Authored by Archie Chaudhury via BictoinMagazine.com,

14 years later, Bitcoin has shown its strengths… and that it still has a long way to go to achieve its original goals…

When Satoshi Nakamoto first published the Bitcoin white paper in October of 2008, the world was reeling from a financial crisis caused by the irresponsibility and negligence of the institutions that controlled our financial system. Hedge funds, central banks and other powerful agents had been all too happy to place over-leveraged bets on the economy, and to profit from the economic losses incurred by the working class when these bets collapsed.

Governments, in a desperate attempt to keep these institutions alive, spent hundreds of billions of dollars in bailouts and other monetary injections instead of ensuring the well-being of the average citizen. Bitcoin was Satoshi Nakamoto’s answer to state-backed money; it was a vision for a decentralized digital currency that could provide the efficiency of online banking, the relative pseudonymity of physical cash, and the scarcity of gold.

Unlike previous attempts at creating digital cash, Bitcoin was not backed by or controlled by a singular entity or party, but rather by an anonymous developer (developers?), a set of faceless forum visitors and a small online community that believed in using cryptographic software for privacy and independence from authoritarian powers. Nakamoto’s ultimate goal was to create an asset that was autonomous, decentralized and was not susceptible to the greed or will of any one individual. October 31, the day Satoshi Nakamoto formally announced their white paper to the Cypherpunks Mailing List, has come to be known as “Bitcoin White Paper Day” and is celebrated as an informal declaration of independence from corrupt state-backed money, heard across the world. The purpose of this article is to reflect on how far we have come since then, and how much work remains to be done in order to accomplish Nakamoto’s goals.

The Bitcoin that we use today is vastly different from the Bitcoin that Satoshi Nakamoto and his fellow contributors created in the late 2000s and early 2010s. Beyond the numerous technical upgrades and hard forks, the network itself has grown significantly, with more and more people taking the proverbial “orange pill” and deciding to use bitcoin in some capacity.

There is another way in which Bitcoin has changed: the core network, and asset (BTC), is thought of more as a store of value rather than a platform for micropayments. Indeed, there was a significant cultural schism within the Bitcoin community that led to this change: the famous, and aptly titled, “Blocksize Wars” approximately five years ago led to this change, with forks such as Bitcoin Cash and later Bitcoin SV being created by community members who believed in scalability over all else, and the core Bitcoin chain being upheld by members who sought to preserve decentralization and to look at alternative methods such as Layer 2 payment channels to support scalability. The Lightning Network, which is the most popular payment channel, has slowly gained popularity, recently reaching a capacity of 5000 bitcoin.

Despite these changes, the core technological tenets espoused by Nakamoto in 2008 (Nakamoto Consensus with proof-of-work mining and a static maximum supply of 21 million) remain constant. This is not solely because of a technological or economic reason; in fact, it has been argued that changing Bitcoin’s underlying consensus mechanism or supply cap could lead to increased performance and adoption respectively. Rather, Bitcoin’s consistency in these areas can be attributed to the philosophy of its underlying community, who believe strongly in scarcity, security and decentralization over all else.

Meanwhile, bitcoin is being used by people around the world to stave off unruly economic conditions. Bitcoin’s natural scarcity makes it attractive for citizens where corruption has led to unrestricted inflation. This adoption has even led some governments, such as El Salvador, to declare bitcoin a national currency, a move that would have been unfathomable to Nakamoto and Bitcoin’s original contributors.

Perhaps the most interesting thing to take from Bitcoin’s progress over the past couple of years is that it has happened without a central leader: unlike alternative assets that are more akin to decentralized software platforms, bitcoin functions purely as money, with key “policy” decisions being made by a community. There is no Bitcoin organization or representative solely responsible for promoting adoption, nor is there a central “chief scientist” that has a significant impact on key protocol-level decisions. While there are certainly major influences within the community, the protocol as a whole does not have an organizational structure to lead either adoption or development. In fact, Bitcoin’s lack of hierarchy should be a goal for other distributed ledger projects who, while perhaps decentralized to a certain degree, are still largely influenced by a singular entity or individual.

