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The show must go on (weekly crypto updates)
4 min readFeb 5, 2023
Welcome to another post of my weekly crypto updates. We had an interesting week, kind of. Some noise on FTX still, Splinterlands adds new soulbound rewards cards, and ETH is getting close to staking withdrawals, and then some else. Read more below:
- Bitcoin: Transaction fees on the Bitcoin blockchain were rising as users on it have been minting thousands of NFTs after a protocol called Ordinal started to allow people to mint them directly on the BTC network. Tesla suffered a $140M loss on its Bitcoin investment in 2022.
- Ethereum: Ethereum developers are set to launch a new testnet called Zhejiang, to allow users to start testing EIP 4895, which enables staked ether withdrawals. This will be included in the next large upgrade, the Shanghai upgrade. The upgrade will solve the liquidity issue of the staked tokens, encouraging more ETH holders to lock up their assets over the long term. Optimism proposes a major network upgrade, BedRock, to boost performance and functionality.
- Altcoins: Lyra Finance launched on Arbitrum, through its integrations with GMX, which is also used by Abracadabra, to benefit from the lowest-fee auto-compounding GLP token. There is some mega-collaboration happening on Twitter, with 22 companies showing signs (Yearn, Sushi, Balancer, Gearbox, and Timeswap included). Kromatica and some other protocols are testing gasless swaps on Polygon. dYdX delayed the launch of their V4 to the second half of the year. MakerDAO approves a $5M Legal Defense Fund to reimburse legal…