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.
Lucid is teasing what it calls a “bold new concept of electric exploration” ahead of its debut on Thursday. What exactly does that mean?
What bold new EV is Lucid revealing?
After launching the Gravity in late 2024, Lucid now offers two of the most efficient and luxurious electric vehicles on the market.
The Lucid Air was the best-selling electric luxury sedan in the US in the first half of the year. After overcoming a few hiccups, production is expected to “significantly increase” in the second half of the year.
Meanwhile, Lucid is hinting at another new EV model after teasing what it calls “a bold new concept of electric exploration” on social media.
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Although the details are still pretty slim, you can see a few interesting features in the teaser. One of the biggest giveaways is what appears to be a roof-mounted light. As an exploration EV, this will likely be one of the few added upgrades. It will also feature rugged, blacked-out wheels and other off-road elements.
Given what we know so far, all signs point to an off-road Gravity variant. Lucid could be preparing its version of the souped-up Rivian “California Dune Edition” trims for the R1S and R1T.
Update 08/12/26: Lucid confirmed the new EV is, in fact, a new Gravity concept model. The new model will be shown for the first time on the Concept Lawn at Monterey Car Week.
Lucid Gravity (Source: Lucid)
You can visit Lucid’s booth to check out the Gravity for yourself. Lucid will be offering Air and Gravity test drives from 10 am to 6 pm on Thursday, and 9 am to 6 pm on Friday and Saturday. You can pre-register at lucidmotors.com/experiences to schedule one in advance.
The special edition Dune models feature Rivian’s Tri-Motor powertrain and added off-road upgrades like a unique sand-color paint, 20″ All-Terrain wheels, and reinforced underbody shields. The R1T electric pickup also gets an added powered tonneau cover.
Lucid Gravity Grand Touring in Aurora Green (Source: Lucid)
The only other Lucid Gravity model due out is the lower-priced Touring. It’s set to arrive later this year, starting at $79,900. However, with the upgrades, it’s unlikely to be the new EV concept Lucid will unveil later this week.
For now, the Lucid Gravity Grand Touring is available starting at $94,900 with an impressive range of up to 450 miles. Lucid also sells a limited number of Dream Edition models, boasting over 1,000 horsepower.
Could it be the midsize EV that’s scheduled to launch in the second half of 2026? Again, it won’t be that. We will have to wait until Thursday to learn more about the new Gravity EV concept when Lucid reveals it at Monterey Car Week on August 14. Check back later this week for the unveiling.
What other features and design elements do you think the new Gravity will include? Drop us a comment below and let us know your thoughts.
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JackRabbit, the San Diego-based micromobility company that made its name on tiny, featherweight, pedal-free “micro e-bikes”, is taking a big swing with something entirely new. Today the company announced is new line of “Micro Hauler” rides. Think of it as a portable, modular, utility-focused small EV that can haul people, gear, and a surprising amount of ambition without the bulk of a full-size e-bike or the limitations of a scooter.
We saw this coming from a fairly revealing teaser last week, and it looks like JackRabbit delivered on the promise of a small-format two-seater. But in a surprise reveal, today’s launch actually features two different models that are built on JackRabbit’s new MG platform. In addition to the two-seater, known as the MG Doble, there’s also a cargo and off-road focused single-seater known as the MG Renegade.
The MG Doble and the MG Renegade are each aimed at riders who want small but mighty electric machines that can go places bigger e-bikes can’t, and can actually fit in the back of a hatchback, RV, or even a boat locker.
JackRabbit CEO Jason Kenagy says the Micro Hauler idea came from a desire to build something more versatile than a bike but still light enough to lift with one hand.
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“People don’t need or want just another clunky bike,” Kenagy explained. “They need a smarter way to get around. Something powerful and modular yet lightweight, low maintenance and easy to ride.”
The models follow a similar ethos to JackRabbit’s famous little self-styled “micro e-bikes”, even if they’re technically more of a scooter format due to the lack of pedals.
