Crypto and Tech Make Headlines: Prediction Markets Surge, Bermuda Goes Onchain, and More

The world of cryptocurrency and technology is abuzz with exciting developments, from record-breaking prediction markets to innovative partnerships and thought-provoking commentary from industry leaders.

In the realm of prediction markets, a new high has been reached, with the total value locked (TVL) across crypto-focused platforms surpassing $550 million, according to data from DefiLlama. Polymarket, a leading on-chain prediction marketplace, tops the list with approximately $330 million in TVL, followed by OPINION and Predict Fun.

This milestone is a significant one, surpassing the previous all-time high set during the 2024 US presidential elections. Kalshi, an off-chain platform, led the sector in trading volumes, posting $2.2 billion in weekly notional volume and hitting a daily record of over $535.5 million on January 18. Polymarket, which recently introduced taker-only fees on certain markets, ranked third in weekly trading volume with approximately $786 million.

Meanwhile, the government of Bermuda has announced plans to create the "world's first fully onchain national economy" in partnership with Circle and Coinbase. The initiative aims to provide digital asset infrastructure and enterprise tools to the government, banks, insurers, and local businesses, while also supporting education and technical onboarding.

According to the press release, an onchain economy means using digital assets as everyday financial infrastructure. This move is seen as a way for Bermuda to overcome traditional payment processing costs and limited access to global banking rails, which can drive up fees and squeeze merchant margins.

In other news, Elon Musk and Pete Hegseth have expressed their desire to "make Star Trek real," but some critics argue that they may be missing the show's lessons. The popular sci-fi series often explores the dangers of unchecked technological advancement, including the potential for AI systems to annihilate their creators.

In a more lighthearted vein, Linus Torvalds, the creator of Linux, shared his coding habits in a hobby GitHub repository. Torvalds revealed that he sometimes writes "vibe codes" – code that is written for the sake of writing code, rather than to solve a specific problem.

On a more serious note, a US government employee was caught stealing 200 phones, allegedly costing taxpayers $150,000. The scheme was uncovered by the House IT desk, highlighting the importance of internal controls and oversight in preventing such incidents.

As the world of crypto and tech continues to evolve, it's clear that there are both opportunities and challenges ahead. From the rise of prediction markets to the creation of onchain economies, it's essential to stay informed and critically evaluate the developments that shape our world.

Sources:

• DefiLlama
• Government of Bermuda
• Circle
• Coinbase
• GitHub
• US Government