Dencun upgrades to lower transaction fees; huge U.S. government spending will weaken the dollar

Headlines

▌Ethereum Dencun upgrade will significantly reduce its transaction fees

The Ethereum Dencun upgrade is scheduled for March 13, introducing a series of improvements to improve efficiency and scalability. At the core of the Dencun upgrade is the implementation of nine Ethereum Improvement Proposals (EIPs), of which EIP-4844, or prototype danksharding, stands out. The danksharding proposal introduces Blob-carrying transactions, a method that greatly reduces data storage on the consensus layer by storing data off-chain and referencing it through hashes. It simplifies transaction verification and significantly reduces the data storage footprint. The impact of these enhancements is far-reaching, especially for Ethereum’s L2 solutions. In fact, the upgrade is expected to slash transaction fees by at least 10 times. Subsequently, it marked a huge shift towards Ethereum becoming more scalable and cost-effective. This fee reduction will bring the average cost of transactions to $0.02, which is in contrast to the current average of $0.23.

▌Galaxy Digital CEO: The only thing that can weaken the dollar is the U.S. government’s reckless spending

Galaxy Digital CEO Mike Novogratz comments on former U.S. Senator Hilary Clinton’s Bitcoin (BTC) statement. Novogratz disagrees that Bitcoin is at fault. Novogratz believes that the only thing that can weaken the dollar is the reckless actions of Republicans and Democrats. Spending, Novogratz went on to say that former US President Trump and current President Joe Biden have normalized huge deficits and they have plunged Americans into the worst fiscal crisis in history.  

Previously reported, former U.S. Senator Hilary Clinton said that Bitcoin has the potential to weaken the U.S. dollar’s ​​status as a reserve currency.

Quotes

As of press time, according to coinmarketcap data:

The recent transaction price of BTC was US$47,755.9, with fluctuations during the day. width+0.85%;

ETH’s recent transaction price was US$2,505.66, rising during the day Decline+0.57% ;

BNB’s recent transaction price was US$323.2, with intraday changes +0.62%;

FIL’s recent transaction price was US$5.398, with an intraday increase or decrease+0.84%;

DOGE’s recent transaction price was US$0.08145, with an intraday increase or decrease+0.39%< /span>;

SOL’s recent transaction price was US$108.75, with an intraday increase or decrease+0.21%;

DYM’s recent transaction price was US$11.88, with an intraday increase or decrease of +6.74%.

Policy

▌UK authorities combat cybercrime ban 43 Fraudulent websites

Authorities in London, UK, detected a spoofed address impersonating Blockchain.com and discovered 42 additional phishing websites linked to the account. Phishing attacks have wreaked havoc on the crypto industry, and in a recent crackdown on online fraud, the UK’s National Fraud Intelligence Bureau (NFIB) announced the ban of 43 websites linked to fraudulent activity. The crackdown, led by City of London police, followed the discovery of a spoofed email address pretending to be Blockchain.com.

Blockchain Applications

< strong>▌Tezos Blockchain Oxford2 Upgrade Brings Private Smart Rollups

Tezos Blockchain launched its fifteenth upgrade on Friday, called Oxford2, According to the team, “This upgrade introduces private smart rollups as a new security feature for developers, provides a smoother staking process for validators, and adjusts changes such as large penalties. This upgrade was released on the Etherlink mainnet Conducted the month before, Etherlink is an EVM-compatible layer 2 built on Tezos, powered by Smart Rollups.

▌Base community contributor: Base chain now has more active traders than other L2s

According to Base community contributor Jesse Pollak posted on the X platform, The L2 blockchain Base now has more active traders than Ethereum or any other L2, but still has a long way to go in terms of transaction volume.

▌Opinion: Traditional games need Web3 more than ever

Chief of CARV Growth officer Leo Li issued a statement stating that blockchain games grew by 33% in the fourth quarter of 2023, and transaction volume approximately tripled within six months. However, in sharp contrast, traditional games have shown a downward trend. , as developers face market saturation and stagnant user numbers, global mobile game revenue declines for the second consecutive year, traditional games need Web3 more than ever, and the deep-seated problems in the traditional game field make Web3 an obvious next step.< /p>

Cryptocurrency

▌Nine spot Bitcoin ETFs hold more BTC than MicroStrategy

According to HODL15Capital, nine spot Bitcoin ETFs have purchased 216,309 in the 21 days since their launch Bitcoin (valued at $10.3 billion), exceeding the 190,000 Bitcoin currently held by MicroStrategy.  

