HomeBitcoin and ForexWeekly Market Highlights - ETH Deposits Exceeded Withdrawals

Weekly Market Highlights – ETH Deposits Exceeded Withdrawals


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Binance News Team

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Happy Friday! The Weekly Market Highlights is an initiative from the Binance Research team to round up the week, summarizing key market events and views from the team.
🔎 Macro / TradFi
  • Inflation rate in the UK remained high at 10.1% in March, exceeding expectations of 9.8%. This was largely driven by energy prices, which increased 40.5% year-on-year. The hot inflation print raises prospects for another increase in interest rates at the next Bank of England meeting.
🔎 Crypto
  • ETH deposits exceeded withdrawals for the first time since the Shapella upgrade. This comes a week after the hard fork which enabled ETH stakers to withdraw staked ETH.
  • Venture capital firm, a16z, unveiled a new Layer 2 rollup client called Magi that is built on the OP Stack, a software stack that powers the Optimism Layer 2 network. In a blog post, the firm stated that “ Magi acts as the consensus client… (and) it feeds new blocks to the execution client in order to advance the chain.”
  • Sui, a new layer 1 network, has announced that it will launch its mainnet on 3 May.
  • Liquid staking protocol, Rocket Pool, has deployed its Atlas upgrade, reducing the minipool node operator deposit requirements from 16 ETH to 8 ETH. This lowers the barrier of entry to be an Ethereum validator on Rocket Pool.
  • Decentralized exchange, PancakeSwap, has proposed a reduction in the inflation target of its native CAKE token from more than 20% to 3-5%. The aim is to transition the CAKE staking model to one characterized by low staking inflation, real yield drawn from PancakeSwap’s protocol revenues, and product benefits favoring longer-term CAKE stakers.
  • SG Force, the digital assets subsidiary of Societe Generale bank, has launched a euro stablecoin on Ethereum. EUR CoinVertible (EURCV) will be offered to institutional clients to bridge the gap between traditional capital markets and the digital assets ecosystem.
  • The House Financial Services Committee in the U.S. has published a draft version of its stablecoin bill. It entails a framework for stablecoin issuers to define how their offerings can be regulated, and calls for a temporary ban on algorithmic stablecoins.
  • Starbucks has launched its second NFT collection on Polygon. The “First Store Collection” is a set of 5,000 NFT “stamp” collectibles and was priced at $100 each, similar to the previous drop of 2,000 NFTs.
  • Merit Circle DAO, a gaming DAO, has announced the launch of gaming subnet “Beam” in collaboration with Avalanche. Merit Circle plans for Beam to support dozens of Avalanche games. Beam will be an independent, sovereign network focused on gaming and will cater to a wide range of gamers and game developers.
  • The EU Parliament has passed a new crypto licensing regime, Markets in Crypto Assets regulation (“MiCA”), thereby introducing comprehensive crypto regulation for one of the world’s largest markets. Lawmakers have also voted in favor of a separate law known as the Transfer of Funds regulation, which requires crypto operators to identify their customers in a bid to halt money laundering.
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