Ethereum (ETH)

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Ethereum’s Dencun upgrade went live on Wednesday, introducing a mechanism to reduce costs associated with transactions on layer 2 solutions that batch and compress transactions before sending them to the mainnet.

The latest information shows the upgrade is living up to expectations.

According to blockchain analyst Marcov’s Dune-based tracker, the average cost of transactions on scaling solution Optimism has dropped to nearly 4 cents, down significantly from the recent average of around $1.4. The average fee on Coinbase’s layer 2 solution Base fell to 3 cents from roughly $1.50, while Arbitrum’s declined to 40 cents. The average fee on zkSync and Zora also fell.
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https://www.coindesk.com/markets/2024/03/14/layer-2-blockchains-become-cheaper-after-ethereums-dencun-upgrade/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

 

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Fidelity Incorporates Staking in Spot Ethereum ETF Offering to Boost Fund’s Income – Finance Bitcoin News

The firm, Fidelity, has made it known that the sponsor might "from time to time" opt to "stake a portion of the fund’s assets.

news.bitcoin.com

Updating their filing is a sign of life for the applications.

 

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JPM dismisses SEC threat to ETH:

Analysts at %JPMorganChase (NYSE: $JPM) say %Ethereum (CRYPTO: $ETH) could avoid being labeled a "security" and regulated like a stock in the U.S.

In a research report, JPMorgan notes that staking platform Lido's share of staked Ethereum has fallen considerably in recent weeks, lowering concerns about concentration in the network.

Because of this change, there is less risk that Ethereum will be designated as a security, according to the analyst report.

"The share of Lido in staked ETH has decreased further from around one third a year ago to around a quarter at the moment," says JPMorgan.

JPMorgan adds that regulators at the U.S. Securities and Exchange Commission (SEC) have acknowledged that "tokens on a sufficiently decentralized network are no longer securities as there is no controlling group…"
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https://www.msn.com/en-us/money/sav...-could-avoid-security-designation/ar-BB1l8cgK

 

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Growing pains:

When is a discussion about the issuance curve of staking rewards in Ethereum not really a discussion about the issuance curve of staking rewards in Ethereum? When it’s really about Ethereum governance and Ethereum’s monetary policy.
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... the reaction on social media has tended to focus less on the technical details of this proposal and more on the idea that it involves changing Ethereum’s monetary policy. In other words, it’s not really issuance that is at stake, so much as people have a sense that the “Core Devs” (a somewhat ambiguous term in Ethereum), particularly those associated with the Ethereum Foundation, have not engaged in the appropriate level of “rough consensus” from the wider set of stakeholders.

The critics tend to be Ethereans associated with the “ultra sound money” subculture that hopes to establish ETH as sound money (in a similar way as people think of bitcoin as sound money). For them, changing the issuance curve is a red line because it’s reminiscent of central bankers constantly tweaking monetary policy.
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More:

https://www.coindesk.com/consensus-magazine/2024/04/05/what-the-ethereum-communitys-staking-argument-is-really-about/?utm_medium=referral&utm_source=rss&utm_campaign=headlines