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Community-driven crypto projects still thriving despite headwinds

Community engagement has always been a key aspect of crypto, and it's proving its value during bear markets.

The highly anticipated launch and airdrop of Arbitrum's native governance token ARB took place on March 23, creating a buzz around the layer-2 protocol as hundreds of thousands of eligible users and DAOs tried to claim the token. Overwhelming user demand led the airdrop claim page to crash shortly after its launch, displaying 404 and 429 errors for over an hour, Cointelegraph reported

Since Arbitrum was one of the largest blockchain projects without a token, the hype around its drop was expected. Nevertheless, it exemplifies how community-driven projects in the space can still thrive, despite competitors, technical challenges, market downturns and regulatory uncertainty.

Arbitrum wasn't the first - and certainly won't be the last - project to mobilize massive audiences. In February, the token distribution of the layer-1 protocol Core DAO followed a similar engagement recipe, with 1.2 million tokens airdropped to individual users. Even before its mainnet launch, the project established in 2021 had over 1.6 million Twitter followers and over 215,000 Discord members.

"From the start, community ownership and inclusion was a major goal," Core DAO contributor Brendon Sedo told Cointelegraph. "Transparency is another key for our community. Too many projects keep the curtain closed on their progress and development. We’ve made it a priority to distribute information across a variety of platforms."

Related: Arbitrum’s ARB token signifies the start of airdrop season — Here are 5 to look out for

Core's blockchain runs on a combined Proof-of-Work and Delegated Proof-of-Stake consensus mechanism known as Satoshi Plus. Its airdrop was carried out in partnership with the Satoshi App, an application allowing users to “mine” in-app rewards without requiring a payment or exclusive invite. According to Core, the App was crucial to helping to get tokens in the hands of the true users of the network, with 25% of the token supply dedicated to the partnership.

Community engagement is also key for Web3 games and metaverse platforms. Virtual world Aftermath Islands Metaverse is about to reach 4 million resource pack NFT generated in just 140 days after releasing its first play-to-earn game, adding the last 1 million users in a period of just 15 days, says the company. 

"Our focus is not on the number of users, as our users are anonymously verified using our Proof of Humanity solutions where they can only have 1 account with no duplicate accounts, fakes or bots. This effectively removes the “eyeball” measuring and false results, so we focus on what the users are doing," explained David Lucatch, managing director at Aftermath Islands.

The resource pack NFTs represents real ownership of items that can be traded or used in different ways within the platform as a personal item. Pack's daily generation of real users sits at 60,000, claims the company.

Decentralization and community engagement have always been key aspects of crypto. Core DAO's Sedo argues that project insiders and lack of community ownership pose threats to blockchain's potential. "[...] chains had to make tradeoffs between security, scalability, and decentralization," he explained, adding that "the classic blockchain trilemma gets plenty of time in the spotlight with too few solutions. Many chains and projects simply concede that to be scalable they must sacrifice decentralization."

Magazine: 2023 is a make-or-break year for blockchain gaming: Play-to-own

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Magic Eden Launches Bitcoin Ordinal Inscription Market, Partners With Hiro, Xverse to Bolster Support

Magic Eden Launches Bitcoin Ordinal Inscription Market, Partners With Hiro, Xverse to Bolster SupportOn Monday, the non-fungible token (NFT) marketplace Magic Eden announced the launch of Bitcoin Ordinal inscription support. Magic Eden said it has partnered with the wallets Hiro and Xverse to “bring a familiar wallet transaction experience to the marketplace.” Magic Eden’s Decision to Launch on Bitcoin Without Royalty Support and Compete With Emerging Markets Magic […]

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Ethereum Upgrade to Implement Beacon Chain Withdrawals Scheduled for April 12

Ethereum Upgrade to Implement Beacon Chain Withdrawals Scheduled for April 12During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days. The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals. This will enable Ethereum network validators to support withdrawal operations following […]

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BIS head claims fiat won battle with crypto, Bitcoin community disagrees

BIS General Manager Agustín Carstens reckons the war between fiat and crypto has been won by fiat. The community would tend to disagree.

The Bank for International Settlements (BIS) has long taken a cautious approach to Bitcoin (BTC) and cryptocurrencies. No need for caution anymore, however, as the “battle has been won” between fiat and crypto, according to BIS.

BIS general manager Agustín Carstens, who made the claim, highlighted that “technology doesn’t make for trusted money,” among further criticisms of crypto in an interview with Bloomberg.

As the central bank for central banks, the BIS has emphasized the need for regulation and risk management in the crypto space–but claiming the fiat battle has been won sparked outrage, satire and corrections among the Bitcoin and crypto community.

