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Will Polygon still be necessary after Ethereum 2.0 is live?

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The buzz around the much anticipated Ethereum update has been circulating in the crypto community for a while now. Phase 0 launched in December 2020, with Phase 1 and 1.5 scheduled for 2021. The final release and full adoption, Phase 2, will drop sometime in late 2021 or 2022.

As per the 2021 awaited release, it will start the integration of the PoS shard chains. With the commencement of these upgrades, how does it impact other tokens? Especially Polygon (MATIC).

Polygon is a Layer-2 (L2) scaling solution designed to improve the adoption of Ethereum blockchain. It successfully tackled the rising issues with ETH adoption such as network congestion, slow transaction speeds, and low throughput. This has often led to high transaction fees (gas fees) for users. As per CoinGecko, the coin ranked #1 in the top 30 trending coins.

Will Polygon still be necessary after ETH 2.0 is live? This was one of the topics of discussion in a recent Unchained Podcast. Jaynti Kanani, co-founder, and CEO of Polygon was quick to acknowledge this question.

Currently, ETH supported around 1.5 million transactions/day whereas Polygon, can tackle around 7m transactions/day. With increasing demand and scalability around the incoming upgrade, the transaction numbers will surge. With that, Kanani added “So will the possibility of getting jammed whilst the network is live.”

He further compared the development to the analogy of Uber/Ola scenario in India. The demand, before the pandemic, went off the charts however the supply didn’t meet the expectations. Binance too suffered a similar setback a few days ago; a possible demand surge. He added:

“I’m 100% sure ETH 2.0 will get jammed in a few weeks with the demand.”

One needs to ask the same question. If Ethereum was going to become the fundamental settlement layer of the world that even 3,200 tps was a good enough scalability?

Source: Nansen

To that hypothesis, Kanani replied,

“No, absolutely not. Let’s think of it as the supply of scalability. At the moment it goes up on Ethereum, the demand is already there. It will grow immediately and you will end up with the same bottlenecks.”

Ethereum 2.0 is set to become 64 times more scalable than ETH is now, BUT,

“…the demand is 1,000 X than where we are. You will need L2 scalability.”

Matic, at the time of writing, was trading at the $1.38 price mark. Having said that, the coin has had a lot of success in recent times, especially in the investment aspect. Mark Cuban invested a significant undisclosed amount following MATIC’s 9000% price hike so far this year.

Future plans

With regard to the network’s upcoming updates, Kanani stated “We’re doing Optimistic Rollups, zk-rollups, data-availability chains, Polkadot-like substrates, standalone chains where teams can come and create their parachains that connect back to Ethereum.”


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Source: https://ambcrypto.com/will-polygon-still-be-necessary-after-ethereum-2-0-is-live

Blockchain

$45B Asset Manager GoldenTree Has Reportedly Bought Bitcoin

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GoldenTree Asset Management, a US asset management giant with $45B in AUM, has reportedly purchased portions of the primary cryptocurrency. The move aims to diversify some of the organization’s already existing strategies.

  • Founded over two decades ago, GoldenTree is an asset manager headquartered in New York City with offices in numerous other important financial cities such as London, Singapore, Tokyo, and Sydney.
  • According to a report by The Street, the institution has dipped its toes in the cryptocurrency industry by purchasing an undisclosed amount of bitcoin.
  • Citing two sources familiar with the matter, the coverage indicated that putting BTC on the balance sheet will work as a diversifier for the “broad mix of debt-focused strategies it has run for years.”
  • Furthermore, GoldenTree has reportedly had internal discussions to establish a dedicated team responsible for its cryptocurrency investments.
  • With GoldenTree, the number of large asset managers showing an appetite for bitcoin keeps growing.
  • The most prominent name has to be BlackRock. The world’s largest asset manager dabbled with BTC through CME and reported gains of $360,000 in April this year.
  • Stone Ridge, another Wall Street behemoth, filed to add the cryptocurrency to its diversified alternatives funds.
  • This trend expanded outside of the US as well, with the Israeli company – Altshuler Shaham – buying BTC through the Grayscale Bitcoin Trust.
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Source: https://cryptopotato.com/45b-asset-manager-goldentree-has-reportedly-bought-bitcoin/

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Wealthfront to Offer Cryptocurrency Exposure to its Clients Through Grayscale

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The financial institution Wealthfront announced it would expand its menu of digital asset investments by including Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE). Additionally, the company would provide more solutions to its customers with cryptocurrencies different than BTC and ETH.

