12 April

“The Ethereum Foundation got a step closer to deploying Ethereum 2.0 and has been using “shadow forks” to make its testnet more closely resemble the Ethereum mainnet. Over the weekend, Ethereum DevOps engineer Parathi Jayanathi said on Twitter that the team had done three shadow forks of the Goerli testnet.

We’re very close to a historical event. Today will be the first mainnet shadow fork ever.

As of this writing, the new Ethereum shadow fork network had processed 1.8 million transactions. It’s a big milestone as Ethereum developers get closer to transitioning the mainnet itself from a proof-of-work to proof-of-stake consensus model.

A “shadow fork” is a term that refers to the copying of data from a mainnet network, in this case the Ethereum blockchain, to a testnet, where developers can test features before deploying their work to the main network. In doing so, Ethereum engineers have made their test environment more closely resemble the mainnet that’s processing well over 1 billion transactions per day.”

“The fall in price comes as investors weigh the risks of rising interest rates, soaring inflation and dislocation of global commerce as a result of Russia’s invasion of Ukraine. ‘The macro environment has investors spooked.’

U.S. President Joe Biden’s administration on Monday was already warning that the Consumer Price Index report for March, due out early Tuesday, would reveal inflation rising at an “extraordinarily elevated” pace. That could prompt the Federal Reserve to accelerate the pace of interest-rate increases to keep inflation, currently running at a four-decade high, from spiraling out of control.

The bitcoin market, which has become unusually synced lately with U.S. stocks, has been pricing in the Federal Reserve’s pledge to shrink its nearly $9 trillion balance sheet by as much as $95 billion a month. Traders are assessing the potential impact of the balance sheet reduction – referred to as “quantitative tightening” – along with multiple interest-rate hikes of 50 basis points each.

Rising interest rate fears and the expectation of tighter monetary conditions continues to be a focus for bitcoin investors.”

“Meta Platforms’ digital economy got rolling Monday with new tools for hawking virtual goods in the social media giant’s virtual reality game, Horizon Worlds. A “handful” of creators will be able to sell “virtual items and effects” in their respective worlds, Meta said. Only Americans and Canadians above the age of 18 will be able to purchase those items.

[However], the virtual items marketplace could see Meta take anywhere from 25% to 70% [in fees], according to The Verge.

These types of tools are steps toward our long-term vision for the metaverse where creators can earn a living and people can purchase digital goods, services, and experiences. Clearly the ability to sell virtual goods and be able to take them with you from one world to another is going to be an important part.

That language mimics the promise of user-owned non-fungible tokens (NFTs). But Meta’s monetization tools don’t have any crypto element to them – at least not yet.”

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None of the advisors who already have a portion of their portfolio in crypto planned to decrease it over the next year. The vast majority, 86%, plan to increase their crypto allocations. The 500 advisors, polled last month manage $26 trillion.

The vast majority of advisors we surveyed either plan to begin allocating to crypto or increase their existing allocation to crypto. As demand continues to surge, advisors will be looking for an institutional solution to the crypto question that now dominates client conversations.”

“Crypto executives and lobbyists, in the absence of federal regulations, are working with state lawmakers across the country to craft favorable legislation, the New York Times reported. Many states, eager to attract the jobs they think the industry will bring, are rushing to grant the legislative wishes of the crypto companies.

More than 150 pieces of crypto-related legislation are currently pending before state legislatures and Puerto Rico. In New York, the industry is spending more than $140,000 per month, the Times said, quoting state records. In some cases, legislators have used industry-suggested language almost verbatim.

While the article is notable for its overview of the growing power of the crypto industry at the state level, its publication, coming less than a month after the Times published a sophisticated and well-done introduction to cryptocurrencies, also speaks to the mainstreaming of cryptocurrency in the U.S. and a growing interest of traditional media in covering it.”

“The Bored Ape Yacht Club is getting its own film trilogy, with crypto exchange Coinbase (COIN) behind the camera. Bored Ape owners are invited to submit their apes for consideration as characters in the trilogy, along with made-up character descriptions that will be reviewed by an actual Hollywood casting director.

The first of three installments for the series of animated short films, titled “The Degen Trilogy,” will premiere at NFT.NYC in June, with the NFT community of apes and non-apes alike having a say in parts of the film’s plot.

We’re seeing how NFTs are evolving to be vehicles of access and participation in networks, games, merchandise and now interactive entertainment. This is a breakthrough project and we’re excited to see how this shapes the future of Web 3 for all communities.

After their release, the films will be “wallet-gated” on the Coinbase website, with users having to create a Coinbase wallet before being able to view them. The series will also tie into Coinbase’s long-awaited NFT marketplace, which will be released ‘very very soon.'”

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