[PRESS RELEASE – New York, New York, November 7th, 2024]

Bitcoin L2 Labs, a new organization focused on advancing Stacks core development and Bitcoin L2 adoption, announced its official launch today. The team aims to lead the next stage of Stacks protocol development and foster innovation within the Bitcoin ecosystem, building on the recent launch of the Nakamoto upgrade.

Key highlights of the announcement include:

• Bitcoin L2 Labs will take a leading role in Stacks Core Development, building a dedicated team of core developers to accelerate progress on the leading Bitcoin Layer 2 solution.
• The organization has already added 5 new full-time Rust developers to work on critical projects like sBTC and Clarity WASM, enhancing Stacks’ capabilities and integration with Bitcoin.
• Bitcoin L2 Labs plans to streamline the developer experience, ship upgrades faster, and facilitate ecosystem-wide roadmapping to ensure cohesive development across the Stacks ecosystem.
• The team is led by CTO Adriano Di Luzio, former CTO of Algorand Labs, and Head of Product Andre Serrano, who brings extensive Web3 and Stacks ecosystem experience.
• Upcoming projects include championing sBTC development, supporting ecosystem security through the ‘Orange Hats’ program, and proposing changes to make core development more efficient and transparent.

Adriano Di Luzio, CTO of Bitcoin L2 Labs, stated, “We’re excited to bring a product-led approach to Stacks core development that will open up new possibilities for the Stacks layer, reduce friction, and streamline the developer experience. Our team is committed to accelerating the growth and adoption of Bitcoin L2 technology.”

The launch of Bitcoin L2 Labs comes at a crucial time for the Stacks ecosystem, following the Nakamoto upgrade. This major protocol enhancement has significantly improved Stacks’ functionality and integration with Bitcoin, setting the stage for increased adoption and innovation.

Andre Serrano, Head of Product at Bitcoin L2 Labs, added, “With the Nakamoto upgrade live, we’re now focused on building the next generation of tools and infrastructure to support developers and users in the Stacks ecosystem, starting with the upcoming rollout of sBTC. Our goal is to make Stacks the go-to platform for Bitcoin-based applications and services.”

The organization invites collaboration and engagement from the broader Stacks and Bitcoin communities as it works to accelerate technical milestones and drive innovation within the ecosystem. Bitcoin L2 Labs aims to capitalize on the growing interest in Bitcoin Layer 2 solutions, which are key to unlocking the full potential of Bitcoin’s $1.2 trillion market cap.

To learn more about Bitcoin L2 Labs, visit the website here.

About Bitcoin L2 Labs

Bitcoin L2 Labs is dedicated to advancing core development for Stacks, the leading Bitcoin layer 2, and promoting Bitcoin layer 2 adoption. Under the leadership of CTO Adriano Di Luzio and Head of Product Andre Serrano, Bitcoin L2 Labs is building a dedicated team of core developers to enhance critical projects like sBTC and Clarity WASM, streamline the developer experience, and foster collaboration across the Stacks ecosystem. The organization aims to unlock the full potential of Bitcoin’s Layer 2 solutions, driving growth and adoption in this rapidly evolving space.

[PRESS RELEASE – Wilmington, Delaware, November 7th, 2024]

Rekt Brands Inc. (Rekt), the parent company behind the Rektguy NFT project, Rekt Drinks, and the Rekt brand intellectual property, is excited to announce the completion of a $1.5 million seed funding round. Funded exclusively by angel investors and the community—without institutional venture capital—this achievement highlights the support Rekt received from its loyal and growing network.

This funding announcement follows the debut of Rekt Drinks, Rekt’s first consumer product: a lime-flavored sparkling water with zero caffeine and zero alcohol, featuring the Rekt branding. Rekt Drinks made its debut last week with 222,456 units available across 32 countries. The entire stock sold out in under 48 hours, with demand in the U.S. alone resulting in a complete sell-out within just 4 hours and 20 minutes. This launch represents one of the largest real-world product sales by a Web3 brand, reinforcing Rekt’s potential as a cultural force in both digital and traditional markets.

Rekt was founded from the success of the Rektguy NFT collection, created by artist Ovie Faruq (OSF) in May 2022. Since then, the Rektguy project has expanded into Rekt Brands, which oversees the Rekt IP and pioneered a unique industry model by offering equity in the parent company directly to its NFT holders, utilizing a Reg CF exemption under SEC guidelines in the U.S.

“Rekt has had a die-hard, cult-like community for the past 2 years, and our ambition is to fulfill its potential as one of the largest Web3 brands,” said OSF. “With the sell-out of our drinks last week, that’s 222,456 times someone is going to pick up a can with the Rekt logo and a Rektguy on it. It’s a magnitude higher for us in terms of brand awareness.”

With this new funding, Rekt is poised to expand its product lineup, strengthen its brand awareness in and outside of Web3, while further bridging digital culture with physical consumer products. The Rekt community remains at the heart of the brand’s mission, with upcoming projects that will continue to empower, engage, and reward its dedicated supporters.

About Rekt

Rekt Brands Inc. is the parent company that owns the Rektguy NFT project, Rekt Drinks, and the Rekt brand intellectual property. Established from the success of the Rektguy NFT collection by artist Ovie Faruq (OSF), the brand has expanded into consumer goods and groundbreaking community equity models. Rekt aims to redefine brand ownership and engagement through its Web3 foundation, innovative products, and viral global community.

TL;DR

• One particular meme coin experienced a substantial price boost after Coinbase listed perpetual contracts with the asset.
• Its surge contrasts the downtrend observed with some leading memes such as DOGE and SHIB today (November 7).

Pumping Again

The dog-themed meme coin Neiro (NEIRO) saw its price soaring by over 20% in the past 24 hours, reaching a three-week peak of around $0.002. Its market capitalization exceeded $900 million, thus positioning the asset as the 96th-biggest in the entire sector and the ninth-largest in its niche.

The most probable reason triggering the rally is Coinbase’s decision to allow trading services with the asset. Specifically, the US-based crypto exchange launched NEIRO perpetual contracts.

Our NEIRO-PERP market is now in full-trading mode on Coinbase International Exchange and Coinbase Advanced. Limit, market, stop, and stop limit orders are all now available. $NEIRO pic.twitter.com/K3WLPy2iKq

— Coinbase International Exchange ️ (@CoinbaseIntExch) November 7, 2024

Those are types of futures contracts that allow traders to hold positions indefinitely. They are used for speculating on price movements and allow enable to have exposure without the need to purchase the underlying tokens. 

The high leverage related to these contracts can amplify returns on successful trades. However, it also increases the risk of substantial losses due to possible liquidation.

This is not the first time NEIRO has pumped on similar news. In September, its price witnessed a whopping 500% daily jump after Binance listed the NEIRO/USDT trading pair. Later on, the largest crypto exchange expanded its support, introducing the NEIRO/EUR and NEIRO/TRY pairs. 

Outperforming the Realm’s Leaders

NEIRO’s substantial resurgence in the last 24 hours contrasts the minor losses that some leading meme coins experienced for the same period. Dogecoin (DOGE) is down 3.5%, currently trading at around $0.19, while Shiba Inu (SHIB) fell by 1%.

Other well-known memes which took a blow in the past day include POPCAT (-4.5%), WIF (-2%), MOG (-6%), GIGA (-7%), and more. 

Despite that, the market capitalization of the meme coin sector has surged by 13% on a 24-hour scale and now stands at over $72 billion.