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Breaking down Ethereum 2.0 and its sweeping impact on crypto markets By Christine Kim Research Associate August 11, 2021 Sponsored by ETH Price -1.11% $3,134.12 Market Cap $366.76B Volume (24H) $32.37B (As of 8/10/21 @ 19:11 UTC. ETH price % change over 24 hours.) If you were forwarded this newsletter and would like to receive it, sign up here.
Ethereum Improvement Proposal (EIP) 1559 is live on Ethereum. I never thought I’d see the day. Just kidding … Or am I?
I’m your host, Christine Kim. Reply to this email any time with your thoughts, comments or queries. And between reads, chat with me on Twitter.
Welcome to another edition of Valid Points.
– Christine
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.
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New frontiers Bullish ether (ETH) prices and surges in non-fungible token (NFT) trading activity have made up for miner revenue lost as a result of Ethereum Improvement Proposal (EIP) 1559.
Reduced revenue from transaction fees does not appear to have significantly affected total miner revenue on Ethereum. Data from Coin Metrics shows that in the days following EIP 1559 activation, daily miner revenue in USD has increased 7.1% and remains at two-month highs. Part of the reason for persistently high miner revenue levels is the bullish price breakout for ETH, which took off in earnest a day prior to London. Anand Gomes, co-founder of crypto trading platform Paradigm, told CoinDesk in a Telegram chat, “London … is driving this activity [and] it’s mostly institutional.”
Because miners still get rewarded for a portion of transaction fees on Ethereum, a spike in on-chain activity due to an NFT drop or a popular decentralized finance (DeFi) application will boost total miner revenue through increased priority fees.
A message from CoinDesk The dynamic crypto mining industry has been even more active following China's crackdown. The global hashrate has largely shifted to North America, making the U.S. a key mining hub where institutions now take central stage.
Validated takes The first backward-incompatible upgrade, or hard fork, for the Ethereum 2.0 Beacon Chain has been scheduled for activation on a test network later this month. BACKGROUND: Dubbed “Altair,” the upgrade will be released on the Prymont testnet at epoch 6150, expected to hit on Aug. 19. All users who connect to Prymont will need to upgrade their computers, or nodes, in time for Altair activation. However, popular Eth 2.0 software clients such as Prysmatic Labs and Lighthouse have yet to release a software version compatible with the Prymont Altair upgrade.
Blockchain interoperability protocol Wormhole launched its 2.0 release on mainnet this week. BACKGROUND: Wormhole enables transfers of non-native assets between several blockchains including Solana, Ethereum, Terra and Binance Smart Chain. Said to be the “trustless bridge” for easy transfers of tokens to Solana from other decentralized networks, Wormhole is secured by 19 validators.
– Teddy Oosterbaan
Factoid of the week
A message about CoinDesk State
Even though many countries in the Middle East restrict or outright ban activities related to blockchain technology, the region is having its crypto moment. From Dubai’s first-of-its-kind Bitcoin Fund listing to the Bank of Israel’s trial of a digital shekel, interest is picking up in the region as crypto companies work closely with regulators in the Middle East and North Africa (MENA) to gain some clarity about oversight of digital currencies.
Join us as we jet-set through the Middle East on our #CryptoState2021 virtual tour and explore how different markets are thinking about crypto, their roadblocks and challenges, and crypto’s impact on the region.
Register for the Crypto State: Middle East virtual tour on Aug. 11.
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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 Eth 2.0 block explorer site!
I'll be extending today's conversation on Ethereum 2.0 with Consensys’ Ben Edgington in a CoinDesk podcast series called “Mapping Out Eth 2.0.” New episodes air every Thursday. Listen and subscribe through the CoinDesk podcast feed on Apple Podcasts, Spotify, Pocketcasts, Google Podcasts, Castbox, Stitcher, RadioPublica, IHeartRadio or RSS.
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