Shanghai is coming

Shanghai is coming

The Fipto Research Team
April 11, 2023

China holding a second day of military maneuvers around Taiwan China this week-end marked the start of another tension week for the US: US inflation, Fed minutes, start of Q1 corporate earnings season and Ethereum Shanghai update are key elements expected in the upcoming days.

Can’t wait

The Shanghai Upgrade is a major milestone for Ethereum: Once applied, users who have staked their ETH anytime since the launch of the ETH Staking Deposit Contract in November 2020 will be able to withdraw their funds for the first time. Currently, staked funds are locked and cannot be accessed or withdrawn. About 18 million ETH or 15% of the supply will be available for withdrawal which could put selling pressure on the price of ETH in the short term.

BUT the upgrade will allow partial and full withdrawals for stakers, reducing the liquidity risk for staking ETH. THIS means that in the long term, it could also encourage new investors to participate in Ethereum staking by making staked ETH more liquid. The upgrade marks the complete transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) for Ethereum. The target date for the upgrade is set for tomorrow at 11:27:35 PM CET.

Have you already purchased your domain name?

Transitioning from Web2 to Web3 often begins with purchasing a domain name. First step for a brand to be in the Web3 ecosystem. Web3 domains are stored in a crypto wallet as an NFT and are important for interactions with blockchain apps and tasks like website hosting, building, or receiving crypto payments. Unstoppable Domains and Ethereum Name Service are the top blockchain domain name providers for Web3 users. Companies are showing increased interest in Web3 utility initiatives, and domain name services have seen a jump in interest and adoption in the last year. Big-name brands like Nike, Starbucks, Porsche, and Build-a-Bear have launched their individual Web3 strategies, with more expected to follow suit. Fashion brands like Gucci, Prada, and Ralph Lauren have also experimented with Web3 technologies, creating unique digital assets for customers to purchase and collect. Other industries, such as automotive, sports, technology, hospitality, and retail, are expected to enter the space as well. There are no formal industry-wide prerequisites to secure a Web3 domain, and interested parties can simply look up the instructions and check if their desired address is available.

A new soldier joins us

US presidential candidate Robert F. Kennedy Jr believes that Bitcoin offers an alternative to the traditional financial system that is subject to inflation, market volatility, and government policies. Kennedy argues that the decentralized network of Bitcoin is less vulnerable to market volatility and government policies, making it immune to the dangers of financial bubbles. He claims that the US Federal Reserve's monetary policies and its "collusion" with big banks have led to the printing of $10 trillion in wealth over the past 15 years, benefiting "Banksters" at the expense of the public.

However, Kennedy sees the US government's interest in creating a central bank digital currency (CBDC) as a potential mechanism for surveillance and social control, allowing the government access to citizens' financial transactions and private information, raising concerns about civil liberties and privacy.

As blockchain adoption continues to grow, its use is expected to be a significant issue in the upcoming US election.

Sources : CoinTelegraph, Blockworks, ETH developers

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April 11, 2023

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