But with most major components borrowed from the bicycle world, including the wheels, handlebars, and saddles, JackRabbits have always snuck their way into the bike end of the micromobility spectrum.
Meet the MG Doble and MG Renegade
The MG Doble is JackRabbit’s two-up version, built for carrying a passenger without feeling like you’re piloting a heavy motorcycle. It packs a cargo-tuned 749W motor into a 52 lb (23.5 kg) package, folds flat for storage, and has “over 10 accessory attachment points” for racks, bags, or whatever mission you’ve got planned.
While 52 pounds might not sound lightweight, especially compared to the smallest JackRabbit’s 25 lb weight, consider that most moped-style e-bikes, which commonly feature bench seats and passenger foot pegs for two-up riding, typically weigh closer to 100 pounds.
The MG Renegade is the more rugged, solo-focused sibling. It offers a bigger-frame, off-road-ready tires, and still weighs in at a relatively light 44 lb (20 kg). Designed for “big dudes everywhere,” as JackRabbit puts it, it’s built to handle heavy payloads, climb steep hills, and bounce down trails without feeling like a workout just to load it in your car. If you’re looking for real numbers, the weight capacity includes big dudes up to 325 lb (147 kg)… or smaller dudes and dudettes plus enough cargo to hit that limit.
Both models share a mullet-style wheel setup – larger 24×2.8″ tire up front for rolling over bumps, smaller 20×2.8″ tire in the back for easy mounting – along with hydraulic brakes, a bright color display, a top speed of 20 mph or 24 mph in Off-Road Mode (32 or 38 km/h), and up to 48 miles (77 km) of real-world range. Like all JackRabbits, they skip the pedals and chain entirely, going for a clean, modular frame that’s compatible with dozens of accessories built just for the JackRabbits (and plenty that fit other bikes, too).
What is a “Micro Hauler”?
JackRabbit admits that these aren’t e-bikes in the traditional sense, and also says that they’re definitely not scooters. According to the company, they’d rather think of them as small electric utility vehicles – light enough to toss in a trunk, capable enough to replace a car for short trips, and adaptable enough to haul groceries, camping gear, or even tow a trailer. Considering I towed a fully loaded kayak with a smaller JackRabbit KG Pro, I believe it.
It seems like whether you’re commuting, campus-hopping, or just grabbing tacos with a friend, the idea is to make the trip more fun and less of a hassle. And that definitely fits with the original goal of JackRabbit, which started as an alternative type of vehicle for college students to better navigate campuses and urban areas, while still being small enough to stash in an apartment or under a dorm bed.
Both the MG Doble and MG Renegade are available starting today for $2,499.99 in a never before seen silver colorway (though more colors apparently coming soon) through JackRabbit’s website and select retailers.
Electrek’s Take
JackRabbit has always had a knack for making tiny EVs that punch way above their weight class, and the MG Platform looks like a natural evolution. By going after utility without abandoning portability, they’re targeting a gap in the market that most brands ignore – somewhere between a heavy cargo e-bike and a scooter that can’t carry your stuff. In this case, you get the power and the cargo/passenger capability, but in a portable package.
If the MG Doble can really carry two people comfortably while still folding flat, and the Renegade can back up its “big dude” claim without losing its lightweight edge, JackRabbit might have just carved itself a whole new micromobility niche.
Of course, the downside is the price, since you can of course find cheaper two-seaters or cargo e-bikes than $2,500 bucks. But then you’re back to big, heavy e-bikes that can’t fit easily in the back of a car or behind a couch. You pay a premium for JackRabbit, but you get something unique that no other company has. And I for one definitely respect their innovation and uniqueness, especially now more than ever, as we continue to see cookie-cutter OEM e-bikes roll out with a different sticker on them each week.
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Yesterday I made the trip to Ford’s Louisville Assembly Plant for its Universal EV Platform event. This plant, which opened in 1955, is currently configured to produce the Ford Escape and its cousin, the Lincoln Corsair. According to Ford, it’s scheduled to undergo dramatic changes in the near future.