Wealthfront Customers Can Now Invest in GBTC and ETHE

The California-based investment provider Wealthfront with more than $25 billion in assets under management, revealed in a recent blog post that its users can now diversify their portfolios by allocating funds in Grayscale Bitcoin Trust (GBTC) and Grayscale Ethereum Trust (ETHE).

The clients would neither need wallets to take advantage of the service nor be required to open an account in a cryptocurrency exchange.

However, Wealthfront warned that such investments can be risky and more volatile than most ETFs and would limit the initiative. With that being said, investors would not be able to allocate more than 10% of their total portfolios into GBTC or ETHE.

The company also expanded its menu of ETFs and assured its nearly 440,000 users that soon it would offer even more cryptocurrency options:


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“For example, you can now choose from a bigger selection of ARK ETFs, pick ETFs that are specific to industries like cannabis or self-driving cars, or choose from a larger pool of socially responsible investments. The choice is yours.”

GBTC Can Surpass The Largest Gold ETF

Grayscale is the largest digital asset manager that enables institutional investors to receive exposure to various cryptocurrencies without having to worry about storing or managing their funds. The company has enjoyed a massive increase in clients in the past year and a half, with GBTC taking the most substantial portion.

In fact, the growth of the Bitcoin Trust prompted some to believe that it could actually surpass the SPDR Gold Shares (GLD) – the largest gold-tracking ETF.

The difference between the two was significant in the middle of last year when the GLD was riding high with its AUM exceeding $80 billion while the GBTC was struggling beneath $5 billion. Yet, as institutions opened their minds to bitcoin and started accumulated massive portions, the gap began to close. At the end of 2020, the Grayscale Bitcoin Trust skyrocketed to about $20 billion.

2021 started even more impressively for GBTC as its AUM neared $40 billion. Somewhat expectedly, this expansion caused many experts to believe that the Grayscale Bitcoin Trust can soon outweigh the GLD.

However, according to a recent analysis, institutional demand for Bitcoin and Ethereum investment products has  started to slow down, and surpassing the SPDR Gold Shares now seems less likely:

“Between observations of the GBTC premium, net outflows from the combined Purpose and QBTC ETFs, and a stagnant Coinbase balance, institutional demand appears to remain somewhat lackluster.”

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Source: https://cryptopotato.com/wealthfront-to-offer-cryptocurrency-exposure-to-its-clients-through-grayscale/

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eToro Listed Shiba Inu (SHIB) While ShibaSwap TVL Drops Almost 80% in Two Weeks

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The multi-asset investment platform, eToro, which plans to go public later this year, has listed Shiba Inu (SHIB). The company argued that the decision came following substantial demand from customers.

  • Founded in 2006, eToro is an Israeli social trading and multi-asset brokerage company with offices in several European countries, the US, and Australia.
  • The firm announced the listing of Shiba Inu (SHIB) in a press release shared with CryptoPotato. The statement reads that the addition has come due to “strong customer demand.”
  • Users of eToro will be able to interact with the popular meme coin as “Shiba (in millions),” which is a “lot” of one million Shiba Inu units. According to the statement, this would provide customers with a “clearer understanding of the pricing in a regular, two-decimal-point format.”
  • The company recently outlined plans to go public later this year. It would become possible after a merger with a Special Purpose Acquisition Company (SPAC) with a total valuation of over $10 billion.
  • Back in May, eToro also listed arguably the most popular meme coin – Dogecoin. Shortly after, DOGE pumped to an all-time high at that point of about $0.5.
  • SHIB saw its record price in mid-May as its popularity skyrocketed. However, it has declined by more than 80% since then, even though the recently launched ShibaSwap DEX attracted billions of dollars in total value locked in just a few days after the launch.
  • However, the TVL has declined by nearly 80% since then to around $400 million as of writing these lines, according to data from DeFiLama.
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Source: https://cryptopotato.com/etoro-listed-shiba-inu-shib-while-shibaswap-tvl-drops-almost-80-in-two-weeks/

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