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Valid Points: New Year, New Price Gains For ETH

Bullish price activity has tipped the total value of ETH locked into Ethereum 2.0 past $2.4 billion.

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Bullish price activity has tipped the total value of ETH locked into Ethereum 2.0 past $2.4 billion. Find out what other network metrics have been impacted by ether’s latest price gains.
https://www.coindesk.com/new-year-new-price-gains-eth

It’s safe to say that 2021 is off to a great start for Ethereum. 

Since ringing in the new year on January 1, the price of ether (ETH), the native cryptocurrency of the network, has appreciated 48% and surpassed the threshold of $1,150 for the first time since January 2018. 

On Ethereum 2.0, a higher ETH price means higher earnings for validators. However, it also means a higher barrier to entry for users wanting to become new participants of the network through purchasing and depositing 32 ETH.

(Data as of 1/5/2021 @ 18:20 UTC)
Source: Etherscan

While rewards earned by Ethereum 2.0 validators have stabilized over the last two weeks to around 0.008 ETH/day, the market value of these earnings has continued to rise from roughly $5 to now $8/day. Bullish price activity has also tipped the total value of ETH locked into the network past $2.4 billion as of Jan. 5, 2021. 

As of last Wednesday, Dec. 30, over 1,000 new validators have locked funds into the Eth 2.0 deposit contract, all of which will begin earning rewards in a few weeks time. The validator queue is currently at 17,425 meaning anyone that joins Eth 2.0 now by staking 32 ETH (worth roughly $32,646 at time of writing) will have to wait up to 20 days before they’re able to do anything on the network. 

Number of New Ethereum 2.0 Validators
Source: Glassnode

For the 51,000 validators that have already been admitted, the vast majority of these participants are taking full advantage of their roles proposing, attesting and voting on blocks. The network participation rate, which measures the percentage of eligible validators that are online and actively helping progress the blockchain, has hovered consistently between 96% to 99% since mid-December. 

The CoinDesk Eth 2.0 validator is not yet among these active validators, however, we will be soon! More information to come about our setup over the next few weeks. 

New frontiers

Monday, one of the bullish arguments for Ethereum as both a platform and an asset (ETH) was produced by none other than a federal regulator.

According to the Office of the Comptroller of the Currency (OCC), national banks and federal savings institutions can now use public blockchains as settlement mechanisms – particularly for stablecoins.

The news was front-run by not only some of the highest Ethereum gas fees in the last calendar year – which hosts the majority of dollars circulating in the $30 billion stablecoin market – but also a giant one day leap in the price of ether (ETH). The asset climbed some 30% to over $1,000 for the first time since the coin’s 2018 bull market. 

So, what does that mean for Ethereum? Demand for blockspace on Ethereum is high, as is demand for ether, the asset. Some of the recent price action can be explained by institutional pressure, Antoni Trenchev, co-founder and managing partner of Nexo said in a statement.

“Ethereum at $1K is no nine-day wonder. With bitcoin’s skyrocketing prices, institutional investors are hard-pressed to diversify their portfolios,” he said.

But it’s not all FOMO. Indeed, ether has risen to parity or even surpassed bitcoin (BTC) in terms of daily settlement, according to Money Movers.

That’s good for the network even if frustrating for decentralized finance (DeFi) degenerates, as Castle Island Ventures co-founder Nic Carter pointed out in a recent CoinDesk op-ed

To summarize Carter, using the “world computer” costs ether, which will push Ethereum towards the most productive activities. Stablecoins are likely to be one of those activities given the cryptographic advantage (such as verifiability and permissionless) each dollar-pegged token has over current digital alternatives. If it’s not able to, then either another blockchain will take its place or the idea of the private dollar will have to find another means of market entry. 

A surge in stablecoin activity is one possible outcome from the recent OCC guidance. Is Ethereum ready to handle billions more dollars in assets, contracts and users from stablecoins, becoming a competitor to ACH and SWIFT?

The short answer is no. That’s why Eth 2.0 – a project begun before the Ethereum genesis block was mined back in 2015 – is so important: Ethereum cannot become a platform for decentralized applications (dapp), let alone finance, without a scaling solution.

In that sense, betting on Ethereum and Eth 2.0 is an investment in public blockchains that support various economic activities like stablecoins.

“Unlike BTC, however, ETH lacks a digital gold narrative and is instead a fresh target for a different breed of institutional investor – one interested in its long-term technological promise, revived by the launch of ETH 2.0,” Trenchev said.

