Time to stop doom scrolling on Omicron and time to get up to speed with the crypto markets.
Ethereum’s Latest Upgrade: Answer to All Our Layer 1 Problems?
Essential BTC and Metaverse Updates
Cardano and eToro Part Ways
Our Crypto Calendar of the Week
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🔥 Hot Fix
With gas fees posing a serious problem for Ethereum users, a solution is needed sooner rather than later.
Luckily for those of us who have reason to frequent the blockchain, founder Vitalk Buterin may have a short-term solution in mind.
Buterin, along with Engineer Ansgar Dietrichs, worked together to develop the The Ethereum Improvement Proposal, EIP-4488.
This proposal aims to ease the unsustainable level of strain currently afflicting the perennial blockchain.
EIP-4488 addresses the recent increase in gas fees by attempting to mitigate the prohibitively high costs associated with transactions.
The improvement proposal targets a decrease in transaction fees by up to five times, making using Ethereum far less painful.
The proposal balances security concerns with ameliorating scalability issues by lowering the total transaction call data per block.
The high price of using Ethereum has undoubtedly contributed to the success of layer 1 projects like Solana and Avalanche.
We can’t help but wonder how a significant discount on transactions will affect the attention other solutions continue to receive.
In any case, these continued punctual and relevant improvement proposals prove that Ethereum’s continued dominance is justified.
The blockchain is alive and well, evolving at a pace which matches market demand.
Our Market Meditations are longer format educational segments. Each letter features a Market Meditation which will deep dive and analyse a relevant crypto event, theme or tool.
🤑 A World of Opportunity
The current BTC chart is a beautiful example of TA in action. Almost every single confluent indicator that we pay attention to is lined up.
$54k is by far the most significant level, exactly the 0.382 level. Also got the 100 Day Moving Average showing confluence.
Resistance wise we have the 30 day moving average coming down towards $60k.
This leaves us in the following scenario: lose $54k and we turn more bearish, reclaim $60k and we turn more bullish. These are the key levels to watch.
All in all, we find ourselves at a decisive point in an uptrend.
Turning now to the fundamentals, some of the recovery in BTC since Friday might be attributed to the developments with the latest strain of the coronavirus, Omicron.
News of the spread of the virus in Hong Kong and South Africa created nervousness in the equity and crypto markets on Friday. Today, however, numerous reports helped ease that nervousness by explaining that Omicron so far has shown very mild symptoms.
To The Metaverse & Beyond
If we consider the various categories across altcoins, the Metaverse boasts:
1️⃣ Impressive price action
The Sandbox ($SAND) and Decentraland ($MANA) have experienced positive price action across the week. A virtual real estate sale was agreed last week at a price of 618,000 MANA and Adidas recently teased a partnership with SAND.
2️⃣ Colossal amounts of capital investments
The Winklevoss twins recently raised $400 million for investments in the Metaverse. Specifically, the twins have stated a desire to see a more decentralized metaverse, amongst the concern that Facebook/Meta leading initiatives in the Metaverse will lead to it becoming too centralised.
3️⃣ The emergence of more and more pioneering projects
On Friday we discussed Sidus Heroes which was developed by NFT Stars and initially launched as a collection of 6000 space-hero-themed NFTs on Ethereum. Not only did they consult with dozens of artists, but they gathered more than 100 engineers, programmers, and DeFi specialists in their quest to combine P2E gaming with a DAO, yield farming, and the metaverse. Their goal was to create the first AAA game using WEBGL technology for another play-in-browser experience.
With an equally impressive team is Domi Online; a P2E blockchain MMORPG pinned with NFTs. The team includes the lead developer from the world's biggest free MMORPG "Runescape", blockchain experts from ChainGuardians and sound and SFX by PelleK (League of Legends, Magic: The Gathering, Power Rangers, Path of Exile, PolkaPets and more). Not to mention a myriad of sound engineers, 2D and 3D modeling experts, art directors, and more. Domi Online is an expansive medieval world allowing the exploration of forests, mountains and fighting mythical beasts that roam the lands. It even brings with it a unique feature: having no level cap or skill cap.
And of course, there’s one positive of the Metaverse that we shouldn’t neglect: there’s no COVID in the Metaverse 😉
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💎 DeListing Cardano
Mid last week, Israeli crypto exchange eToro announced that they would be delisting Cardano (ADA) and Tron (TRX) because of regulatory concerns.
This came as a big surprise to Cardano holders and founder, Charles Hoskins.
Let’s take a closer look at what this delisting means!
No new positions will be opened and there will be no more staking of ADA and TRX after December 31 of this year.
You will only be able to sell these tokens until the first quarter of 2022. After that, selling will become limited.
On the news, Hoskins said, “There's currently nothing we've received, no regulatory event, no subpoena, nothing from any regulatory agency, no threats of lawsuits, none of these things, that's why we're so blindsided by it.”
The liquidity of Cardano has significantly increased in the last year and Hoskins announced a partnership with blockchain analytics provider Confirm to ensure regulatory frameworks were complied with (e.g., anti-money laundering services).
Despite the surprise, this announcement immediately impacted Cardano’s price knocking 5% of the value off.
From last Tuesday to this past Sunday, Cardano lost 20% of its value! It has since gone up, but it is safe to say the news did not help Cardano.
While short-term news may affect any investment, we must remember to zoom out! This is a great example - though Cardano’s sky may look dim, since the beginning of this year, it is still up nearly 900%!
On Mondays, our ‘Scan The Week’ section is designed to show our community what events and headlines we will be keeping an eye on.
Monday, 29 November
🕹 Minterest Community Allocation Event
The community allocation event is intended to ensure a maximum allocation of 500 USD to any and all members of Minterest’s community.
🎮 The “Sandbox Alpha”
The Sandbox Alpha is an open multi-week Play-to-Earn event starting on November 29 at 1PM UTC, in which players will have the opportunity to explore The Sandbox Metaverse for the first time, through 18 experiences created by The Sandbox’s teams.
Tuesday, 30 November
⚙️ Cardano PAB Update
The Alonzo protocol upgrade introduced Plutus – a platform that provides a native smart contract language along with the necessary infrastructure and tools to support smart contracts on Cardano. The Plutus platform enables developers to write decentralized applications (DApps) with scripting capabilities that interact with distributed ledgers.
Wednesday, 1 December
➗ Qtum Halving
With the hard fork on April 30, 2021, Qtum shifted into the FastLane with 32-second blocks. The halving blocks were adjusted to keep the same pacing for halvings, and the first halving for Qtum will be on December 1, 2021
Thursday, 2 December
🖼 Mint Your Own NFTs at Art Basel Miami Beach
Energy-efficient Blockchain platform Tezos to host exhibition and talks program at the fair
Friday, 3 December
🇺🇸 US Jobs Report
As usual, the first Friday of the month marks the U.S. jobs report. Investors will closely watch this data for indications of whether the labor market is picking up steam.
🌎🧘♂️✍️ Stories in this newsletter were written by Kyle F., Misael Calleja, Nick T., Max P., Kimia K., Ellen B. and Koroush AK. Graphics were produced by Gerasimos P.
Not financial or tax advice. The content in this newsletter is for informational purposes only. Nothing in this email is intended to serve as financial advice. We are not financial advisors. Every investment and trading move involves risk. Do your own research when making a decision. See our important security disclaimers here.
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