The event had a distinctly blue-collar feel to it, with Ford executives making the announcement on a stage constructed in the middle of the plant, surrounded by hardworking hourly workers, media, local celebrities, and politicians. Ford President and CEO, Jim Farley – along with everyone else in attendance – braved the exceedingly warm conditions on the plant floor. There, he announced a radical new Universal EV Platform that would pave the way for electric vehicles that are estimated to start around $30,000.
“In our careers as automobile people, we’re lucky if we get to work on one, maybe two projects to really change the face of our industry, and I believe today is going to light the match as one of those projects for all of us here.”
Ford President and CEO JIM FARLEY
While it may have publicly marked the beginning of Ford’s so-called “Model T moment,” we learned that the program began several years earlier at an undisclosed location three time zones away. Ford’s California-based skunkworks team was tasked with the lofty goal of genuinely moving the company beyond its internal combustion roots, and was given the liberty and resources to do so uninhibited. Granted, Ford already produces EVs – the F-150 Lighting and the Mustang Mach-E to name two, but its new platform benefits from a conspicuous lack of corporate red tape, legacy weight, old-world thinking, and protectionism.
As far as an actual vehicle goes, those results are still to be determined. We didn’t get to see any new vehicle, although Ford did tease us with on-camera reactions from a handful of employees who got a brief in-person glimpse of its upcoming new truck.
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We also did not learn about crucial elements like range, battery size, efficiency, or charging speed. Those who were banking on learning those details may have come away disappointed, but that’s not how I felt when the event was over given the atmosphere. There was a palpable buzz in the air once the event concluded, with media bum-rushing Ford CEO Jim Farley, who had nary the chance to wipe the sweat from his brow before being peppered with questions.
Ford CEO Jim Farley after the event
In the meantime, Ford used yesterday’s event to lay down the foundation of what’s to come. It came across as confident, but self-aware, acknowledging the high stakes involved.
Regardless of whether its bets pay off, I think we’ll look back at this event as a pivotal moment for the Detroit giant. The outcome will largely depend on how well leadership guides the company. It’s one thing to be nimble when you’re an actual startup, but it’s a whole other thing to adopt the mindset of a nimble startup when you’re a behemoth with a litany of moving parts and partners.
One thing is for certain – and it’s clear that Ford realizes this – its entire workforce needs to be fully on board for such a massive transition. This initiative isn’t a mere retooling of a plant to introduce a slightly redesigned version of a vehicle it already makes. This is a mountain-moving top-to-bottom redesign, not only for the final product, but for the way that final product is made.
“The automotive industry in America is at a cross roads … We saw this coming for years, we knew that the Chinese would be the major player for us globally, companies like BYD … they’re all coming for us legacy automotive companies.
Ford President and CEO JIM FARLEY
Ford executives were keen on acknowledging its workforce and how crucial they are to its success. The event, although big for the company as a whole, had a decidedly local feel. In Kentucky, basketball is king, so who else better to help usher in a new era than the athletic directors for the two biggest universities in the state, the Josh Heird for the University of Louisville, and the Mitch Barnhart for the University of Kentucky?
Louisville’s men’s basketball coach, Pat Kelsey, known for his energy, played hype man. Referring to Henry Ford’s famous “Any color the customer wants, as long as it’s black,” he even got in a dig about the UK-blue-painted Model T parked over his right shoulder.
Kentucky Governor Andy Beshear and First Lady Britainy Beshear were also in attendance, with the 63rd governor of the Bluegrass State taking the stage to tout how many billions of dollars that Ford has invested in the area.
Kentucky Governor Andy Beshear
Ford Universal Electric Platform
“We’ve been waiting three years for this moment,” noted Farley, straining to contain his excitement, while invoking his best Steve Jobs impression. “In our careers as automobile people, we’re lucky if we get to work on one, maybe two projects to really change the face of our industry, and I believe today is going to light the match as one of those projects for all of us here.”
