Yes welcome back everybody to altcoin Daily my name's Austin if you hold Ethereum or ethereum side chains you're Going to want to see this let's start With not the biggest news but certainly Exciting eth has turned deflationary Again led by a spike in nft sales So nearly one-fourth of the eath burned Stems from nft trades over the last Seven days according to data from Ultrasound.money and in essence what This means is that ether's net issuance Or essentially annualized inflation rate Has dropped negative 0.07 percent Meaning the volume of ether being burnt Is outpacing the amount of ether being Minted and this is huge because more Than 14 000 ethereum worth over 23 Million dollars is now gone with nft Marketplace openc being the top 7 Day And 30-day ethereum gas guzzler among Platforms so nfts are not dead at least From the consumer's point of view Clearly and in a direct quote more nft Sales on ethereum means more Transactions are occurring obviously Resulting in more eth being burnt and When in doubt zoom out looking at the History in the last five-ish months of Daily ethereum being burnt we can see That the most eth was destroyed around November this was the FTX collapse Probably a lot of selling a lot of Activity in the Market at that time
Around 5 000 ethereum per day were being Burnt and then just recently in January We had many days of over 2 000 ethereum Being burnt daily and here it is the eth Chart and it's interesting because even Though ethereum at one point was down Around 80 percent from its all-time Highs now with this pop probably just Down 65 70 percent from all-time highs We are already flirting with a negative Issuance and by the way nobody is left In the market besides the true d-gens Like you like me just think when eth Passes its all-time high again whenever That is just think about what all that Activity will do to eth's daily issuance Then And a new major update has just occurred Ethereum's Shanghai mainnet shadowfork Has went live meaning ethereum users are One step closer to accessing the 26 Billion dollars worth and Counting of Ethereum staked with that Shanghai Upgrade which the the full release is Expected to launch by March but they Have just completed it their successful Shadow Fork mainnet Shadow Forks are Full dress rehearsals of system upgrades Which allow developers to test for Design flaws and tweak any outstanding Issues and what we just learned as of Yesterday they were able to withdraw the Eth you know a few issues but overall Successfully on the shadow Fork the full
Hard Fork the official one is still on For March and many industry leaders are Articulating why this Shanghai upgrade Or just ethereum staking in general will Be so huge ethereum staking is a big Industry but it's going to get so much Bigger than anybody can imagine solo Staking centralized slash decentralized Lsds I believe this stands for liquid Staking derivatives Institutional stakers restaking lsds as A defy collateral and more will lead to Ethereum staking becoming a trillion Dollar industry now of course this is The bull case I want to believe but Another eth believer David Hoffman adds On The Bold case for ethereum staking is no Longer that ethereum will be the Settlement layer of the internet that's Not the base case the new bull case for Ethereum is that it's the security layer Of the entire internet Eth staking goes from one dimensional to Omnidimensional and of course what he's Referring to is ethereum staking is a Way to secure the network and as more People stake globally and the bigger it Gets theoretically the more secure it Gets now possibly the biggest news for The main ethereum sidechain polygon but Very quickly if you hold ethereum we Should address the elephant in the room Bitcoin it is the market mover and
Grayscale who owns so much Bitcoin they Also own so much ethereum there's now a Date set for oral arguments in Grayscale's appeal against the sec's Bitcoin ETF decision so grayscale is Suing the SEC here's the CEO of Grayscale Michael sonensheen as what to Expect as a Bitcoin holder is Michael Son and shine grayscale CEO who is in DC Talking to the House and Senate members As his lawsuit against the SEC moves Forward with seen that GP gbtc do a Little bit better as Bitcoin has has Gone up uh Michael but obviously still At a huge discount to uh to where it Would be trading if you got a spot uh ETF any progress what it I I know that It's episodic every time you're on you You bring us the latest what is the Latest now where does it stand well we Actually got some great news last night Being here in DC the litigation against The SEC is moving along quite swiftly uh The district court in the fifth circuit Announced that oral Arguments for our Case would be heard on March the 7th so Moving things along quite quickly and I Think really on an expedited timeline It's wonderful to be back in DC new year New Congress So he goes on to just give compliments To Congress and be very political but The point is date set for early March a Bitcoin ETF could essentially save
Grayscale and save all those investors In gbtc but then CNBC host Joe Kernan Asks the tough question what would you Like to see and the feet dragging I Don't see any you know with Gensler Everything else I I don't see the Regulations that you need to finally get To where you want to be seems still far Off as a 2023 when you think we'd see Something Michael well we're certainly Expecting a decision from the courts in Q2 or Q3 of this year but I think the Frustrating thing for investors and Certainly for the grayscale team is that We're actually a business that was born In the U.S made use of existing U.S Regulatory Frameworks to bring crypto to Investors in a safe and compliant way And actually the approval of a spot Bitcoin ETF doesn't require new Legislation being passed in fact it fits Into existing regulatory Frameworks and I think as we're you know meeting with Both houses yesterday and today what We're really hearing from folks is that A lot of them share in the belief that Have the SEC already approved the spot Bitcoin ETF allowed gbtc to convert to An ETF already that a lot of the recent Investor harm we've seen in crypto would Have been prevented a lot of these Investors would not have gone to Offshore exchanges and gotten caught up In some of the businesses that are not
Regulated by the us the way that Grayscale is The next update we'll have on this is March 7th and again this affects Hundreds of thousands if not millions of Gbtc holders and then finally speaking Of big news first ethereum then Bitcoin Now ethereum side chains twitch Co-founders Solana gaming platform named Fractal expands to polygon so fractal Co-founder Justin Khan who also Co-founded twitch has a huge so well Respected tells decrypt that many game Developers want to be on polygon and how This affects you or me in essence comes Down to what does this add or bring to Polygon with this move fractal has Brought its same web3 gaming suite and Features from Solana to polygon Including a Marketplace for in-game nfts A launch pad for minting new projects And support in the form of running Esports tournaments so users and use Cases in tournaments and in a direct Quote from twitch co-founder fractal Co-founder our goal is to support game Developers and part of that is being Wherever the game developers want to be A lot of them want to be on polygon to Be honest I do want to point this out it Does turn out that polygon Ventures has Also made a Strategic investment in Fractal the company announced today so Obviously that's another huge reason
They chose polygon because they are Getting some funding to help Excel hey Also I would love to grab beer with you Hang out with you if you'll be around Miami feel free to join us at Bitcoin 2023 huge conference May 18th or 20th Use altcoin daily for 10 off So so Yeah
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