While Bitcoin has certainly grown from its humble beginnings as a white paper and a couple hundred lines of scrappy code, it still has a long way to go if it is to achieve the ambitious goals discussed by Nakamoto and other early adopters in their email chains and forum posts. From a technical standpoint, the Bitcoin community needs to continue building technology that not only enables further scalability and security, but perhaps more importantly, also helps make the network more decentralized. One of the most staunch mottos that Bitcoin community members have adopted is the term “Don’t trust, verify.” This is, of course, in reference to running a full Bitcoin node and not relying on data from external third parties, such as node providers. Network optimization, rollups, and other scalability research has been proposed by various individuals in the Bitcoin community as a way for the network to simultaneously scale while decreasing the cost it takes to run a full node. A recent report, published by John Light through research funded by the Human Rights Foundation, Starkware and CMS Holdings, provides more detail about rollups-related scalability research.

Despite its roots in technology, Bitcoin has evolved over the years to become something more: it is now a community, a network, if you will, of like minded-individuals who all have some varying degrees of belief in a singular idea. Bitcoin is no longer a software, privy to only developers, coders or those with a highly technical background, and this marked shift should also signal additional non-technical priorities for the Bitcoin community to address over the next decade.

More effort needs to be spent on educating the general public and making them aware of not only Bitcoin’s technology, but also the failures of the legacy financial systems that they use today. More effort needs to be spent not only on touting bitcoin’s economics and technology, but also drawing on distinctions between bitcoin and other cryptocurrency platforms. Finally, more effort needs to be made among the cryptocurrency community as a whole to come together when the fundamental principles that Satoshi Nakamoto and his fellow cypherpunks believed in are threatened by authoritarian governments, regardless of the platform that is being attacked.

While discussions around varying blockchain networks have always been tribalistic to a degree, the recent trend has been to promote the success of your platform over all else, and even chide or insult platforms who face potential regulatory scrutiny. While believing that bitcoin is the most sound digital asset in terms of economics/construction, and getting into arguments about said belief is okay, and should even be encouraged, celebrating when an alternative platform is threatened with regulatory action or censorship goes against what Bitcoin is fundamentally all about.

The cypherpunks, Satoshi Nakamoto and a majority of Bitcoin’s community all believe in the idea that one day, there can be a digital peer-to-peer currency completely independent of any government, intermediary or biased party. While we certainly have various disagreements about the pros and cons of our respective technology, belong to different “maximalist” groups, and in general have varying beliefs, we all ultimately belong to a space that was motivated by the idea of a censorship-resistant and non-partisan digital asset/network. We would do well to remember that fundamental principle as we continue to work on Bitcoin over the next 14 years.

Tweet from Erik Vorhees on the sanctioning of Tornado Cash and potential BTC regulation by ESG proponents.

Each year, thousands of acres of land are scorched by wildfires across the United States. But, as Visual Capitalist’s Carmen Ang details below, while most of these fires are triggered by natural causes such as lightning, some are unfortunately caused by human activity.

This graphic by Gilbert Fontana uses data from the National Interagency Fire Center (NIFC) to show the number of acres burned across the U.S. between 2001 and 2021.

Historically, we can see that lightning-caused fires have led to more damage in the U.S., and this is especially true in the West region which includes states like California, Oregon, and Washington.

That said, it’s worth noting that in three out of the six years from 2016–2021, human-caused wildfires led to more damage.

Authored by Dave DeCamp via AntiWar.com,

On Monday, President Biden’s special envoy for Iran, Robert Malley, said the US isn’t going to “waste its time” on talks with Tehran to revive the nuclear deal and would use a military option as a “last resort” against Iran.

Negotiations between the US and Iran on the nuclear deal, known as the JCPOA, have been stalled since early September. The Biden administration hasn’t officially said it’s done with the talks, but Malley’s comments are the surest sign that diplomacy between Washington and Tehran is dead.

Malley echoed other administration officials and said that the JCPOA is “not our focus right now” and that the US is going to focus on other issues, including supporting protesters inside Iran.

“It is not on our agenda. We are not going to focus on something which is inert when other things are happening… and we are not going to waste our time on it… if Iran has taken the position it has taken,” Malley said at a Carnegie Endowment event, according to Axios.

There’s no sign that Iran is working to develop a nuclear weapon, but Malley still threatened the US would use military action as a “last resort” to prevent Tehran from doing so.

“We will use other tools, and in last resort, a military option if necessary, to stop Iran from acquiring a nuclear weapon,” he said.

