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| Breaking down Ethereum 2.0 and its impact on crypto markets By Teddy Oosterbaan October 6, 2021 Sponsored by ETH Price -1.83% $3,404.33 Market Cap $399.90B Volume (24H) $20.33B (As of 10/04/21 @ 19:50 UTC. ETH price % change over 24 hours.) If you were forwarded this newsletter and would like to receive it, sign up here.
October marks the beginning of the fourth quarter and perhaps an end to the crypto market’s fifth annual September Dump.
More importantly, I am excited to announce the release of CoinDesk Research’s Q3 Quarterly Review, containing data-driven analysis on Bitcoin, Ethereum, DeFi and NFTs from research associate George Kaloudis and myself.
While digging through the aftermath of EIP 1559, I realized that the upgrade was more multifaceted than I once understood. CoinDesk columnist Nic Carter had pointed out that EIP 1559’s design changes are “inherently political’ and that they pit blockscape consumers, token holders and miners against each other. While this could be true on a case-by-case basis, I don’t believe it captures the overall sentiment of any class of Ethereum stakeholders.
Can the newfound scarcity narrative have a long-term positive impact on the price of ether? Should miners be upset if they generate similar revenue through block rewards alone? Again, I believe it is too early to assert any final takeaways from the upgrade, which I am most likely guilty of doing myself.
If you are interested in further analysis around EIP 1559, MEV, DeFi and more (like Bitcoin), take a look through our Quarterly Review, and feel free to reach out and engage with George and me by responding to this email.
Welcome to another edition of Valid Points.
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 Soldex.ai Soldex.ai is attempting to make the trading of crypto more accessible and straightforward with the use of artificial intelligence. Currently, new users must learn about markets and the assets they want to trade, adding to the barriers of getting started. The decentralized exchange, Soldex, is eliminating these barriers by giving traders the capabilities to use AI-powered trading algorithms developed by users. Beyond its innovative AI trading capabilities, Soldex offers many additional features over other DEXs. Since it is natively built on the Solana blockchain, it resolves many of the infrastructure issues apparent in older systems. It is relatively quick and cheap to use compared to anything built on Ethereum. Using Soldex exchange Traders will have the possibility of 24/7 trading and receiving maximum results. Later on developers will be able to lend the trading bot for success commissions. This would provide the community with incentives for further development of Soldex AI through voting rights.
A new era of trading has began. Be part of the Soldex community and join the private sale. To participate you can visit soldex.ai or contact [email protected]
Validated takes Compound’s founder, Robert Leshner, calls into question the ethos of decentralized finance (DeFi) after an $80 million dollar bug. BACKGROUND: A bug in Compound’s smart contracts allowed certain users to claim massive COMP rewards. Leshner briefly threatened to turn the receiving addresses over to the IRS, only to revoke the statement after strong backlash from the community. The incidental bug provoked questions on how the DeFi industry should be governed, if not by law.
AXS peaked at $155 after Axie Infinity’s revenues fell 40% in September. BACKGROUND: Arguably the most popular play-to-earn game, Axie Infinity announced an airdrop to long-time players, launching their governance token to new highs. AXS has an over $8 billion market capitalization, and the protocol earned $721 million during the third quarter, showing the potential for NFT-based gaming models.
Polygon flipped Ethereum in active user addresses after growing from 200,000 to nearly 600,000 during September. BACKGROUND: Users have scrambled for scalability throughout the last year as transaction fees on Ethereum’s layer 1 remain costly. Polygon has attracted over $4 billion in Total Value Locked (TVL) alongside a slew of new users shortly after announcing its merger with Hermez.
DeFi and NFTs collide as NFTfi looks to help collateralize art, collectables and more. BACKGROUND: NFTs and tokenization have helped create a liquid market for art that was once not very tradable (or valuable). Collateralized NFTs could allow for users to leverage against their NFT holdings, in what could be described as a digital pawn shop. NFT collateralization is a precursor to the tokenization of real world assets, highlighting the capital efficiency tokenizing could bring to other non-liquid markets.
A message from Breaking News: Our good friends at Masterworks just joined the unicorn club! They completed a $110M Series A and we couldn’t be happier for them. With 215,000+ investors signed up and over $250,000 AUM, they are the undisputed juggernaut of the art market.
While there are over 11,000 crypto exchanges, Masterworks is the only platform taking on this multitrillion-dollar asset class.
Valid Points subscribers get priority access to the unicorn’s latest offerings*
*See important disclosures
Factoid of the week
As crypto adoption accelerates, so too does demand for academic research and teaching. Rigorously researched, here are the Top Universities for Blockchain by CoinDesk results. This year’s ranking rates 220 schools internationally, expanding the sample from just U.S. schools last year. View the top institutions.
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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