3 November

Ethereum has seen seven consecutive days of deflationary issuance for the network, meaning that more ETH has been removed from supply than created through mining, as bubbling markets drive persistently high transaction fees.

More than $65 million worth of ETH is currently being burnt daily by the Ethereum network. Since the London upgrade, more than 724,400 ETH worth $3.1 billion has been permanently destroyed. EthHub co-founder Anthony Sassano commented that deflationary Ethereum was not expected until “the merge”.

Contrary to popular belief, EIP-1559 has not increased gas prices and has in fact helped considerably with spikes in demand (such as during hyped-up NFT mints) which has led to a smoother network overall.

Despite Ethereum’s first deflationary week, many Ether advocates are seeking to encourage users to migrate to transacting using its emerging layer-two ecosystem. According to L2beat, there is a record $4.68 billion in total value locked (TVL) across the various layer-two networks. This TVL has surged almost 500% over the past two months as Ethereum users increasingly seek out ways to avoid those excruciating transaction fees.”

See Also: Ether Hits Fresh Record High, Sandbox’s SAND Leads Rally in Metaverse Coins

“The CBA will become the first bank in Australia to support crypto, and Blockchain Australia says it is “inevitable” that the other ‘big four’ banks will soon follow suit. The CBA stated that it will support 10 crypto assets in its banking app, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Vallas believes the rapid growth and adoption of crypto has ‘shifted the risk of maintaining a wait and see approach‘ in the view of the big banks to a risk of “inaction” and being left behind.

With regulation in the offing and the largest bank in the country allowing it, the floodgates are now open for more appetite from traditional finance. CBA’s move is exciting and inevitable. It’s yet another ‘red-letter day’ for crypto.

The CBA has partnered with the Gemini crypto exchange and blockchain analysis firm Chainalysis to launch its crypto services. The bank will launch a pilot for a limited number of customers in the coming weeks, before rolling out the full service in 2022.”

See Also: Thailand’s Oldest Bank Acquires Majority Stake in Country’s Largest Crypto Exchange
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“Since the launch of Ether futures in February, we have seen steady growth in liquidity in these contracts, especially among institutional traders. At the same time, the price of ether has more than doubled since these contracts were introduced, creating demand for a micro-sized contract to make this market even more accessible to a broader range of participants.”

“Spruce launched just over a year ago with two products: the SpruceID toolkit for decentralized identity and Kepler self-sovereign storage. The two systems work seamlessly together across blockchains to gate access via NFT ownership, for instance, or verify credentials for decentralized autonomous organizations (DAOs).

In combining identity and storage elegantly, they’re building user-centric, Web3-style tools for the decentralized future, enabling users to control their own data using permissionless infrastructure.”

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“The civil trial of Ira Kleiman vs. Craig Wright kicked off in Miami on Monday that may provide insight into some of Wright’s claims that he is Satoshi Nakamoto.

Ira Kleiman alleges that his brother was solely responsible for mining the entire stash of bitcoins in question, and has accused Wright of swindling them through a combination of forgery and deceit from David’s estate after his death.

While both the plaintiffs and the defense posit that Craig Wright – either alone or alongside David Kleiman – invented bitcoin, reality is murkier. Despite Wright’s claims (as well as his history of lawsuits against his detractors) he has not been able to definitively prove that he is Satoshi Nakamoto.

After announcing in May 2016 that he would move Satoshi’s bitcoin – proving that he had access to Satoshi’s private keys and was therefore Satoshi – Wright failed to do so. The cryptographic proof he provided instead has been accused of several high profile cryptography experts as being fraudulent.

If the jury finds in favor of the plaintiffs and Ira Kleiman is awarded his brother’s share of “Satoshi’s bitcoins,” the question remains whether the court has any way of retrieving them.”

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