The US has accused Iran of making “extraneous demands” during the JCPOA negotiations. But the Biden administration had taken a hardline approach in the talks by refusing to lift all Trump-era sanctions.

The stance forced Iran to negotiate what sanctions would be lifted in exchange for it bringing its nuclear program back into the strict limits set by the JCPOA.

The unseasonable return of avian influenza or bird flu continues to wreak havoc on the US poultry industry. Iowa agriculture officials announced Monday that the first infection since April was detected at a large commercial egg-laying farm, AP News reported.

Iowa Department of Agriculture officials said the commercial farm with 1.1 million chickens in Wright County (central Iowa) just detected the highly contagious and deadly virus.

All chickens at the facility were culled and disposed of to avoid spreading the disease. Iowa has been hit hard by bird losses this year, with more than 13 million killed. On a national level, 47.7 million birds have been affected in 43 states. 

Bird flu continues “to be a significant threat across the country,” Iowa Agriculture Secretary Mike Naig told The Des Moines Register. He added:

“We have been preparing for the possibility of additional outbreaks,” working closely with producers and the US Department of Agriculture.

“With migration ongoing, we continue to emphasize the need for strict biosecurity on poultry farms and around backyard flocks to help prevent and limit the spread of this destructive virus.” 

In late September, we noted there was concern that the fall migration of wild birds could spread the virus. That appears to be correct. 

The culling of tens of millions of birds has dented national egg supplies, sending prices sky-high and above 2015 outbreak levels (last major bird flu) to about $3 per dozen at the supermarket. 

Retail egg prices have doubled since August 2020, straining consumers’ wallets as breakfast inflation soars. What used to be a cheap source of protein in the morning has become expensive. 

Besides eggs, turkeys have also been impacted by bird flu, sending prices to record highs ahead of the Thanksgiving holiday. 

Authored by Matthew Vadum via The Epoch Times,

The Supreme Court refused to hear an appeal on Oct. 31, leaving in place a federal appeals court ruling that allowed the Transportation Security Administration (TSA) to require the wearing of masks on airplanes, trains, and buses during the COVID-19 pandemic.

Although the TSA abandoned its mask mandate in April, the decision allows a Dec. 10, 2021, ruling by the U.S. Court of Appeals for the District of Columbia Circuit to remain on the books as a legal precedent that the government may rely upon in the future.

In a brief filed with the high court on Sept. 27, the Biden administration urged the Supreme Court to reject the case.

U.S. Solicitor General Elizabeth Prelogar noted in the document that the TSA had announced on April 13 that it would extend the mask directives through May 3, 2022.

But days after the announcement, when a federal district judge in Florida vacated the Centers for Disease Control’s order requiring masking at transportation hubs and in airplanes, the TSA backed out of its mask mandate extension.

The TSA mandate was allowed to expire on April 18.

The D.C. Circuit Court’s ruling was correct because it recognized TSA was acting within its statutory authority and its actions were aimed at addressing the threats to transportation posed by COVID-19, the brief stated.

The high court refused to take up the petition filed in Corbett v. TSA (court file 22-33), without explaining why.

Justice Ketanji Brown Jackson did not participate in the consideration of the petition, but the court did not explain why she refrained from doing so.

Frequent flyer Jonathan Corbett challenged the TSA’s January 2021 directives requiring that passengers wear masks.

Corbett argued that the agency’s authority under the federal Aviation and Transportation Security Act was limited to developing policies and directives aimed at guarding against violent attacks on transportation infrastructure.

The statute did not empower TSA to do things like require mask-wearing to protect public health, he argued.

But the appeals court disagreed.

“The COVID-19 global pandemic poses one of the greatest threats to the operational viability of the transportation system and the lives of those on it seen in decades,” the circuit court ruled in an opinion written by Judge Harry T. Edwards, who was appointed by then-President Jimmy Carter in 1980. One judge on the three-judge panel dissented from the ruling.

“TSA, which is tasked with maintaining transportation safety and security, plainly has the authority to address such threats under” the Aviation and Transportation Security Act.

Congress granted the TSA “broad authority” to analyze potential risks to aviation and national security and respond to those risks and conferred upon the agency “an expansive power to act in relation to the transportation system during a national emergency.”

Given the language in the statute, “it cannot seriously be doubted that Congress’ delegations of authority to TSA authorize the Mask Directives issued to contain the spread of the COVID-19 virus.”