Golden Finance previously reported that MicroStrategy (MSTR.O) stated that as of February 5, 2024, the company held 190,000 Bitcoins, with a total cost of US$5.93 billion, and each Bitcoin Coin cost is $31,224.

▌Ripple CLO: Gary Gensler cannot find a job outside the US SEC

Ripple Chief Legal Officer (CLO) Stuart Alderoty outlined the significant hurdles SEC Chairman Gary Gensler could face in getting a job outside the regulatory realm. Alderoty's comments came after Gensler said he hoped to continue leading the SEC amid a possible re-election by U.S. President Joe Biden. Fox News reporter Eleanor Terrett first called attention to Gensler's proposal on X. The SEC chairman's statement caused an uproar, and Alderoty questioned Gensler's employability outside the SEC. Who else would hire him, Alderoty said? Alderoty outlined Gensler's "sins" during his tenure.

▌FTX intends to sell its subsidiary to CoinList for US$500,000 at an original price of US$10 million.

By CEO John Ray III-led FTX Debtor Properties has filed to sell another of its assets: Digital Custody Inc. (DCI). FTX acquired the subsidiary in two $5 million deals in December 2021 and August 2022; however, the company will now be sold to CoinList for just $500,000.

▌Since the launch of the spot Bitcoin ETF, GBTC has sold 153,773 BTC

Data released by HODL15Capital shows that since Since the launch of the spot Bitcoin ETF: GBTC sold 153,773 BTC, and the new ETF bought 216,309 BTC, with a net purchase of 62,536 BTC, which is approximately US$3 billion in 20 days.

▌Data: BlackRock ETF added 5,264 BTC on February 10

According to a post by Lookonchain on Grayscale lost 2,252 BTC ($106.4 million).

▌Crypto analyst Wolf: Ethereum Dencun upgrade may push ETH price to $14,000

Cryptocurrency analyst Wolf pointed out the current bullish trend of Ethereum and how the potential of the Dencun upgrade could bring opportunities to investors. Wolf said that ETH's chart is very bullish, ignoring the obvious 18-month accumulation phase, reminiscent of previous cycles that brought huge gains, will be a large proportion of opportunities, and Ethereum seems ready for an explosive 500% bull run. Preparations could push its price to an unprecedented $14,000, with expectations for Ethereum growing as the Dencun upgrade approaches.

Important Economic Trends

▌Huatai Securities: Looking forward, the growth rate of social financing may be Still depends on the strength of the government’s counter-cyclical policies and the trend of the real estate cycle

Huatai Securities research report believes that looking forward, the growth rate of social financing may still depend on the strength of the government’s counter-cyclical policies and the trend of the real estate cycle . As the central bank restarted the net supply of PSL in December last year, the loan supply of policy banks for the "three major projects" such as the renovation of urban villages increased significantly in January this year, driving the rapid growth of medium and long-term loans to enterprises. At the same time, recent policies on both the supply and demand sides of real estate have continued to relax, leading to a marginal improvement in residents' financing needs and a year-on-year increase in residents' short-term and medium- and long-term loans. Looking forward, whether the policy support of the broad fiscal sector, including PSL, can continue to boost corporate loan financing demand, and whether the real estate cycle can stabilize, may be the main factors that determine the growth rate of social financing. (Golden Ten Data APP)

Golden Encyclopedia

▌What is a miner?

In the cryptocurrency world, miners can be compared to gold diggers in the real world. They sift through the vast land in search of extremely rare and valuable gold nuggets - similarly, miners obtain the right to produce blocks through proof of work, add new blocks to the blockchain, and receive a considerable sum of money at the same time. rewards. Miners play a key role in blockchain networks, as they are responsible for validating new transactions and recording them on a globally distributed ledger, known as the blockchain. It is important to emphasize that miners are a type of full node, which means that they verify all the rules of the blockchain and only accept blocks that comply with these rules.

Disclaimer: As a blockchain information platform, Golden Finance publishes articles for information reference only and not as actual investment advice. Please establish a correct investment philosophy and be sure to increase your risk awareness.