Q: What's the smallest unit of value anywhere in Bitcoin, and why can't you ever actually hold it onchain?

SpaceX went public on the Nasdaq on June 12 at $135 a share, and the stock jumped more than 26% by midday. In contrast, the crypto side did not go as smoothly. Binance, Bybit, and Bitget all opened tokenized SPCX access through xStocks, then refunded subscribers after xStocks failed to secure the underlying shares. Binance went a step further, distributing $1 million in SpaceX shares through its bStocks product to people who had signed up. Not every version broke; Backpack Securities and Sunrise launched SPCX on Solana backed 1-to-1 by real shares and redeemable for them, and that one went live on time. Synthetic tokens tied to a single allocation pipeline buckled under retail demand. Tokens with actual shares behind them held up.

Blockworks acquired rival research firm Messari for more than $10 million, according to the Wall Street Journal. The buyout comes at a steep markdown from the $300 million valuation Messari carried in 2022. Blockworks, valued at $192 million after an April funding round, said it raised that money specifically to roll up crypto's fragmented data sector. The plan is to pair Messari's data and APIs with Blockworks' issuer-side disclosure tools, including its Token Transparency Framework, into a single record for onchain assets.

Bitcoin Core developers warned of a privacy bug in -privatebroadcast, a feature added in version 31.0 in April. The feature is supposed to push transactions through Tor so the recipient never learns where they originated. However, if the encrypted connection fails, the software quietly retries over a regular connection and skips Tor, which can expose the sender's IP address to the receiving peer. Only nodes running 31.0 with the feature switched on are affected, and ordinary wallet transactions are fine. Researcher Eugene Siegel found the bug. A fix ships in 31.1. Until then, affected users should turn the feature off or route all their traffic through Tor.

A hardened op-geth release is on the way, fixing several smaller denial-of-service issues with preventative patches. Following last week's network incident, this will be an optional but recommended node upgrade, and the team expects to ship it soon.

The Rust node is in final testing, with all Hemi changes ported from op-geth over to the op-reth fork. Testing now spans both the legacy Bitcoin indexer (running through a Rust RPC wrapper) and the new ZK-focused Oxygen indexer built for ZK provability. Ordinals indexing also picked up real performance gains after getting stress-tested against mainnet, and the team is targeting a public alpha within the next few weeks for anyone who wants to start experimenting.

The team is getting ready to schedule the next Hemi hard fork, which will introduce new hVM features. It will also fold in Marco's ordinals work alongside performance improvements and other housekeeping items.

Hemi is building an onchain capture-the-flag focused on DeFi, smart contracts, and cryptography, with challenges graded for everyone from first-time Solidity developers to seasoned ZK practitioners. Scoring and flag validation will run fully onchain, with individual and team tracks under consideration, and the team is eyeing a 48-hour event sometime in July or August. Expect merch and NFTs for participants and winners.

The integration brings secure onchain governance flows with granular permissions, staged approvals, timelocks, and vetoes to Hemi.

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The Clearstar Reactor vault prices hemiBTC using DIA Value, a reserve-backed oracle infrastructure integrated with Hemi. Vault pricing is powered by Hemi's integration with DIA, to build fair value price feeds for hemiBTC.

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While serving as a vibrant hub for the community, Hemi’s Discord is also where you can earn from a $HEMI prize pool by competing in onchain games.

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This week's Midweek with Max covered engineering, community, and marketing updates.

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A: The smallest unit is the millisatoshi. It is one-thousandth of a satoshil, and it exists only inside Lightning channels, where payments are metered in msats. You can't hold it onchain because the satoshi is the base layer's floor, so any sub-sat balance gets rounded off when a channel closes.