If Congress wanted to limit the reach of the TSA it could have done so, but instead it “selected broad language in its mandate to the agency.”

Read more here…

Early exit polls show former Prime Minister Benjamin Netanyahu is poised to return to power in a Tuesday vote that reportedly had huge turnout – the largest the country has seen in over two decades. 

Israel is on edge waiting for the results after five rounds of voting in three-and-a-half years, which still has yet to produce a clear winner and new government; instead there’s been nothing but gridlock and power-sharing arrangements so far. 

Fox News reports as Israel approaches midnight local time, based on national media, “Early exit polls predicted that former prime minister and current opposition leader Benjamin Netanyahu might very well be that winner this time around.”

And further: “His bloc of right-wing, religious parties was slated to draw up to 62 seats, the number of mandates needed to form a majority in the 120-seat Knesset, Israel’s parliament.”

And Haaretz is reporting: 

Two of the three exit polls give the pro-Netanyahu bloc 62 of the Knesset’s 120 seats, with the other putting the party at 61. The anti-Netanyahu bloc won 54 seats, according to two exit polls, and 55 according to the third.

Fox cites Assaf Shapira, Director of the Political Reform Program at the Israel Democracy Institute, who points to all major exit polling pointing to the opposition “Bibi bloc” – a controversial alliance of far-right and ultra-Orthodox parties – holding a lead…

“All of the exit polls predict between 61-62 seats for the pro-Netanyahu political bloc, which was quite expected,” he said, adding however that previous exit polls in 2021 also gave Netanyahu between 61-62 seats, but they missed one small Arab party that ended up becoming a decisive factor that allowed the other factions to unite and oust Netanyahu from power. 

Results might not be known for a number of hours, or possibly days.

But then there’s still the potential scenario of gridlocked results stretching into more weeks or even months, possibly resulting in the current “transitional prime minister” period being extended.

Middle East Eye notes that “Months ago, Israelis started repeating a bitter joke that a sixth round of elections would follow these. Now that may soon become a nightmarish reality.”

Benjamin Netanyahu gives brief statement to the media in Hebrew *AND* English on election results. pic.twitter.com/oQi67bXmOo

— Moshe Schwartz (@YWNReporter) November 1, 2022

“This is, in fact, not bad news for Yair Lapid. In case of 60-60 deadlock, no new government can be formed and Lapid gets to keep the title of ‘transitional prime minister’ for another six months,” MEE adds.

Weak ISM and PMI data (and a big drop in prices within them) was shrugged off by the market which focused on a notable headline JOLTS beat (a two-month-old metric that’s likely manipulated ahead of the midterms) sparking a ‘good news is bad news’ reaction in markets, punching rate-trajectory expectations dramatically more hawkish just a day ahead of the FOMC decision. The market is now pricing in a cycle-high terminal of 5.06%…

Source: Bloomberg

And while tomorrow’s 75bps hike is a lock, the odds of a 75bps hike in Dec jumped today and the odds of a 50bps hike in Feb also jumped notably today…

Source: Bloomberg

There was one weird headline today (that sparked consternation among many Fed watchers) as White House economic advisor was interviewed on Bloomberg TV and told the anchor that “President Biden has endorsed The Fed’s policy pivot.” Did Bernstein just front-run tomorrow’s announcement? How does Bernstein know that Powell is pivoting given that the FOMC meeting just started? Is Bernstein explicitly signalling to pressure Powell and the independent Fed to ‘pivot’?

No, none of the above, Bloomberg headline writers ‘corrected’ their report to note that Bernstein was merely confirming that Biden endorsed The Fed’s pivot to tightening this year. Pretty big difference there, Bloomberg!

