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Ethereum’s popularity ‘a double-edged sword’ — a16z’s State of Crypto report

“Ethereum’s overwhelming mindshare helps explain why its users have been willing to pay more than $15 million in fees per day on average just to use the blockchain,” a16z stated. News Crypto venture fund giant Andreessen Horowitz (a16z) has highlighted that development and demand on Ethereum are “unmatched” despite the network’s high transaction fees. The firm does warn, however, that its “popularity is also a double-edged sword,” given that Ethereum prioritizes decentralization over scaling, resulting in competing blockchains stealing market share with “promises of better performance and lower fees.” The comments came via a blog post introducing a16z’s 2022 “State of Crypto” report, with the firm’s data scientist Daren Matsuoka, head of protocol design and engineering Eddy Lazzarin, general partner […]

German BaFin official calls for ‘innovative’ EU-wide DeFi regulation

Highlighting Germany’s crypto license as an example of attractive regulation, Birgit Rodolphe writes that similar frameworks should be the same throughout the EU to “prevent a fragmented market.” News Birgit Rodolphe, executive director at Germany’s Federal Financial Supervisory Authority (BaFin), has called for innovative and uniform regulation of the decentralized finance (DeFi) space throughout the European Union. BaFin is Germany’s financial regulatory body responsible for regulating banks, insurance firms and financial institutions including cryptocurrency companies. BaFin is the issuer of “crypto custody licenses,” a permit required for firms wanting to offer cryptocurrency services within Germany. In an article on BaFin’s website, Rodolphe warned of the risks to consumers of the unregulated DeFi space and called for standardized regulatory considerations across […]

Cloudflare to run Ethereum node experiment to help ‘build a better internet’

“Cloudflare is going to participate in the research and development of the core infrastructure that helps keep Ethereum secure, fast, as well as energy-efficient for everyone,” the firm stated. News Ahead of Ethereum’s highly anticipated switch to proof-of-stake (PoS), cybersecurity firm Cloudflare is set to launch and fully stake Ethereum validator nodes over the next few months. It aims to study energy efficiency, consistency management and network speed of the PoS network as part of its commitment to environmental sustainability and to help “build a better internet.” Cloudflare was founded in 2010 and provides web security services such as distributed denial-of-service (DDoS) mitigation to protect clients from DDoS attacks. Cloudflare said it was experimenting with the “next generation of Web3 […]

Crypto users react to Terraform Labs legal team purportedly leaving company

Many on social media called for legal action against Do Kwon, while others speculated the potential departure of the legal team could have been over concerns about money. News The ongoing saga with Terraform Labs, the blockchain developer behind Terra (LUNA), took a turn following a supposed change in employment status for many on the firm’s legal team. According to their LinkedIn profiles, Terraform Labs general counsel Marc Goldich, chief litigation and regulatory counsel Noah Axler and chief corporate counsel Lawrence Florio have all stopped working for the blockchain firm as of May 2022. Goldich started at Terraform Labs in August 2021 while Axler and Florio joined in January 2022. The change in employment status for three members of Terraform […]

US agencies warn against the influx of North Koreans in IT and crypto jobs online

The public advisory warned private firms to do their due diligence before hiring freelance workers, as North Koreans often use illicit tactics and stolen identities to hide their nationality. News The United States Department of Justice, State and the Treasury issued a joint advisery warning against the influx of North Korean workers in various freelance tech jobs, especially in the crypto industry The public advisory was released on Friday, highlighting the critical red flags and identifiers for private firms to avoid hiring North Korean workers. The U.S. agencies warned that these workers pose a range of risks including theft of intellectual property, data and funds that could be used to violate sanctions. There has been a significant increase in the […]

The meaningful shift from Bitcoin maximalism to Bitcoin realism

Signs pointing to Bitcoin’s steady maturity and growth in the crypto space and beyond are undeniable, making a case for the cryptocurrency being the ultimate digital reserve asset. Opinion There was a time when all cryptocurrencies traded against Bitcoin (BTC). Speculators ventured into other coins when they saw assuring tokenomics or promising hype, but Bitcoin was their settlement coin of choice. Things have changed. Stablecoins now constitute a critical $150 billion pillar in the cryptocurrency market. Perpetual futures over-amplify market sentiment and, more often than not, dominate price action. Much more capital, including from institutional funds, has come into the market lately with only a moderate impact on Bitcoin’s price. So, some former bulls now dismiss Bitcoin as boring. Is […]

Do Kwon proposes Terra hard fork to save ecosystem

Terraform Labs will put the proposal up for a governance vote on May 18 Asia time. News On Monday, Do Kwon, co-founder of the troubled Terra Luna blockchain, announced a revised plan to restore the ecosystem after a combination of significant market volatility and inherent protocol design flaws wiped out a vast majority of the blockchain’s market cap. As told by Kwon, Terraform Labs will put forth a new governance proposal on May 18 to fork the Terra Luna blockchain called Terra (token name: LUNA).  However, the new chain will not be linked to the TerraUSD (UST) stablecoin. Meanwhile, the old Terra blockchain will continue to exist with UST and will be called Terra Classic (LUNC). Under Kwon’s plan, if […]

Digital euro could come as soon as 2026 — ECB official

Commenting on the recent market volatility, Fabio Panetta also said stablecoins were still “vulnerable to runs,” just as investing in cryptocurrencies carried certain risks. News Fabio Panetta, an executive board member of the European Central Bank, or ECB, has said that a digital euro could come within four years, potentially designed with a person-to-person payment solution. In a Monday speech at the National College of Ireland, Panetta said the ECB could start the development and testing of solutions toward providing a digital euro for members of the European Union in 2023, a phase that could take up to three years. He added that making the digital currency legal tender and for use in P2P payments could help promote adoption. Panetta […]

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