Welcome to the 67th edition of ‘The Digital Asset Digest’. Today, we’re looking at what lies ahead for Ethereum after this month’s hard fork and how that is trickling out through the entire ecosystem.
“Paxos, a New York-based blockchain infrastructure firm, announced on Tuesday that it has changed the name of its stablecoin from “Paxos Standard’ to “Pax Dollar,” and that the token’s ticker symbol will become USDP.”
“Institutional crypto investment products saw their first week of inflows since May, and it hasn’t been bitcoin leading the way this time.”
Source: The Block
“Crypto exchange Kraken is donating $250,000 to teams that are working on Ethereum’s 2.0 upgrade. The upgrade is designed to help the blockchain scale and is being implemented over the next few years.“
Source: Bitcoin Magazine
“Bitcoin infrastructure firm Blockstream has announced a $210 million Series B financing round led by investment management company Baillie Gifford and iFinex. “
“In an interview with CNBC’s Street Signs Asia released Tuesday, Sam Bankman-Fried expressed optimistic caution surrounding the pace of nonfungible tokens’ (NFT) growth over the last year, warning investors that they could become vulnerable to the volatile market dynamics if improperly educated in the space.”
INDUSTRY WIDE SNAPSHOT
Despite the debate, there’s no denying the fact that stablecoins like Tether are immensely popular. At the time of writing, Tether’s combined market value is over $64 billion, making it the fifth most valuable digital asset.
Others, such as Dai and USDC, are quickly gaining ground. Meanwhile, corporations and sovereign nations have also launched stablecoin experiments in recent years. This asset class is here to stay, which is why the community should take a closer look at the challenges it faces and its future prospects.
EXPLORING NEW IDEAS
Earlier this month, Ethereum implemented a major update to its platform that reconfigures much of its tokenomics. The implementation was successful and is a clear sign that the world’s second-largest blockchain project has the capacity to evolve and stay relevant as the industry matures.
Here’s a look at how complicated this hard fork was and what lies ahead for the Ethereum community.
TOKEN OF THE WEEK
The brainchild of Ari Meilich and Esteban Ordano, Decentraland was launched in 2015 as a grid that allocated users’ pixels through a proof-of-work algorithm. The blockchain project is based on Decentralized Autonomous Organization (DAO) principles, meaning the larger community is allowed to participate in the project’s governance.
A snapshot of Bitcoin’s spot price as of this writing is $49,092.81 representing 10.64% increase in the last seven days and 13.29% increase in trading volume. The 30-day volatility of BTC is 54.14%. Bitcoin remains the top cryptocurrency trading with a support at $45,300 and resistance at $51,500.
ETH is trading at $3,301.25 as of this writing, representing a 24-Hour decrease of 2.09%, and 30-day volatility of 66.53%. Over the last 24 Hours, the trading volume decreased by 1.24%. As of today, ETH holds 19.84 % of the cryptocurrency market, making it the second-largest coin traded.
THIS WEEK’S DEEP READ
“Much of traditional finance still believes DeFi is too risky and not worth the bother, writes Ilia Maksimenka of PlasmaFinance. Are these perceptions accurate?”
And that’s all for this week! As a final note, we just released a new report on Decentraland in conjunction with Metaverse Properties. You can download it here.