Ray Youssef, CEO of Paxful and vocal Bitcoin maximalist told Cointelegraph that it's "easy to get sucked into these battles but is all a distraction with no ROI." He continued, "We must focus on the battles in the global south and fight for every inch and every eyeball. What is happening in Nigeria now is vital for us all."

"Want to p*ss the clowns off? Ignore their FUD bait and focus all in on the global south and what is happening on the streets of nigeria."

Bitcoin author Saifedean Ammous brought the BIS story to his followers’ attention, provoking condemnation and concern in the comments. Florida-based Bitcoin advocate called SVN (not his real name), whose frozen bank account prompted a switch to going all in on Bitcoin, told Cointelegraph that "These people are clowns.”

Meanwhile, Lady Anarki, a Bitcoin advocate based who recently closed a Bitcoin Security Education company explained that “fiat and crypto are essentially the same exact scam.”

“For fiat, it is nefarious elite oligarchs creating a rigged game system to enrich themselves while making everyone else poorer. Bitcoin is a technology designed with incentives and sound economic principles that enriches anyone who brings value to the world.”

Bitcoin losing the "war" for money, as Carstens explained, is another reference to the fact that Bitcoin has been declared dead, dead and dead again. The 2022 and 2023 bear market is no different, and Bitcoin advocates on Twitter seized the opportunity to mock financial experts dancing on the imaginary grave of the decentralized currency. 

Nonetheless, Bitcoin is up over 40% from its 2022 lows, and Lightning Network adoption flourishes while the community appears increasingly vocal.

What Bitcoin Did, the popular podcast hosted by football club owner Peter McCormacknumber 38 on Cointelegraph’s Top 100–tweeted some handy statistics to correct another inflammatory statement published by the BIS this week. Notably, from August 2015 to December 2022, the BIS explained that “nearly all economies made losses on their Bitcoin holdings.”

As shown, the Bitcoin price continues to trend higher despite the BIS' best efforts to the contrary.

The BIS has been a vocal critic of cryptocurrencies in the past, citing concerns about their volatility, scalability, and energy consumption. However, the BIS has also researched stablecoins and central bank digital currencies, juxtaposing Carsten's comment in the Bloomberg interview that tech “doesn’t make for trusted money.”

Related: Coinbase staking ‘fundamentally different’ to Kraken’s — chief lawyer

Willem Middelkoop, author and Bitcoin advocate, highlighted that the war between fiat and crypto is far from over. A cursory scroll on the original Bloomberg Crypto tweet would suggest that the war is just heating up.

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FTX Warns Community of Phony ‘Debt Tokens’ and Scams Claiming to Be Affiliated With the Bankrupt Exchange

FTX Warns Community of Phony ‘Debt Tokens’ and Scams Claiming to Be Affiliated With the Bankrupt ExchangeOn Friday, debtors who control the official FTX Twitter account warned the community to “be on alert for scams from entities claiming to be affiliated with FTX.” They also noted that neither FTX debtors nor any entity related to the company has issued any IOU crypto assets or “debt tokens.” The alert comes as a […]

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Bitcoin logo imperfection found on original artwork after 12 years

While Bitcoiners preach the “zoom out” narrative during crypto bear markets, zooming in on the original Bitcoin logo shows a small orange line from the background going into the white colored “₿.”

While Satoshi Nakamoto is credited as the anonymous creator of Bitcoin (BTC), what often goes unnoticed are the selfless contributions of the community members — miners, developers, designers, hodlers and investors — that help materialize the original vision. However, one such significant contribution was found to carry an imperfection for over 12 years, invisible to the naked eye.

On Nov. 12, 2010, bitcointalk.org member bitboy (not related to YouTuber BitBoy Crypto) posted the vector files of the iconic Bitcoin logo, which has been widely accepted worldwide. While Bitcoiners preach the “zoom out” narrative during crypto bear markets, zooming in on the original Bitcoin logo shows a small orange line from the background going into the white colored “₿.”

The information was first revealed by Crypto Twitter member @_Bosch_, who then shared an updated Bitcoin logo after removing the mark and improving the stylistic proportions. On further investigation, community member @skyler_fs found that one of the curvatures of the ₿ logo was not smooth either.

Cointelegraph’s investigation of the above claims confirmed the imperfections sported by the original Bitcoin vectors. The image below shows the two locations where the microscopic design issues exist.

Two imperfections found in the Bitcoin logo after 14 years. Source: Cointelegraph

The revelation does not impact how Bitcoin operates and community members have not shown any concerns about it. Even if someone were to create new vectors after fixing the flaws, it would not gain mainstream acceptance unless the community decides otherwise.