US equity market had been grinding higher overnight but puked on the JOLTS data and Nasdaq extended losses while Small Caps caught a BTFD bid back into the green…

AMZN was ugly today, losing as much today as it did after earnings last week, and falling back below $1 trillion market cap for the first time since April 2020…

Source: Bloomberg

Treasury yields followed a mirror path, sliding overnight then spiking dramatically on the JOLTS data. The long-bond remains a significant outperformer on the week (-2bps) while the short-end is getting slammed (+13bps)…

Source: Bloomberg

10Y yields broke back below 4.00% overnight but by the close were back to unchanged at around 4.05%…

Source: Bloomberg

The yield curve flattened dramatically with the 3m30Y spread inverting for the first time since 2019 and now the most inverted since April 2007…

Source: Bloomberg

…and its also the 5th consecutive inverted close in 3m10Y…

Source: Bloomberg

The dollar mirrored everything else with overnight weakness instantly reversed on the JOLTS data…

Source: Bloomberg

The Brazilian Real extended its massive short-squeeze today (to its strongest against the dollar in 7 weeks) but then faded a little after Bolsanaro’s quasi-concession. That was a 32-handle rally in 2 days…

Source: Bloomberg

Bitcoin roundtripped (higher then lower) to end practically unch today…

Source: Bloomberg

Oil prices jumped today after the JOLTS data, ahead of tonight’s API data

NatGas prices plunged on warmer weather hopes…

Gold held on to some gains on the day after tumbling on the JOLTS data…

Finally, despite tomorrow’s huge event risk, VIX has continued to press to one-month lows, decoupling from stocks in the last few days…

Source: Bloomberg

As SpotGamma notes, the thing which most catches our eye this morning is IV, which continues to decline lower despite tomorrows FOMC. Below we’ve plotted VIX, VOLI, SDEX, VVVIX – they’re all at 1 month lows. Further, our RiskReversal metric remains at -0.04 which is reflecting puts being sold and/or calls being bought.

It’s always a bit surprising to us when volatility is crushed into a catalyst like FOMC. This serves to both “pull forward” some of the potential rally-fuel (via vanna) and also expose the market to more of a violent downside reaction. The point here is that its harder for well hedged markets to crash, and we’re no longer well hedged with IV readings at relative lows and the 3600 Put Wall a full 300 points lower.

So do you feel lucky again?

When $SPX was (15%) or worse at the October-end mark:

(via B of A) pic.twitter.com/49YXysnK4W

— Carl Quintanilla (@carlquintanilla) November 1, 2022

Is this what happens next?

Update(1600ET): Brazilian President Jair Bolsonaro finally spoke publicly for the first time since losing Sunday’s election by a narrow margin. Many expected, or were hoping, for a concession speech – but that didn’t happen. But it appears the short press event itself was all about the optics of accepting the loss.

He vowed to “follow the Constitution” and called for “order” in the country- and yet didn’t explicitly concede nor did he congratulate declared winner Lula da Silva on victory for the Brazilian presidency, which he’s expected to take over on January 1st. At the same time Bolsonaro didn’t contest the result either. 

As one Brazilian national outlet said of the very short speech, “Jair Bolsonaro has not said whether he will accept the election result. He didn’t mention Lula and he didn’t even congratulate the new elected president. It was a subtle pronouncement.”

At the lectern now: @jairbolsonaro. pic.twitter.com/IA8y5mQprn

— Steve Herman (@W7VOA) November 1, 2022

However, according to breaking news wires…

Brazil’s Chief Of Staff: To Begin Process Of Transition With President Lula

Meanwhile raging protests in some parts of the country continue, though they’ve reportedly waned in intensity and reach since the night prior…

ALERT: Truckers and other protesters on Tuesday blocked highways for second day in support of President Jair Bolsonaro, who has yet to accept his election loss to leftist Luiz Inacio Lula da Silva https://t.co/8AIjqSZ6Mv pic.twitter.com/AdSkVtY7Ui

— Insider Paper (@TheInsiderPaper) November 1, 2022

* * *

Incumbent Jair Bolsonaro has still not acknowledged his loss with any public statements over a day after Luiz Inacio Lula da Silva was declared winner of Brazil’s 2022 presidential election held Sunday.

Local media says President Bolsonaro, who is now expected to leave office by January 1st, has not so much as issued any official comments to government ministers. Lula da Silva said in front of a crowd of supporters while celebrating the historic win Sunday night, “Anywhere else in the world, the president who lost would have called me by now and conceded.”

Lula said he remains “part happy, part worried” about the transfer of power, given that “He still hasn’t called, I don’t know if he will and I don’t know if he will concede.”

As we detailed earlier, already many world leaders including those previously considered key global allies of Bolsonaro have called to offer their congratulations to Lula, including Russia’s Vladimir Putin and China’s Xi Jinping, among many others, as well as US President Joe Biden. 

