The Last Fortnight in Crypto - August (Part 3)
LATEST NEWS
The Ethereum Merge Has an Official Kick-off Date
The Ethereum Foundation disclosed the long-awaited Merge upgrade to a proof-of-stake will kick off on Sept. 6 via the Bellatrix upgrade. The Paris upgrade will follow and shift Ethereum mainnet to proof of stake once a specific value hits—anywhere from September 10-20.
Crypto Payments Picking Up Steam
Mastercard and Binance teamed up to bring crypto purchases to 90M merchants with an initial pilot in Argentina. It follows last week's announcement by Strike, who unveiled their new Visa card.
Ethereum co-founder Viktalik Buterin believes cryptocurrency payments are going under the radar.
People continue to underrate how often cryptocurrency payments are superior not even because of censorship resistance but just because they're so much more convenient.
— vitalik.eth (@VitalikButerin) August 24, 2022
Big boost to international business and charity, and sometimes even payments within countries.
Australian Government Announces Stance on Crypto
The new Labor government unveiled its much-awaited stance on crypto, opting to define the market in a token mapping' exercise before any regulation. The Australian crypto industry eagerly awaits the government's digital asset analysis, which promises rules unlike "anywhere else in the world".
Coinbase Announces Staking Token for Ethereum
Coinbase is adding support for Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network. cbETH represents ETH staked through Coinbase, which can be traded on the platform.
Coinbase will add support for Coinbase Wrapped Staked ETH (cbETH) on the Ethereum network (ERC-20 token). Do not send this asset over other networks or your funds will be lost.
— Coinbase Assets (@CoinbaseAssets) August 24, 2022
What is cbETH? Let’s dive in 🧵👇 pic.twitter.com/n3Dp4OA6HO
Crypto Market Cap Hits 8-week High
Crypto markets remained stable as the total market cap hit a 2-month high (BTC -2% and ETH +1%). Although markets slid after Federal Reserve minutes hinted another 75 basis point increase is on the cards for September.
Ethereum Centralisation Concerns
Due to Tornado Cash sanctions, USDC issuer Circle froze sanctioned addresses, while DeFi front ends blocked users.
The move generated significant debate about Ethereum's centralisation—specifically the power stablecoin issuers have over the network and the ability for validators to be sanctioned.
The move sparked a controversial proposal by a MakerDAO co-founder to change DAI's (largest crypto-native stablecoin issued by MakerDAO) collateral from USDC into ETH. The idea has split the community.
MakerDAO founder Rune Christensen has urged members of the DAO to “seriously consider” preparing for the depeg of its Dai stablecoin from the United States dollar. https://t.co/bNbr59HcKJ
— Cointelegraph (@Cointelegraph) August 12, 2022
Another Week, Another Massive DeFi Exploit
Acala Network's aUSD stablecoin depeged ~99% due to a hacker issuing >$1B aUSD. aUSD has almost recovered its peg after Acala passed a community vote to burn the hacked funds—2022 has been a record year for cryptocurrency hacks and thefts.
More Celcius Controversy Emerges
The struggling lender is reportedly in ~$2.8B of debt—up from initial claims of $1.2B—with fears they'll run out of money by October. It comes as Canadian regulators are probing the failing lender and revelations Celsius CEO Alex Mashinsky reportedly "took control" of trading strategy months before bankruptcy.
Some shining light is Celsius claims it's received several cash-injection offers and a judge allowing the sale of mined bitcoins to find operations.
Alex Mashinsky took control of Celsius trading strategy months before bankruptcy https://t.co/AnydQiZLCC
— Financial Times (@FT) August 16, 2022
Checkout our Content Partner
For more quality information like this, subscribe to our content partner Collective Shift. Get 20% off membership with code: BAMBOO
