Welcome to This Week in Crypto, your go-to source for the latest happenings in the ever-evolving world of cryptocurrencies. In this edition, we delve into the Swiss city of Lugano’s integration of the Polygon proof-of-stake protocol, marking a significant leap in its crypto-friendly initiatives. We’ll also explore the peculiar incident of a Bitcoin user accidentally paying a staggering $3 million in transaction fees, shedding light on the intricacies of network dynamics. On a lighter note, the renowned NFT collection, Cool Cats, takes a whimsical turn by gracing the Macy’s Thanksgiving Day Parade as a balloon—a captivating blend of digital art and real-world spectacle. Join us as we navigate through the twists and turns of the crypto landscape this week.
Switzerland's Lugano Ramps Up Crypto Adoption with Polygon Partnership
Lugano, an economic hub in southern Switzerland, is stepping up its crypto game by integrating Polygon’s proof-of-stake protocol into its payment app, MyLugano. This app, developed with stablecoin issuer Tether, is already popular with almost half of Lugano’s population, using it to make digital currency payments to local businesses. The upgraded version of MyLugano introduces a secure digital wallet and plans to include more tokens.
Polygon, a major player in decentralized applications with $5 billion in assets, has been collaborating with Lugano since 2022, initially supporting the city’s stablecoin, LVGA. Lugano is not only making strides in crypto adoption, but also venturing into the NFT space. MyLugano is set to launch an NFT collection featuring the artwork of Yuri Catania, symbolizing a mural on the Palazzo dei Congressi tokenized on the Polygon network. As Lugano continues to promote blockchain adoption, it aims to enable cryptocurrency tax payments, following the lead of other Swiss cities like Zug and Zermatt. Despite this, Lugano remains a frontrunner in creating a crypto-friendly environment for its citizens and businesses.
Bitcoin Sender Pays Staggering $3 Million in Transaction Fees, Setting Record
In an extraordinary and costly mishap, a Bitcoin user inadvertently set a new record by paying an astounding $3 million in transaction fees for a single transaction. The user intended to send 139.42 BTC, valued at around $5.1 million, but a staggering 83.64 BTC was consumed by transaction fees, leaving the recipient with only 55.77 BTC, approximately $2 million at current prices. This marks the highest transaction fee in the history of Bitcoin. The incident, processed by Bitcoin miner AntPool in block 818087, is believed to be a mistake, as Bitcoin transaction fees are not supposed to surpass the amount being sent.
This mishap echoes a previous occurrence in September when crypto firm Paxos paid a $500,000 fee for a $2,000 transaction. Bitcoin miner F2Pool, in that instance, opted to refund the excessive fee. The current incident, ranking as the eighth-highest transaction fee in Bitcoin’s history, raises questions about the sender’s awareness of the replace-by-fee (RBF) policy, allowing unconfirmed transactions to be replaced with higher-fee transactions. A mempool developer suggested that the sender may not have been aware of RBF’s non-cancellation policy, leading to the accidental $3.1 million transaction fee. While parallels exist with the Paxos case, the resolution may depend on AntPool’s payout policies and obligations to share transaction fees with miners.
Cool Cats NFT Collection Makes Macy's Parade Balloon Debut
The celebrated Cool Cats NFT collection has taken to the skies, making its debut as a balloon in the Macy’s Thanksgiving Day Parade alongside iconic characters like Pikachu and Ronald McDonald. The airborne presentation features the collection’s main character, Blue Cat, and the whimsical milk carton character, Chugs. This spectacle coincides with the launch of “The Milk Chug,” a YouTube Shorts series that expands the Cool Cats universe.
To mark this milestone, a limited-edition Cool Cats hoodie will be available at Herald Square Macy’s. What sets this hoodie apart is its integration with blockchain technology—it comes with an NFC tag linking to an Azuki physical backed token. This unique feature allows the hoodie to be worn both in the physical world and within Cool Cats’ digital avatar system.
Created by artist Colin ‘Clon’ Egan, Cool Cats began as artworks before transitioning to Instagram in 2015. The NFT collection, launched in 2021, garnered attention during the late 2021 NFT boom but faced challenges amid community discontent and a broader market downturn.
