“After the highly-anticipated London upgrade introduced a token burn mechanism on Ethereum (ETH), the network is already burning 3.68 ETH ($10,295) every minute on average. Over $2 million worth of Ethereum tokens has been burned since the London upgrade was deployed this afternoon.
Currently, popular non-fungible token (NFT) marketplace OpenSea is the largest “ETH burner” as over 69 ETH ($193,124) tokens were destroyed thanks to transactions it facilitated since the upgrade. OpenSea is followed by two iterations of decentralized finance (DeFi) trading protocol Uniswap—Uniswap V2 (53.33 ETH) and Uniswap V3 (45.25).
So far, experts and community members alike are demonstrating positive sentiment toward the London upgrade.
The much anticipated EIP1559 network upgrade was a huge day for the Ethereum cryptocurrency ecosystem. Now, every transaction, NFT purchase or loan on the Ethereum network will result in ETH being burned out of existence, making ETH a deflationary and inflation-busting asset.”
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“This is the most extensive upgrade to Ethereum in years.
I believe this is anther supporting factor in the ETH rally; however, in this case it does not appear to be the dominant factor.
The notion of ethereum becoming a deflationary cryptocurrency in the future is now tangible, and the effects on ethereum’s valuation could be profound.”
“After Gensler’s comments this week, it’s likely that the SEC will continue to approve bitcoin futures mutual fund applications and then approve ETFs based on bitcoin futures.
I think his comments are pretty clear that a pure spot bitcoin ETF isn’t coming soon and that futures products would potentially be considered.
Some industry participants have said that this could lead to a spate of applications that include bitcoin futures. On Thursday, Atlanta-based asset manager Invesco applied for an ETF that would include exposure to futures, the Grayscale Bitcoin Trust (GBTC) and Canadian bitcoin ETFs.
The benefit of prioritizing bitcoin futures over bitcoin spot ETFs is unclear. Gensler may believe that an investment vehicle based on federally regulated bitcoin futures may offer more regulatory cushion than one based on bitcoin from spot exchanges that are regulated on a state-by-state basis.
I don’t really buy that. Commodity futures have the potential to trade with a negative premium. I would argue that [a futures ETF is] not as safe for retail investors given that futures don’t always accurately track what’s happening in the spot market.”
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“Chainlink, the market-leading provider of data feeds to blockchain-based smart contracts, is expanding its services to include decentralized off-chain computation – a job done by a network of node operators known as “Chainlink Keepers.”
Keepers is a kind of service layer to tell smart contracts how and when to behave. Keepers can do things like execute limit orders, liquidate under-collateralized loans or just remind a blockchain what time it is. The feature is now live on Ethereum and being used by Aave, Synthetix, PoolTogether, Barnbridge, Bancor and Alchemix.
Chainlink Labs is also standing up cross-blockchain bridges that come with an anti-fraud risk monitoring component.“
“The department will work with Medici Land Governance (MLG) to develop a proof-of-concept for applying blockchain technology to the city’s land records.
The project is designed to increase transparency and reduce the chances of fraud. If successful, it will be followed by a pilot incorporating user testing and operational efficiency improvements.”
“Venezuela launched a cryptocurrency known as the Petro in 2018. It’s now set to put a central bank digital currency into circulation on October 1. The CBDC will be accompanied by a monetary redenomination that eliminates six zeros from the currency.
According to the bank, it’s also working on a ‘new Financial Messaging Exchange System, a free and sovereign system, made in Venezuela and by Venezuelans, promoting the independence from foreign systems for national banking operations.’
Other countries are in the midst of trialling CBDCs, notably China and the Bahamas.”