Validated takes

  • What’s new in Ethereum 2.0 (HackMD post, Ben Edgington)
  • Ether price passes $1,150 to hit highest since January 2018 (Article, CoinDesk)
  • Looking back on a monumental year for crypto (Article, CoinDesk)
  • NFT art sales reach all-time high of $8.2 million in December (Article, CoinDesk)
  • Monthly Crypto Market Review December 2020 (Report, Kaiko Research)
  • 2020 Year In Review (Blog post, Quantstamp)
  • What is yearn.finance? (Video, The Defiant)
  • Endnotes on 2020: Crypto and Beyond (Blog post, Vitalik Buterin)

Factoid of the week

Factoid of the Week Jan. 6

Sign up to receive Valid Points in your inbox, every Wednesday.

We’ll soon be incorporating data directly from CoinDesk’s own Eth 2.0 validator node in our weekly analysis. 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.

Disclosure

Source: https://www.coindesk.com/new-year-new-price-gains-eth

Blockchain

Government Blockchain Week Story

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From September 27- October 1 of 2021, the Government Blockchain Association, GBA, will be bringing together blockchain enthusiasts from around the globe for their big event, Government Blockchain Week in Washington DC.

In spite of the ravaging of COVID-19, the GBA is planning to hold this event live in many of the iconic buildings of the Capital City. The September week will be the third time that this event has been moved farther into the future in hopes that when Government Blockchain Week finally happens, attendees will have no fears of contracting the virus.

The week will begin with a Blockchain Foundations class on Monday, along Embassy Row at the British Embassy’s Rotunda building. At the same time, Blockchain Use for State and Local Governance will be held at the Attorney General’s Office downtown.

On Tuesday, a DC government agency building will host the Blockchain, Innovation & Economic Growth with Pitch Competition. Competitors from around the globe will be pitching their blockchain solutions to a panel of investors and government policymakers. Prize money, as well as the chance to advance to the World Business Angels Investment Forum world competition is at stake. The winners will be chosen at the end of the day.

While this is going on, the Department of International Trade UK at the British Embassy will host Blockchain, International Trade and International Aid.

On Tuesday evening, attendees can purchase tickets for Blockchain Ambassadors, held at the historic Whittemore House, for an evening to network under the stars. This cocktail party, the first of 3 Evening Receptions, will feature strolling musicians, parlor talks in the grand rooms of the mansion, catering fit for a President, networking in Eleanor Roosevelt’s library, finishing off with brandy and cigars out on the patio as the evening comes to a close.

Wednesday will be a day full of cryptocurrency and cybersecurity. Beginning with the Legal, Law Enforcement and Cybersecurity Forum happening in tandem with the Money, Banking and Cryptocurrency Forum. Guests will agonize over which one to attend, because they will miss the other.

In the late afternoon, selected guests will be invited to the FinTech Round Table, hosted by the Embassy of Bahrain. This invitation only meeting of the minds will allow banking regulators and finance policymakers a chance to meet and discuss the changes that are happening in their industry.

On Wednesday evening, on the rooftop of the International SPY Museum, the GBA will host CryptoNite, and electric, black tie event filled with intrigue and drama. Words cannot describe what CryptoNite is. You just have to be there. This is the second of the 3 Evening Receptions.

On Thursday and Friday, the big guns of the Speakers’ list will show up at the Congressional Auditorium of the US Capitol where GBA will host their 2-day flagship event, The Future of Money, Governance, & The Law. During these two days, global leaders in blockchain, finance, cryptocurrency, government, and law enforcement will discuss where and how blockchain will dramatically change their industry. During the 2 days at the Capitol, GBA will host their

Annual Achievement Awards,

and a Digital Art Show.

On Thursday night, on the rooftop of Capital View 400, the guests of Government Blockchain Week can purchase tickets to attend the

Inventors and Pioneers Evening Reception.

For centuries, inventors and pioneers have shaped and impacted the whole of humankind. On this night, we celebrate the inventors and pioneers of the 21st Century who will impact the decade and the century to come. This final Evening Reception will be a great celebration of a monumental week, overlooking the dome of the Capitol under a sky full of stars.

Government Blockchain Week, September 27 through October 1, 2021, will be packed with forums, presentations, competition, awards, art, parties, and most of all, powerful and impactful networking. Anyone who hopes to make a stand in blockchain technology will benefit by attending this monumental event.

