🐱💻The Merge Is Complete! - TWJ #230
Crypto pushes forward.
Hi folks,
At this point, we’re all aware that the merge is the act of merging the existing Ethereum network with a Proof-of-Work (PoW) consensus with an existing parallel chain that has been running with a Proof-of-Stake (PoS) consensus called the Beacon Chain. It will transition the Ethereum network from PoW to PoS.
Why it matters: Ethereum is the most utilized blockchain with more than $30 billion of value built across decentralized applications built on top of it. ETH is also the second largest crypto asset with close to $200 billion in market capitalization.
The merge will also prove that it is possible to maintain and upgrade a massive decentralized network, further proving that the vision of web 3.0 is feasible.
In today’s issue:
The crypto market is down with its total market cap above ~$900 billion. Celsius (CEL) has been the worst performer in the top 100 in the past 24-h. Biden downplayed the stock market rout after the inflation data.
In other news, Ethereum shifts to Proof-of-Stake, FTX plans to raise more capital, and Coinbase launches a crypto political evaluation feature.
We’re continually improving our content, please reach out if you have ideas or want us to recap another market segment.
- Curated by Marco Manoppo (@manoppomarco)
📰Market News
⎆Ethereum Shifts to Proof-Of-Stake
The world’s most utilized blockchain has activated The Merge and has fully transitioned to Proof-of-Stake.
⎆FTX Plans to Raise More Capital
The crypto giant led by SBF plans to raise more capital to fund its acquisition spree as it aims for a retail-focused deal.
FTX is seeking the same $32 billion valuation it was assigned the last time it raised money early this year if it does a capital raise, the person said. That stands out given the subsequent rout in crypto prices; FTX rival Coinbase (COIN) has seen its stock plummet about 70% this year.
⎆Coinbase Launches a Crypto Political Evaluation Feature
Coinbase users can now evaluate US lawmakers’ stance on crypto policy.
👨🏻💻Decentralized Finance (DeFi)
Ribbon Finance Introduces Ribbon Lend
Apollo DAO Will Close Terra Classic Vault
Nomad Recovery Plan
Major Ethereum Mining Pools Will Back ETHW Mining
Ethereum Classic Hash Rate Soars
BNB Chain and Google Cloud Work Together
Compound Takes Bite of Institutional Crypto Loans Pie
Tron Set to Capitalize on DeFi Boom With Wintermute as Market Maker
🏛Governance - Active Proposals
Fei - TIP-121a (cont.): Sell last LUSD, Timelock and Role Cleanup + La Tribu Clawback
Fei - TIP-121c: INDEX OTC
Gitcoin - Gitcoin // Radicle Public Goods Alliance
PoolTogether - PTIP 81 - Extend ETH/POOL LP on Uniswap V2
Tribe NopeDAO - Veto for TIP_123: Deprecate Optimistic Governance and the Tribal Council
🦮NFT & Metaverse
Final Fantasy Creators Join Oasys Blockchain, Gamers Whine about it
'Proof of Merge' NFTs Will Transform in Your Wallet
NFT Renting Platform Shuts Down, Citing 'Close to Zero Traction'
$70M Art Collection at MoMA To Be Sold, Proceeds Could Fund NFT Buys
Top Sales (Last 24-h); Source: https://dappradar.com/nft
📈Deal Flow & Capital Raise
Synquote - $2.8M Seed Round
Sherlock - $4M Seed Round
Ownera - $20M Series A
Diamond Standard - $30M Series A
North Island Ventures - $125M Investment Fund
⚖️Regulatory Update
South Korean Court Issues Arrest Warrant for Terra Co-Founder Do Kwon
Treasury Blacklists Bitcoin Addresses Linked to Iranian Ransomware Group
SEC Sues 'Chicago Crypto Capital,' Employees for Illegally Selling BXY Tokens
Judge Approves Use of Independent Examiner in Celsius' Bankruptcy Case
📚Noteworthy Reads
DeFi Surfer’s Read on Ethereum is the Better Bet
Jordi Alexander’s Thread on Shorting
QCP Capital’s Thread on Market Update for 15 Sep 2022
Feel free to reach out to manoppomarco@gmail.com — feedbacks and constructive criticisms are much appreciated.