1 million ETH burned since EIP-1559 and Dorsey Whitepaper tbDEX, 19.-26. November

Welcome to the latest edition of Cointelegraph’s Decentralized Financial Newsletter.

The ETH burns at lightning speed! Read on to discover the stats behind Ethereum’s pursuit of deflation.

What you are about to read is a shorter, more condensed version of the newsletter. Sign up below for a full breakdown of DeFi developments over the past week.

$ 4.24 billion in ETH burned since EIP-1559

The blockchain analytics platform CryptoRank shared quantitative data this week showing that over 1 million ethers (ETH) worth around $ 4.24 billion have been burned since the improvement proposal was implemented. Ethereum 1559 in August.

The event, also known as the London Challenge Fork, marks an important step forward in Ethereum’s fee structure, with every transaction burning off part of the base fee. A simple case study of this process is the block record of 13,689,874 which cost users 98 Gwei gas and burned 0.68 ETH.

https://twitter.com/CryptoRank_io/status/1463546301912694792?ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow noopener
As can be seen in the image above, the world’s most popular non-fungible token (NFT) market, OpenSea, has made the largest contribution to the burning of ETH at $ 467 million. That number is being closely monitored by Ethereum and Uniswap v2 remittances, which grossed $ 414 million and $ 393 million, respectively.

According to data from UltraSound, Ethereum remains an inflationary asset despite the seismic of token supply in recent months. The platform found that on an all-time basis 3.3 million ETH are burned per year compared to 5.4 million ETH spent, resulting in a supply growth of 1.8% per year.

By tightening the parameters for a period of 30 days, however, the data show that ETH burns a total of 4.7 million per year, while supply growth will decrease significantly by .6% in the coming years.

Decentralized Bitcoin Exchange Whitepaper Issues Sq.

Twitter and payment service Sq. CEO Jack Dorsey announced this week the highly anticipated white paper from Square, an initiative proposing the creation of a decentralized, bitcoin-based bitcoin exchange called tbDEX.

While a decentralized model is advocated, the platform actually differs from traditional decentralized exchanges in that it requires users to enter Know Your Customer information. Only after the user has transmitted this personal data can he participate in the typical Net 3 functions of wallet connectivity and digital asset trading.

The whitepaper names strict regulatory requirements as one of the fundamental reasons for introducing an untrusted infrastructure, but offers strong guarantees that the protocol is not regulated or is accessible from a centralized place other than utility tokens.

Instead of a trustworthy model, there will be a so-called “messaging protocol” that software such as a public key infrastructure is widely used on the web to promote trust in the network. Therefore, the tbDEX whitepaper is considered the first iteration where the team asks for public comments and open speech on its proposal.

“Our goal is to combat censorship, unauthorized access and to maximize the competition for liquidity – with the ultimate goal of making it universally available … in principle nothing like that. To prevent anonymous transactions for financial privacy on the tbDEX network . “

Grayscale envisions the Metaverse as a $ 1 trillion opportunity

Cryptocurrency investment giant Grayscale released a bullish report this week claiming that Metaverse space is one of its biggest growth opportunities after the number of active Metaverse wallets increased ten-fold from early 2020 to June 2021.

Additionally, researchers have identified a myriad of factors that can fuel the growth of the industry, from an increase in leisure time for younger generations, to a cultural shift in the way we interact with technology, to the advancement of community-centric monetization. .

Written by the company’s chief researcher David Grider and research analyst Matt Maximo, the report represents technical optimism about how the Metaverse world will evolve and concludes that emerging markets will reach a valuation of US $ 1 trillion in the coming years – Dollars could grow and cited Decentraland on nine occasions to confirm this thesis.

“Compared to other World Wide Web 3. and Web 2. segments, users of the Metaverse virtual world are still in the early stages, but if the current growth rate stays on their current path, the segment is emerging. This has the potential to to go mainstream. ” in the coming years.”

Token representation

Analytics data shows that the total value of DeFi banned has decreased 3.2% for the whole week to $ 154.59 billion.

Data from Cointelegraph Markets Pro and TradingView shows the top 100 DeFi tokens by market capitalization subject to the above discounts past seven days.

The Basic Attention Token (BAT) avoided the bloodshed in the market this week, posting a record gain of 38.37%. Curve DAO Token (CRV) is reaching healthy levels 19.7%, while Ankr with 16.67% also reported similar results.

Analysis and hot topics of the last week:

Thank you for reading our roundup of this week’s most influential DeFi developments. Visit us again next Friday for more stories, insights, and education in this dynamically evolving space.

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