Hey there, PoI readers! 🎉

It's your favorite newsletter writer, Mochi, back with another scoop-filled edition of "Proof of Intel"! We've got a jam-packed issue for you today, filled with the latest and greatest from the world of tech and web3.

From Reddit's chilly IPO reception to BlackRock's big move into tokenized assets, and Solana's wild meme coin ride to Bitcoin's early halving surprise, we've got all the juicy details to keep you informed and entertained.

So, grab your favorite beverage, settle in, and let's dive into the wonderful world of crypto and blockchain together!

INTEL BRIEF
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🟧 Reddit's upcoming IPO, which allocates 8% of shares to its users, has been met with skepticism and disinterest from the platform's community.

🟧 BlackRock has launched its first tokenized fund, 'BUIDL', on the Ethereum network, with a minimum investment of $5 million.

🟧 Solana is experiencing a surge in meme coin trading, which has led to increased activity but also exposed issues with the network's transaction processing capabilities.

🟧 The upcoming Bitcoin halving, which reduces the block reward by 50%, is expected to occur earlier than initially projected due to increased mining activity and computational power on the network.

Reddit's IPO Faces Frosty Reception from Users

Reddit's big IPO plans aren't exactly being met with enthusiasm from its own users. Despite the company's generous offer to allocate 8% of shares to some of its biggest fans, many Redditors are giving the IPO a hard pass.

Some users are even planning to short the stock, believing that the company's executives are just looking to cash out while leaving others holding the bag. Others question Reddit's growth potential, citing its primarily English-based forum format and lackluster targeted ads.

CEO Steve Huffman's $193 million compensation package has also raised eyebrows, with some users suggesting that the IPO is just another way for the company's top brass to line their pockets. As one user put it, "Reddit about to break all records for speed running to a penny stock."

Reddit's IPO, which allocates shares to users, has been met with skepticism from its community. Many users believe the company lacks growth potential and that the IPO is a way for executives to cash out, with some even planning to short the stock.

BlackRock's 'BUIDL' Fund Brings Tokenized Assets to Ethereum

BlackRock, the investment giant, has finally spilled the beans on its much-anticipated tokenized asset fund, and it's a doozy. The fund, cleverly named 'BUIDL', will be built on the Ethereum network, marking BlackRock's first foray into issuing a tokenized fund on a public blockchain.

But before you start digging through your couch cushions for spare change, be aware that the minimum investment is a whopping $5 million. That's right, this fund is not for the faint of heart (or wallet).

BlackRock is teaming up with some heavy hitters to make BUIDL a reality. Bank of New York Mellon will be the custodian and administrator, while Securitize Markets, LLC will act as the transfer agent. In fact, BlackRock is so impressed with Securitize that they've even made a strategic investment in the company and appointed a board member.

While some were hoping for a spot Ethereum ETF, BlackRock's CEO Larry Fink hinted that BUIDL was the plan all along, calling it a "stepping stone towards tokenization."

BlackRock has launched 'BUIDL', a tokenized asset fund on Ethereum, with a $5 million minimum investment. The company is partnering with BNY Mellon and Securitize to make it happen, marking a significant step towards the tokenization of traditional financial products.

Solana's Meme Coin Mania: A Blessing or a Curse?

Solana is having a moment, and it's all thanks to the wild world of meme coins. Tokens like dogwifhat (WIF), bonk (BONK), and book of meme (BOME) have taken the blockchain by storm, attracting hordes of "degens" looking to ride the hype train.

While Solana Labs CEO Anatoly Yakovenko finds the meme coin craze "bizarre," he admits that it has provided a much-needed stress test for the growing network. The influx of activity has led to some users complaining about failed transactions, exposing issues with Solana's architecture.

The meme coin boom has been a double-edged sword for Solana. On one hand, it has brought in a flood of liquidity and usage. On the other, it has highlighted problems with the network's priority fee system and block sizes, leaving some traders frustrated.

Despite the challenges, Yakovenko remains optimistic. He believes that working out the kinks now, even if it's through the madness of meme coins, will be a blessing in the long run as Solana aims to handle the trillion-dollar stablecoin market in the future.

TL;DR: Solana is experiencing a meme coin trading frenzy that has exposed issues with the network's transaction processing. While the influx of activity has been a mixed bag, Solana co-founder Anatoly Yakovenko believes it will ultimately help the blockchain prepare for future growth.

Bitcoin's Halving Arrives Ahead of Schedule as Miners Ramp Up

Bitcoin enthusiasts! The much-anticipated halving event, which slashes the block reward in half, is creeping up on us faster than expected. Initially predicted to occur on April 28, the halving is now on track to land around April 20. So, what's causing this sudden change in schedule?

The answer lies in the recent surge of computing power on the Bitcoin blockchain. As the price of the cryptocurrency rises, mining becomes more lucrative, attracting more operators to turn on their machines and ramp up their hashrate. Mining companies are eager to cash in on the bullish market trends, leading to a speed-up in block creation.

History seems to be repeating itself, as a similar dynamic played out four years ago during the last halving. Miners are not only bringing new, more powerful rigs online, such as the Antminer S21s, but they're also dusting off older machines to squeeze every last bit of hash power from their fleets.

As the halving approaches, the global hashrate continues to grow, with the promise of reduced block rewards and potentially higher Bitcoin prices driving the mining frenzy.

TL;DR: The Bitcoin halving is expected to occur earlier than initially projected, around April 20, due to increased mining activity and computational power on the network. Miners are ramping up their efforts to cash in on the bullish market trends, leading to a faster block creation rate.

Well, folks, that's a wrap for this edition of "Proof of Intel"! 📰

I hope you enjoyed reading these scoops as much as I enjoyed writing them. Remember, in the fast-paced world of tech and web3, there's never a dull moment.

As always, keep your eyes peeled and your ears to the ground for the latest and greatest in this ever-evolving space. And don't forget to join us next time for another round of witty, informative, and downright entertaining news.

Until then, this is Mochi, signing off with a smile and a 🍨! Keep on BUIDLing, and I'll catch you on the flip side!

P.S. Don't forget to share Proof of Intel with your friends. See you in the next issue! 💌🎈

🍨📰 Catch you in the next issue! 📰🍨