Krystal Newsflash (11th Nov 2022)
Welcome to our recap of the major stories in the crypto world! This could possibly be one of the craziest weeks in crypto, and apart from the collapse of FTX, here’s what else that happened over the past week:
New roadmap for Ethereum 🗾
After the successful Merge, Vitalik Buterin has announced some changes to Ethereum’s roadmap:
The most notable change to this roadmap is a new section: the Scourge.
This aims to:
- Ensure reliable and credibly neutral transaction inclusion
- Avoid centralisation and other protocol risks from maximal extractable value (MEV)
Censorship of Ethereum has become a rather hot topic, especially since Ethereum has arguably become more centralised with the transition to Proof-of-Stake.
You can check out why this is of great concern for Ethereum’s future here.
New breakthroughs for Solana ☀️
Solana’s Breakpoint event included some major announcements for this blockchain network.
Google Cloud has announced a huge partnership with the network,
which includes the likes of:
- Running a validator on the network
- Providing the infrastructure to run a dedicated Solana node in the cloud
- Adding BigQuery support for Solana’s historical data
Google Cloud has also partnered up with Solana’s new competitor, Aptos.
What’s more, the pre-production Solana phone will start shipping to developers in December.
However, all of this could not have come at a worse time. Solana has heavy links with FTX and Sam Bankman-Fried (SBF), and this has led to the SOL token plummeting in price as users rushed to unstake and dump their SOL.
If you’re still ‘in it for the tech’, did you know that Krystal supports the Solana network? Our mobile app supports both Solana and 10 other EVM-compatible networks so that you truly can harness the power of multichain!
Circle 🤝 BlackRock
A Circle Reserve Fund has been created by BlackRock to manage USDC’s reserves.
The ‘short-term Treasury’ component of Circle’s assets will be phased into the fund.
Eventually, Circle’s Chief Financial Officer, Jeremy Fox-Geen, “hopes to see the cash portion of Circle’s reserve eventually held at the Fed”.
This may be a good sign that stablecoins are receiving greater regulatory recognition, particularly since this fund created by BlackRock is regulated by the SEC.
However, this also increases the centralisation risks of USDC. With Circle’s reserves now in control of BlackRock and the Federal Reserve, there could be more stringent rules if we decide to cash out our USDC for USD.
Digital Euro soon? 🇪🇺
The European Commission will be proposing new legislation for a digital Euro, to enable this digital currency for citizens and businesses.
Central Bank Digital Currencies (CBDC) are the latest trend as governments scramble on board to release their own digital currency.
Multiple Euro stablecoins are already in circulation (EURC, EURT, EURS), but the European Commission would want greater control over this currency with their very own CBDC.
Layoffs are rampant 😕
As the market sentiment continues to be bearish, Coinbase has laid off another 60 members.
However, this pales in comparison with the layoffs that are being done by tech companies.
After Elon Musk’s acquisition of Twitter, he announced that thousands of staff will be laid off.
You can find out how Elon Musk’s acquisition of Twitter impacts crypto and Web3 here.
Meanwhile, Meta has laid off a whopping 11,000 employees.
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