The Merge is a success for Ethereum; the France is 32nd on the cryptocurrency, Starbucks adopted polygon; JPM and the giants of TradFi go to digital assetss… The news of the week.
The Mergehistoric event for a public Proof-of-work blockchain… Ethereum has been in the crypto news all week. It was indeed on September 15 that the network finalized its migration to proof-of-stake. So it’s done and without technical incidents to be deplored (until then). Key in particular: a energy consumption reduced by more than 99.5%, including for NFTs hosted on its blockchain.
The Merge thus relaunching the debate on the energy consumption of the BTC. An environmental campaign group has announced it will spend an additional $1 million on online advertising to ramp up pressure on the community Bitcoin. The purpose: to change the code of the queen of crypto-currencies. Enough to make the maximalists cringe.
France 32nd crypto nation in the world
At the beginning of the year, KPMG and ADAN were pleased with the progress of the adoption of cryptocurrencies speak French. 8% of them had already invested in crypto-assets. And the favorable trend should continue for the rest of the year. But a crisis has interfered in the sector, slowing its development.
According to the latest Global Crypto Adoption Index from chain analysis, there is still a long way to go for France. Globally, it ranks 32nd in terms of adoption. the Vietnamthem Philippines and theUkraine occupy the podium. India and the United States complete the Top 5. However, the slowdown is global. The bear market effect.
KKR, JPMorgan, Fidelity… TradFi in action
How to judge the maturity of the crypto market and blockchain technologies ? Their appropriation by traditional finance players undoubtedly constitutes a preponderant criterion. And in this area, the news was sustained this week, in line with previous months. Example : JPMorgan strengthens its Web3 skills on the payments with two significant recruitments.
KKR, a giant with $471 billion in assets under management, will now allow individual investors to invest in its main private fund. To provide this possibility, the firm has partnered with Securitize and Avalanche to tokenize a fund feeding its HCSG II. At the same time, Charles Schwab, Citadel Securities, Fidelity and Virtu Financial are teaming up to launch a digital asset exchange: EDX Markets. As for the bank DBSshe invests the metaverse The Sandbox for CSR.
Starbucks: coffee and NFT with Polygon
Blockchain use cases focused on loyalty were identified, but still very little implemented so far. A retail heavyweight is about to launch: Starbucks. What democratize this use of digital tokens.
The brand’s Web3 project consists of combining a loyalty program and non-fungible tokens (NFT). Its name: “Starbucks Odyssey”. Based on polygon, it will allow its customers to unlock benefits and earn rewards. To justify this choice of the Ethereum sidechain, Starbucks puts in particular its low carbon footprint.
Ethereum Classic Rush… But Not Gold
The Merge pulled during the summer the price of ETC, an Ethereum fork. The Proof-of-work blockchain has also attracted a growing number of miners. The latter were put on technical unemployment by the successful migration of the public blockchain. With passenger to PoS, miners have to devote their compute resources to other networks, including Ethereum Classic.
Activity on the blockchain is far from requiring such an influx of miners, however. Ethereum Classic’s hashrate has jumped over 300% since the merger, but so have other smaller PoW networks like Raven Coin and ERGO. Problem: this activity is not profitable. The ETC miners today operate “with negative gross margins of 30 to 40%”. Creating a new fork probably won’t be enough for miners either. Still need some uses. And these are mostly on Ethereum.
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