, Kuwait, Oman and the United Arab Emirates — met digitally earlier in the day. They had been expected to increase their output by a smaller 411,000 barrels per day.
In a statement, the OPEC Secretariat attributed the countries’ decision to raise August daily output by 548,000 barrels to “a steady global economic outlook and current healthy market fundamentals, as reflected in the low oil inventories.”
The eight producers have been implementing two sets of voluntary production cuts outside of the broader OPEC+ coalition’s formal policy.
One, totaling 1.66 million barrels per day, stays in effect until the end of next year.
Under the second strategy, the countries reduced their production by an additional 2.2 million barrels per day until the end of the first quarter.
They initially set out to boost their production by 137,000 barrels per day every month until September 2026, but only sustained that pace in April. The group then tripled the hike to 411,000 barrels per day in each of May, June, and July — and is further accelerating the pace of their increases in August.
Oil prices were briefly boosted in recent weeks by the seasonal summer spike in demand and the 12-day war between Israel and Iran, which threatened both Tehran’s supplies and raised concerns over potential disruptions of supplies transported through the key Strait of Hormuz.
At the end of the Friday session, oil futures settled at $68.30 per barrel for the September-expiration Ice Brent contract and at $66.50 per barrel for front month-August Nymex U.S. West Texas Intermediate crude.