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Breaking down Ethereum 2.0 and its impact on crypto markets By Teddy Oosterbaan September 21, 2021 Sponsored by ETH Price -9.00% $3,023.76 Market Cap $354.87B Volume (24H) $29.10B (As of 9/21/21 @ 1:13 UTC. ETH price % change over 24 hours.) If you were forwarded this newsletter and would like to receive it, sign up here.
The term “DeFi Summer” was coined after the birth and success of governance tokens and “yield farming” in the dog days of 2020. Ethereum as a network found success in hosting decentralized exchanges, lending markets and the occasional ponzi.
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Pulse check
The following is an overview of network activity on the Ethereum 2.0 Beacon Chain over the past week. For more information about the metrics featured in this section, check out our 101 explainer on Eth 2.0 metrics. 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.
A message from Masterworks.io Pop quiz hotshot: you have $100,000. What do you invest in? A jpeg of a rock 395,871 DOGE A Banksy painting
Bloomberg asked the foremost financial bros on Wall Street, and they overwhelmingly recommended alternatives—like art. Investing in iconic works of art that sell for tens of millions sounds like a better deal than jpegs and joke coins. In fact, 72% of private banks offer art investing services to their clients. You know, people who actually do this stuff for a living. Hundreds of investors already cashed in a 32% return on a Banksy painting using this art investment platform.
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Validated takes OpenSea’s head of product stepped down after being accused of profiting on insider information. BACKGROUND: The transparent nature of blockchains allowed users to catch an in-house trading scandal at OpenSea and led to the departure of Nate Chastain. He purchased non-fungible tokens (NFTs) before OpenSea listed them on their front-page and sold them for a profit of 19 ETH.
‘0xMaki’ stepped down as the project lead of Sushi and moved into an advisory role. BACKGROUND: 0xMaki played a large role in keeping Sushi alive after a humble beginning and a rug-pull from founder, Chef Nomi. The market reacted poorly to 0xMaki’s announcement, highlighting his importance to the DeFi project.
Coinbase moved away from crypto lending products after a dispute with the U.S. Securities and Exchange Commission (SEC). BACKGROUND: The SEC warned that a crypto-based lending product could be deemed a security. The SEC’s disapproval highlights the need for decentralized lending markets and could drive further adoption of lending applications like Compound and Aave.
OpenSea “soft launched” a mobile app that will allow users to interact with their own collections and the marketplace. BACKGROUND: OpenSea has undoubtedly helped progress NFT adoption and drive new users into crypto. Further improvements in user experience will continue to grow the crypto and NFT markets. The OpenSea team has made no official announcements regarding the launch of the app.
A message from Messari Mainnet is an immersive, agenda-setting annual summit hosted by Messari taking place September 20-22 in NYC. The summit gathers crypto leaders, operators, builders, and investors for three days of future-focused collaboration, networking, and programming. Attendees should expect interactive discussions, hands-on product demonstrations, and one-on-one meeting opportunities with leaders in the space. Learn more by visiting mainnet.events and receive $450 off your pass using offer code coindesk at checkout.
Offer Code: coindesk
Factoid of the week
Financial advisors are taking a cautious approach to bitcoin as client interest in the space increases and new products offer retail investors easier access to this new asset class. As trusted guides, advisors cannot risk falling behind, even if the jury is still out on bitcoin's role in a client's portfolio. At Bitcoin for Advisors 2021on Oct. 6, Michael Kitces and Tyrone Ross share insights from the front lines. Apply today.
Open comms 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 Eth 2.0 block explorer site!
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