Top news for November 24 from Skyrex

24.11.2021 11:43 pm

πŸ‡ΊπŸ‡Έ The US Senate has requested information from stablecoin issuers on how they work – by December 3, executives at Circle, Coinbase, Gemini, Binance US and others must disclose information about their stablecoin-related businesses.

Companies are required to communicate “in a clear and understandable manner” about the processes of issuing and redeeming stablecoins, as well as provide agreements with the trading platforms that interact with them.

πŸ”₯ 1,000,000 ETH burned on the Ethereum network

Since the activation of the London update with the EIP-1559 burning mechanism, 1,000,000 ETH worth $ 4.3 billion have been burned on the Ethereum network.

The NFT marketplace OpenSea (111,000 ETH) destroyed the most, transfers on the Ethereum network burned 98,000 ETH, and the Uniswap V2 exchange burned more than 93,000 ETH.

Earlier, analysts from CryptoQuant said that after the London update, ETH supply is no longer increasing – like Bitcoin, Ethereum is now a scarce asset with limited supply.

πŸ”‹ PoW must die

The EIP-1559 update has become a stone of contention in the Ethereum community.

EIP-1559 is one of the more anticipated updates to Ether and changes the current auction process that determines transaction costs. Commissions are proposed to be adjusted dynamically so that users can pay the lowest commission.

The two largest mining pools Sparkpool and Ethermine, being the main beneficiaries of high fees, spoke out against the update, suggesting that developers come up with another way to reduce fees without compromising miners’ income.

Meanwhile, more and more projects, DEXs and stablecoins are moving to competitors, for example Binance Smart Chain – the volume of transactions in which is already higher than in Ethereum. All this negatively affects the course and prospects of ETH.

This may sound cruel to those who have successfully invested in the purchase of video cards, but the experience of other blockchains shows that in the current environment, miners do not create any value, contributing to the centralization and slowdown of the blockchain. In addition, mining consumes a lot of electricity, which, in fact, is burned in vain, and it is paid for by selling ETH by miners, which creates additional pressure on the exchange rate. This is especially strange considering that safer and more progressive algorithms have already been invented.

That is why the Ethereum developers are striving to transfer the blockchain to the PoS algorithm, where everyone can become a validator, and not only the owners of ASICs and powerful video cards. In addition to lowering the entry threshold and increasing the level of decentralization, this will also create additional demand for ETH, because users will be able to invest in staking and earn a percentage of blockchain fees.

Vitalik Buterin, who proposed EIP-1559 back in 2018, said that he was not afraid of a strike by miners, because by protesting they would only speed up the transition to Ethereum 2.0.

Should the blood of miners be shed for the sake of further development, or should Ethereum become a monument to traditional cryptocurrencies, like bitcoin, it should be updated only in critical situations to keep the network working?

🐳 Despite a protracted correction, one of the largest Bitcoin whales over the past week bought 5335 BTC ($ 300 million) – now 113,864 BTC worth $ 6.4 billion are at the owner’s address.

The last time the whale sold coins on November 9 – 1,500 BTC at $ 67,000, after which it only buys.

πŸ’¬ Elon Musk reached out to CZ over issues with withdrawing Dogecoin, stating that Doge holders on Binance should be protected from errors that arise through no fault of their own.

πŸ‡ΈπŸ‡» IMF has once again warned El Salvador about the risks of legalizing BTC

The regulator believes that the use of the first cryptocurrency as a means of payment is dangerous for consumers, the financial integrity and stability of the country.

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