Author Bio

Kathy Dache’ is the Events Director of the Government Blockchain Association (GBA). She has over 30 years of training and events experience. She co-founded a blockchain professional networking group in 2016 and helped launch the Government Blockchain Association in 2017. She has conducted extensive research on blockchain and cryptocurrency topics including economic analysis, financial systems, and the impact of cryptocurrency adoption on governments. She has developed presentation and training materials on blockchain use in healthcare, identity management, supply chain management and many others. She has also been the GBA liaison for GBA speakers and dignitaries. Her passion is graphics and art.

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Blockchain

Wall Street Bets ‘Chairman’ Tweet Sends Dogecoin (DOGE) Soaring 85% in Hours

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The price for the popular meme coin, Dogecoin (DOGE), went flying today. The cryptocurrency skyrocketed by almost 90% in just a couple of hours after the ‘Chairman’ of the now popular Wall Street Bets group tweeted about it.

  • About a couple of hours ago, the ‘Chairman’ of the popular Wall Street Bets group asked whether or not DOGE has ever been trading at $1.
  •  After the Tweet went live, DOGE’s price went for the skies. The cryptocurrency soared by about 85% in a matter of hours and reached an intraday high at around $0.0145. The price has since corrected, but it appears that there’s still momentum in the market.
  • The reason for this excitement is what recently happened with the stock price of GameStop.
  • The Wall Street Bets group on Reddit saw more than 2 million people joining it with the common cause of buying GME stock against the trades of Wall Street hedge funds, who have been shorting it.
  • Not long after that, the price soared by up to 600%, causing mayhem on Wall Street and even getting one large hedge fund out of its position for what was reported as a massive loss.
  • The entire ordeal even saw the CEO of NASDAQ say that they would potentially halt trading in case of increased social media chatter.

“When we evaluate how we would manage through a situation where you see a significant run-up with a stock that is not based on news or fundamentals, we have technology that evaluates social media chatter, and if we see a significant rise in the chatter on social media channels and we also match that up against unusual trading activity – we will potentially halt that stock.”

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Source: https://cryptopotato.com/wall-street-bets-chairman-tweet-sends-dogecoin-doge-soaring-85-in-hours/

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Blockchain

Reddit Doubles-Down on Blockchain: Partners With The Ethereum Foundation

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The giant social media platform Reddit has doubled-down on its blockchain and cryptocurrency involvement with a new partnership with the Ethereum Foundation. As a result, Reddit plans to utilize the Ethereum network to create larger-scale applications like the Community Points introduced last year.

Reddit Doubles-Down On Blockchain

CryptoPotato reported last year that the San Francisco, US-headquartered platform launched Community Points as tokens built on the Ethereum blockchain. Users from two subreddits, namely r/CryptoCurrency and r/FortNiteBR, were able to receive the ERC-20 coins and spend them on various services, such as membership purchases or voting on polls.

Reddit asserted that the points will be a measure of reputation and contribution within each of the communities. Earlier, a platform administrator going by the handle u/jarins reaffirmed the relationship between Reddit and the blockchain space with a fresh partnership with the Ethereum Foundation.

“In this new stage of our partnership, immediate efforts will be focused on bringing Ethereum to Reddit-scale production. Our intention is to help accelerate the progress being made on scaling and develop the technology needed to launch large-scale applications like Community Points on Ethereum.”

Furthermore, the post explained that the Ethereum choice was rather apparent as Reddit was looking into exploring an open-source and publicly available scaling technology.

An Increasing Commitment To Blockchain

The post highlighted that the most recent initiative with Ethereum is a step to increase the platform’s “commitment to blockchain,” which should help bring “the value and independence of blockchain technology to millions of Redditors.”

Consequently, Reddit has established a designated Crypto Team and is looking for “engineers who want to build the decentralized Internet.”

Aya Miyaguchi, the executive director at the Ethereum Foundation, also commented on the new partnership. She noted that the team behind the second-largest cryptocurrency by market cap continues to “be impressed with Reddit’s vision, and by how it maintains its culture and philosophies, which were key in forming this relationship.”

Additionally, representatives of both parties plan to host an online session to answer users’ questions.

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Source: https://cryptopotato.com/reddit-doubles-down-on-blockchain-partners-with-the-ethereum-foundation/

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