Ethereum Faces Challenges as New Project Aims to Connect with Wall Street
Key Highlights in Cryptocurrency Development
Ethereum's Challenges: Ethereum faces underperformance and internal disputes. Co-founder Vitalik Buterin initiates leadership changes at the Ethereum Foundation amid competition from Solana. New project Etherealize aims to connect ETH with Wall Street.
Avalanche Fee Reduction: Following the Avalanche9000 upgrade, user fees dropped by 75%, leading to a 38% increase in daily transactions, averaging 354,691. The upgrade modified several fee structures to enhance accessibility for projects.
UBS Experiments with ZKSync: UBS completed a proof-of-concept for its Key4 Gold offering on ZKsync, indicating traditional finance’s growing interest in blockchain. The bank seeks to scale existing services while maintaining privacy through zero-knowledge technology.
Arbitrum Integrates Bitcoin: Arbitrum integrates with Bitcoin via BitcoinOS, enabling enhanced interaction between Bitcoin and Ethereum. This integration allows for trustless bridging and programmability, tapping into the substantial Bitcoin liquidity pool for DeFi applications.
Market Insights
Funding for Taproot Wizards: $30 million raised to develop applications using the OP_CAT proposal, enhancing smart contract functionalities on Bitcoin.
Decline in Ransom Payments: Ransom payments in Bitcoin decreased as more victims opt not to pay, according to Chainanalysis.
Stablecoin Legislation: New stablecoin bill proposed in the U.S. Senate, dividing oversight between states and federal authorities.