CNN notes that the formal process of certifying the vote is underway: “It is Brazil’s Supreme Electoral Court that officially validates election results and communicates them to the Senate, Chamber of Deputies and State Assemblies.”

A number of major highways in Brazil blocked by truck drivers and other Bolsonaro supporters refusing to accept Lula’s victory in the elections

Many we spoke to are openly calling for a military takeover of the country… no sign of anything like that but it’s a tense situation pic.twitter.com/noFWc8MENX

— Secunder Kermani (@SecKermani) October 31, 2022

However that validation process is not completed yet: “A press officer for the Electoral Court told CNN that the vote’s results are already considered validated, since the court’s declaration of the outcome on Sunday. A court session at a later point will formally confirm the win, but no date has been set for it yet, he said,” according to the CNN report. 

Protests by Bolsonaro supporters against the election results – which saw Lula receive 50.9% to Bolsonaro’s 49.10% of the vote – have popped up reportedly in more than 100 locations. 

Bolsonaro supporters are claiming the election was “stolen”…

HAPPENING NOW: Things are developing quickly in Brazil, and not in a good way after the election that was STOLEN from Bolsonaro.

The police are starting to join with the Bolsonarista truck drivers who are protesting the fraudulent results of the Brazilian election. pic.twitter.com/FFWV7EOuDu

— VISH BURRA 🔫 (@VishBurra) November 1, 2022

BBC reports Tuesday morning, “Lorry drivers in Brazil loyal to President Jair Bolsonaro have blocked roads across the country, after his poll defeat to leftist rival Lula.” The report describes, “Blockages were reported in all but two states, causing considerable disruption and affecting food supply chains.” And more:

By Monday night, the federal highway police reported 342 such incidents, with the biggest protests going on in the country’s south. Some of the blockages were later cleared by police.

…Supreme Court judge Alexandre de Moraes on Monday ordered the police to disperse the roadblocks immediately. He warned that all those still blocking the roads on Tuesday would be each fined 100,000 Brazilian reals (£16,700: $19,300) per hour.

Bolsonaro has recently expressed concern over the potential for the country’s voting machines to be manipulated or tampered with, something that his political opponents have dismissed as “Trump-style” election denial rhetoric. 

WATCH: #BNNBrazil Reports.

Rural producers and truck drivers block highways after the defeat of President Jair Bolsonaro. Some demonstrations take place in the interior of Mato Grosso and Santa Catarina. #Brazil #Politics pic.twitter.com/rTPrMiESIZ

— Gurbaksh Singh Chahal (@gchahal) October 31, 2022

Into Tuesday morning, nothing has been posted to Bolsonaro’s official social media accounts since the night before Sunday’s vote.

His last last tweet came shortly before midnight on the eve of the election. He quoted from the Bible, the book of Ephesians, which says “Put on the whole armor of God, that you may be able to stand against the wiles of the devil…”. Some are taking this as a sign he could be readying to not go down without a political fight contesting the election results.

The New York Times is meanwhile reporting that Presient Bolsonaro is expected to give a speech on Tuesday, but it’s unclear when or precisely what he will say.

If you were hoping for your Tesla Cybertruck in 2023, it might be time to (again) realign your expectations.

A new report from Reuters indicates mass production of the Cybertruck will begin at the end of 2023, which means those who put down $100 to reserve the vehicle will have to wait for another year, according to two people with direct knowledge of the plans. 

“We’re in the final lap for Cybertruck,” Elon Musk told investors on a conference call last month. The company said, “early production” of the vehicle will start in the middle of 2023. A full ramp-up in production would occur later in the year. 

People have already waited several years for the sharp-angled electric truck, which could be years before all 1.3 million reservations are filled. 

Recall, last year, we reported that Tesla was delaying the Cybertruck to “late 2022”. We noted at the time:

Before we even opine on the details, we’re going to take the “over” regarding this timeline and guess the truck doesn’t happen until 2023, perhaps even later.

 In January, Tesla removed its 2022 production date for the Cybertruck. Musk cited supply chain woes and shortages in sourcing components as one of the main reasons for the delay. 

Musk revealed the Cybertruck at an infamous 2019 Tesla event where a demonstration of the vehicle’s unbreakable windows miserably failed. 

Meanwhile, competitors like Ford’s F-150 Lightning, Rivian’s R1T Explore, and GMC’s Hummer EV continue to gain market share and significant attention.