Breaking down Ethereum’s evolution and its impact on crypto markets Was this newsletter forwarded to you?Sign up here. |
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As of October 18, 2022 @ 03:04:26 UTC. |
Welcome to Valid Points! Last week’s Ethereum Devcon conference in Bogota was refreshing in comparison to other crypto events I’ve attended recently. In short – the conference very clearly catered to builders rather than VCs and investors. There is, of course, an important place for all of these folks in crypto, but it’s only at conferences like Devcon that you can still peek at crypto’s founding ethos – equal parts geeky and rebellious. But last week’s conference could not escape its wider context. Institutions and wide swaths of retail are entering crypto, and with their entrance has come scrutiny from governments and regulators. This week’s newsletter will examine one of the potential outcomes of this growing culture war within the Ethereum community. – Sam Kessler |
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Will Censorship Fork Ethereum? |
(Thomas Barwick/Getty Images) |
Ethereum may soon split into two, according to some developers. As the second largest blockchain network vies for mainstream acceptance, it has increasingly fallen under the microscope of governments and regulators eager to tame the platform. The US government’s vision for Ethereum – which involves regulating certain kinds of blockchain apps out of existence – is at odds with some of the core principles that the platform was founded on. Ideas like “censorship resistance” and “credible neutrality” may be thrown out the window as big businesses and average users – folks comfortable with a more heavily regulated crypto experience – enter the Ethereum arena. The most likely path forward for Ethereum, sources tell CoinDesk, may be two versions of the Chain: one regulated, one not. Read the full article here. |
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The following is an overview of network activity on the Ethereum Beacon Chain over the past week. For more information about the metrics featured in this section, check out our 101 explainer on ETH metrics. |
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Disclaimer: All profits made from CoinDesk’s Eth 2.0 staking venture will be donated to a charity of the company’s choosing once transfers are enabled on the network. |
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51% of the blocks produced on Ethereum over the last 24 hours followed OFAC compliance. - WHY IT MATTERS: On Friday, the majority of blocks over a 24 hour period were delivered by relays that screened out transactions associated with Tornado Cash to comply with the U.S. Treasury Department’s Office of Foreign Assets Control sanctions. Uri Klarman, CEO of bloXroute, told CoinDesk: “The fact we reached 51% of blocks excluding OFAC transactions is an important watershed moment, which we should pay attention to.” Read more here.
Ether became deflationary for the first time since the Merge. - WHY IT MATTERS: According to a Coinbase report, ETH became deflationary as more ether was burned verifying transactions than was created in the same period, which led to a reduction of 0.13% in supply over the last week, equivalent to about 4,000 tokens, as of May 13. The rate of new ether creation has fallen by nearly 90% since the Merge. An Ethereum-based token project called XEN triggered ether’s deflationary burn rate when it fueled a large spike in network traffic. Read more here.
Mango Markets exploiter Avraham Eisenberg returned $67 million. - WHY IT MATTERS: Avraham Eisenberg, who says he’s part of the group that drained $114 million from decentralized crypto exchange Mango Markets last week, returned $67 million to the Solana-based decentralized finance hub on Saturday. He tweeted on Oct. 15, “I believe all of our actions were legal open market actons, using the protocol as designed, even if the development team did not fully anticipate all the consequences of setting the parameters the way they are.” The DAO community for Mango Markets will vote in the coming days to decide how to divy up the returned funds. Read more here.
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Valid Points incorporates information and data about CoinDesk’s own Eth 2.0 validator. All profits made from this staking venture will be donated to a charity of our choosing once transfers are enabled on the network. For a full overview of the project, check out our announcement post. You can verify the activity of the CoinDesk Eth 2.0 validator in real time through our public validator key, which is: 0xad7fef3b2350d220de3ae360c70d7f488926b6117e5f785a8995487c46d323ddad0f574fdcc50eeefec34ed9d2039ecb. Search for it on any Ethereum block explorer site! |
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