The R Roundup: Ethereum Has Officially Merged — Issue #54
For the past few months on separate issues, we have been speaking about the build-up and anticipation around the infamous Ethereum Merge. The network with billions of dollars built on it has been set to merge its consensus mechanism from the energy-consuming PoW to efficient PoS.
On Thursday, September 15th, 2022, the Ethereum network successfully transitioned to proof of stake resulting in 99,95% fewer energy omissions than the previous proof of work mechanism.
Many have been anticipating the merge as the potential event which could cycle the crypto market from its bear market which may have played a part in distracting us from the fact that Ethereum’s merge will reduce global electricity consumption by 0,2%.
Doodles Raise $54m🎨
NFTs have been on a backfoot in 2022 in terms of volume of transactions and discussion however those who are passionate about the potential JPEGs can lead too.
The NFT collection managed to secure $54m in a funding round led by Seven Seven Six, with participation from 10T Holdings, Acrew Capital and FTX Ventures. The funding is at a $704m valuation.
Katelin Holloway, the founding partner at Seven Seven Six, added the following comments:
“We believe Doodles is developing the next digital frontier of how we experience and create content, unlocking the real value behind NFTs. Doodles is changing how the world connects and interacts by reimagining storytelling through the blockchain.”
Starbucks X Polygon️☕️
Partnerships that involve our daily services always highlight the potential that Web3 has for promoting privacy and decentralisation.
Starbucks recently announced their web3 experience called the “Starbucks Odyssey” which partnered with Polygon. The partnership is set to have both companies working closely to “elevate the web3 experience”.
Starbucks Odyssey is set to enable members and partners in the United States to purchase and earn digital collectables in the form of NFTs.
Brady Brewer, Executive Vice President & Chief Marketing Officer said the following:
“The Starbucks Odyssey experience will extend the Third Place connection to the digital world.”
“For the first time, we are connecting our Starbucks Rewards loyalty program members not just to Starbucks, but to each other,”
White House Sets Crypto Regulatory Framework🇺🇸
Governments & regulators haven’t always had the best relationship with crypto as adoption rises. As the digital economy grows, pressure piles on for authorities to collate a response to all aspects of the market.
The Biden administration recently laid out a crypto framework to draw out what regulations should look like. The framework is a direct response from Biden instructing agencies to weigh the risks and benefits of crypto.
Here you can find a fact sheet of all of the federal agencies' findings 👇
As a reminder, this is not a trading signal or investment advice; it is an opinion, and each trader/investor should know and understand the risks of trading cryptocurrencies. At no point should this be regarded as financial advice, feel free to familiarise yourself with our NFA disclaimer.
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