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- Ethereum one step closer to 'The Merge'
Ethereum one step closer to 'The Merge'
Plus Chainlink announces staking and Anthony Hopkins needs NFT advice
MUSHROOM ALPHA
Happy Thursday! This week from June 9-12 is the huge crypto conference Consensus in Austin. If you can't make it in person Virtual Passes are $99 USD. Agenda Here. We will be following along and update next week with exciting news. If it sucks forget you read the last sentence.
Today's Topics:
Ethereum one step closer to 'The Merge'
Chainlink announces staking
Care to give Anthony Hopkins NFT advice?
Quick Links
Ethereum one step closer to 'The Merge'
The Ethereum Ropsten Testnet has transitioned to proof-of-stake. This is big news for the Ethereum community as Ropsten is the oldest testnet.
What does this mean?
With the Ropsten Merge a success we are left with two more public test net merges before the final mainnet merge. We hope this will happen in August or September of this year.
Once 'The Merge' is complete Ethereum will fully transition from a proof-of-work mechanism to a proof-of-stake consensus algorithm.
Benefits
The merge will cut down Ethereum's energy needs by 99.5%. This would allow institutional investors and others who are environmentally conscious to invest.
The supply of ETH could come down as ETH is burned with each transaction.
More opportunities to stake and earn ETH since POS validation needs staking to secure the network. Yields are expected to go up dramatically after the merge.
Lastly, we think this will impact the price of ETH in a positive way.
Chainlink announces staking
Staking marks the start of #Chainlink Economics 2.0, a new era for the long-term security and sustainability of oracle networks.
In this update, we define the long-term goals, roadmap, and initial implementation of staking in the Chainlink Network.
— Chainlink (@chainlink)
6:00 PM • Jun 7, 2022
Do you want to know how to boost a token's price? Drumroll. Announce staking!
Chainlink connects blockchains to real-world data and was built during the last bear market. They updated their roadmap which will include staking capabilities in the 2nd half of this year. The LINK token responded by doing its best impression of a Space-X rocket.
LINK stakers can expect returns of ~5% in addition to helping secure the network.
Care to give Anthony Hopkins NFT advice?
I’m astonished by all the great NFT artists. Jumping in to acquire my first piece, any recommendations? @SnoopDogg@jimmyfallon@ReeseW
— AHopkins.eth (@AnthonyHopkins)
4:40 PM • Jun 8, 2022
Mushroom Alpha recommends some of our favorites in no particular order:
Art Blocks - From there mint till your ETH runs dry! We are assuming Anthony is flush with funds.
Quick Headlines
Salesforce is launching a platform for NFTs called NFT Cloud - We can't think of a more boring company to get into NFTs.
In a first, Jamaica has approved the issuing of a central bank digital currency - Called Jam-Dex which is quite a cool name it will be recognized as legal tender.
Two major South Korean exchanges delist Litecoin - They were not happy with the recent enhanced privacy features.
Frax wants to buy back $20M of FXS token - They want to prop up the decimated token price and also burn the FXS token.
Funding News:
Delphia gets $60M for algo based stock advising - Multicoin Capital led the round. They were also early into Solana.
Entropy raises $25M to build out decentralized crypto custodian - The company is looking to compete against centralized exchange crypto storage such as Coinbase.
Skolem Technologies bags $20M Series A - The company specializes in data and trade execution in DeFi.
Hacks:
Optimism not too optimistic after losing OP tokens valued at $35M - The team accidentally sent tokens to the wrong address and a hacker took advantage. Whoops.
Hit Reply to let us know how we are doing! We would love to hear from you.
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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.