Related: Is it possible to achieve financial freedom with Bitcoin?

As markets maintain a positive trajectory toward recovery, Bitcoin mining firm CleanSpark continues to amass equipment from distressed mining companies.

CleanSpark’s chief financial officer Gary Vecchiarelli said that the company envisions “explosive growth” in 2023 through mergers and acquisitions.

“With respect to our strategy regarding M&A, we have been one of the most active miners to date in acquiring infrastructure and machines, and we will continue to be active,” he added.

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Lido Protocol Reveals Plans for Withdrawal Feature Ahead of Ethereum’s Shanghai Hard Fork

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Unredacted Financial Documents Show Blockfi’s $1.2 Billion Connection With FTX, Alameda Research 

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When meme? Top crypto memes and their meaning

Memes have become an important, if somewhat humorous, part of the cryptocurrency community.

The crypto market is highly volatile, and the prices of cryptocurrencies can fluctuate dramatically in a short period. Memes offer a way for people to express their emotions and cope with the ups and downs of the market in a lighthearted, humorous way.

Crypto culture is heavily centered around online communities and social media, and memes are a widely used form of communication. They allow people to quickly convey complex ideas or emotions in a way easily understood by others in the community.

Many of the concepts and terms in the crypto world can be challenging to understand for those new to the space, and memes are a way to simplify and explain them. Crypto is also filled with speculation and hype, and memes are an outlet to make fun of the more outlandish claims.

Here is a selection of the most popular cryptocurrency memes.


“Hodl” originated from a misspelling of the word “hold” in a Bitcoin Forum post in 2013. The original poster, who was apparently frustrated with the volatility of the Bitcoin (BTC) market, accidentally wrote “I am hodling” instead of “I am holding.” The typo caught on, and soon, hodl became a popular term in the crypto community, used to express a long-term investment strategy of holding onto one’s cryptocurrency through short-term market fluctuations.

The meme is often used in the context of the crypto market’s volatility to express the belief that the value of a particular cryptocurrency will increase in the long term. It’s found on social media, forums and chats as a way to express support for a specific coin and a long-term investment strategy.

It is also used as a backronym for “hold on for dear life,” referencing the crypto market’s volatility.

When moon?

Like “hodl,” “When moon?” is a phrase used by people online to indicate excitement or hope that a particular cryptocurrency will increase dramatically in value and offer a massive return on investment.

The “When moon?” meme is often accompanied by images or GIFs of characters or animals looking up at the moon, or people looking excited or hopeful.

When Lambo?

The “When Lambo?” meme is often used as a tongue-in-cheek way to express people’s hopes that they will make massive amounts of money from a crypto investment — enough to buy a Lamborghini, a brand of luxury sports cars known for their high performance and association with wealth and success.

People asking “When Lambo?” often include GIFs and images of Lamborghinis or characters driving them.

When Binance?

“When Binance?” is another popular question asked within the cryptocurrency community by investors who hope their coin of interest will be listed on Binance, the leading cryptocurrency exchange by volume.

Every exchange has standards and requirements, and the listing of an asset on a major exchange is often seen as a sign of the asset’s value and supporting the project’s legitimacy. 

When institutional investors?

Institutional investors are typically large financial organizations such as banks, hedge funds and pension funds with significant financial resources and experience in investing. Their entry into the crypto market is seen as a sign of mainstream acceptance and validation of the technology.

Similar to the “When Binance?” meme, “When institutional investors?” expresses hope that institutional investors will enter the crypto market.


In the crypto world, “Doge” refers to the Dogecoin (DOGE) cryptocurrency, which was created as a joke in 2013 based on the popular “Doge” internet meme featuring a Shiba Inu dog. Despite its origins, Dogecoin has gained a solid following and has become a significant cryptocurrency, with a market capitalization of over $11 billion at the time of writing.

Images or GIFs of a Shiba Inu, the mascot of Dogecoin, often accompany the Doge meme. The memes often include phrases like “such wow” and “much moon” and are frequently used to express excitement about the potential for Dogecoin to increase in value or to mock other more serious projects.

When Satoshi?

“When Satoshi?” expresses hope or anticipation that the true identity of pseudonymous Bitcoin creator Satoshi Nakamoto will be revealed. Nakamoto’s identity remains unknown, and the mystery surrounding Bitcoin’s creator(s) has generated much speculation and curiosity.

The meme often features characters or people representing Nakamoto or images of the Nakamoto pseudonym.

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