Welcome to the final edition Datawallet Daily for the week. Today's topics include a concerning JPMorgan report on Ethereum's decline, Bybit's upcoming UK trading suspension, Circle's stablecoin rebrand, and Google Cloud's extended blockchain support. Let's dive in!
JPMorgan research report on Ethereum revealed
JPMorgan's research report on Thursday stated that Ethereum's Shanghai upgrade, which was implemented in April, did not lead to the anticipated increase in activity on the world's largest smart contract blockchain. Despite the transition from proof-of-work (PoW) to proof-of-stake (PoS), resulting in a drastic reduction of energy consumption by over 99%, the supply of ether is decreasing and staking is on the rise.
However, the analysts, led by Nikolaos Panigirtzoglou, expressed disappointment over the lackluster growth in network activity. The report highlights a 12% decline in daily transactions, a drop of nearly 20% in daily active addresses, and an almost 8% slump in the total value locked (TVL) in decentralized finance (DeFi) on the Ethereum blockchain.
Bybit suspending operations in the UK from October 1
Bybit, the second most cryptocurrency exchange behind Binance, has announced that it will halt its operations in the United Kingdom next month due to regulatory changes. This decision comes just a week after the exchange stated that it was actively considering various strategies to continue operating in the country.
Beginning October 1st, new customers will no longer be able to open accounts with Bybit. Furthermore, starting from October 8th, existing customers will be prohibited from adding funds, initiating new contracts, or increasing their positions on the platform.
Circle changes names of stablecoins
Circle, the issuer of stablecoins, has recently changed the official names of its dollar and euro-pegged stablecoins. Previously known as USD Coin and Euro Coin, these stablecoins will now be referred to as USDC and EURC, respectively.
The decision was made to enhance consistency and clarity when discussing Circle's stablecoins. Currently, USDC is the second-largest stablecoin in terms of supply, trailing only behind Tether USD (USDT). In a statement, Circle expressed the intention to streamline their product naming structure and symbols, aiming to eliminate any potential confusion surrounding their stablecoins.
Google Cloud added 11 more blockchains to public data sets
Google Cloud has expanded its collection of public data sets on BigQuery, the data analytics service originally introduced by the tech giant in 2010. In a blog post on Thursday, Google announced the addition of 11 more blockchains to the platform.
These include Avalanche, Arbitrum, Cronos, Ethereum Goerli, Fantom, Near, Optimism, Polkadot, Polygon, Polygon Mumbai, and Tron. According to Google, these blockchains are highly sought after, and users can now access information pertaining to various aspects such as the transfer of assets between wallets, the popularity of different tokens, and user interactions with smart contracts.
Other breaking news
- Linear Finance was exploited and the attackers drained all ℓUSD liquidity
- CoinShares opens hedge fund division for US investors
- Core Scientific seals $77 million Bitmain deal
- Nansen suffered a security incident
- Consensys announced it is stopping Truffle and Ganache web3 developer tools
That wraps up this week's edition of Datawallet Daily. From JPMorgan’s report on Ethereum's disappointing metrics post-upgrade to Bybit's suspension in the UK, it's been a week filled with critical updates and shifts in the crypto landscape. As always, thank you for tuning in. Stay informed, stay safe, and we'll catch you again on Monday for hopefully a more bullish week in markets!