The first vehicle underpinned by the new platform will be a mid-sized truck built at the same, albeit highly transformed, and 52,000 square feet larger, Louisville Assembly Plant. Ford plans to roll the first models of the yet-to-be-named mid-sized pickup off the redesigned assembly line in 2027.
“We finally get to tell what we’ve been working on for three years behind closed doors. We call this the Ford Universal Electric Vehicle Platform. It represents the most radical change on how we design and how we build vehicles at Ford since the Model T.”
Ford CEO Jim FarleyFord CEO Jim Farley
Noted Farley, “The automotive industry in America is at a crossroads… We saw this coming for years, we knew that the Chinese would be the major player for us globally, companies like BYD … they’re all coming for us legacy automotive companies. We needed a radical approach … to create an affordable vehicle that delights customers in every way that matters.”
Ford notes that the platform is founded on relentless efficiency, radical simplification, and flexibility. A vehicle assembled in a reimagined factory with bold design, more space, endless configurability, and an entirely new digital experience.
The Ford Universal EV Production System
Although Ford didn’t come up with the idea of the movable assembly line, the company is credited with improving and innovating the techniques over 100 years ago at its Highland Park, MI plant. Much of the same principals are still in use today. This production staple, too, will be completely transformed thanks to a new Universal EV Production System.
Instead of a singular movable line, the skunkworks team designed a new “assembly tree” featuring three sub-assemblies that run concurrently, and are thereafter joined together at the end. And in Tesla-like fashion, large single-piece castings will replace numerous smaller parts, enabling each end of the vehicle to be assembled separately. The result is a truck that can be assembled up to 40% faster than today’s Ford Escape.
Ford is also implementing a structural battery design, with a skateboard-esque battery platform with a low center of gravity. Prismatic LiFePO4 batteries will be sourced from within the United States, an industry first, thanks to the BlueOval Battery Park in Michigan.
Ford notes that the new mid-sized truck will feature more interior space than the Toyota RAV4, currently the best-selling vehicle in the United States. “But it will have a frunk,” quipped Farley. “And it will have a whole pickup truck bed behind it. No one has seen this kind of flexibility.”
The most interesting part of the presentation came from Chief EV Digital and Design Officer, Doug Field, who discussed some of the initiative’s high-level technical details.
Chief EV Digital and Design Officer, Doug Field
One of the benefits that was drilled home several times during the presentation was a significant improvement to ergonomics during the assembly process. For an audience consisting of many factory workers, this was met with applause.
Alongside dramatically reducing the amount of parts, electrical wiring, and hoses, the updated production system will reduce the need for workers to twist, bend, and reach, increasing ergonomics, and reducing potential injury and soreness after a day’s work. Say what you will, but Ford knew their audience, and catered well to it.
Electrek’s Take
If it had gone into its electric vehicle production with this plan back in 2019, when the Mach-E was announced, Ford would probably be in a better position today to compete globally. It’s been working on these new initiatives for the past three years, so that means there was roughly a three-year delta between the Mach-E’s announcement and the realization that it needed a dramatically new approach. Will the time lost come back to bite them? Time will tell, but I’m cautiously optimistic.
Sandy Munro with yours truly
As someone born and raised in Louisville, it gives me a unique perspective on the gravity of this announcement. The Louisville Assembly Plant, alongside the Kentucky Truck Plant, roughly a 30-minute drive to the northeast, are both community linchpins. A number of friends of mine who work at the plant have expressed genuine excitement and optimism over the announcements.
Skeptics may lament the fact that key details about the programs remain unanswered, namely key areas like range, charging speed, and efficiency, and that’s a fair critique. But given the dramatic changes set to take place at the Louisville Assembly Plant, it was necessary for Ford to outline these key details beforehand.
The bigger question is whether or not Ford will be able to meet the $30,000 price point given the various economic uncertainties prevalent today. Another key area that younger companies like Tesla and Rivian have going for them is the direct-to-customer model. Will Ford look for ways to innovate in that space as well?
What are your thoughts about yesterday’s announcements? Sound off down below in the comments with your thoughts.
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