Last Week in Review: Ethereum pushes back Shanghai, and G20 starts work on global standard for crypto regulation
The highlights from last week’s headline grabbers. All the important news, numbers and events from the crypto industry in easy-to-read, digestible news bites.
News from the block
💎 An Ethereum feature already in testing may make it possible for users with lost keys to recover their crypto
- The feature in the upgrade, called Account Abstraction, will make Ethereum wallets more user-friendly and prevent loss of crypto keys.
- The new standard, known as ERC-4337, has already been deployed and tested.
- More information will be made public at the annual Ethereum conference on Wednesday, according to CoinDesk.
🏔️ Japanese gaming giant partners with Avalanche, says Web3 will become standard for gaming
- Takasugu Murata of the Japanese gaming house GREE says, “Web3 has the potential to solve Web2 gaming problems to deliver better experiences for users. For instance, Web2 has no way to return user investment of time and money, except through fun. As a result, the cost of users switching games in Web2 is high. If Web3 can solve that problem, it will become the standard, especially for mobile games.”
- GREE’s push into Web3 gaming includes development, distribution, NFTs and running more than 12 Avalanche nodes.
- GREE has 30 million active monthly users and has worked with the biggest names in Web2 gaming.
🚦Ethereum Shanghai Upgrade postponed to mid-April
- The Ethereum Shanghai upgrade, which will enable the withdrawal of staked Ethereum, has been pushed back with a new tentative date of mid-April.
- A few Ethereum developers warned in January that the March timeline was unlikely.
- Since ETH staking began in December 2020, $28.7 billion worth of ETH has been deposited with Ethereum, according to Decrypt.
📖 G20 pursues global standard for crypto regulation
- The Group of 20, a body made up of representatives from 20 of the world’s largest economies, has tasked the Financial Stability Board (FSB), the International Monetary Fund (IMF) and the Bank for International Settlements (BIS) with establishing standards for a global cryptocurrency regulatory framework, as noted by Blockchain News.
- The G20 said there is a need for a coordinated international effort to establish clear regulatory guidelines for the crypto industry.
- The FSB, IMF, and BIS will deliver papers and recommendations on the regulation, supervision, and oversight of stablecoins, crypto asset activities, and markets by July this year.
💸 Bitcoin adoption climbs in Nigeria as inflation eats away at Naira
- The recent economic cash crisis in Nigeria has increased Bitcoin adoption in the country as Nigerians look to Bitcoin as a financial safe haven, reports Forbes.
- Bitcoin is viewed by many Nigerians, especially among the younger generation, as a safe haven for the underbanked and unbanked as economic conditions worsen.
- Nigerians are currently facing record-high inflation of 21%.
Why is it important to diversify your investments?
Wealth generation aims to maximise market highs, while wealth preservation comes down to protecting your investments from the lows.
- Preserving wealth may be less exciting than generating it, but a balance between the two approaches is widely-considered to be one of the most important aspects of long-term investment.
- How can you diversify with Luno? READ HERE.
Crunching the numbers
13.737 million – The current number of active Bitcoin addresses.
2140 – The year that Bitcoin is expected to reach its supply cap of 21 million.
21% – The inflation rate in Nigeria, which has forced many Nigerians to look to Bitcoin as a store of value.
97 – How many days it would take for stakers to withdraw their Ethereum from staking pools if a third of all stakers decided to withdraw at the same time. Ethereum has implemented a withdrawal queue in the Shanghai Upgrade in case of this extremely unlikely doomsday scenario.
$5.9 million – The estimated amount of cryptocurrency donations made to victims of the recent earthquake in Turkey, again proving the power of fast, borderless transactions.
The crypto time capsule
Excitement around Bitcoin hitting another all-time high at $111 in 2013.
A History of HODLing
HODL is the crypto investor’s way of saying go long. But where did the term originate? Find out HERE.
Worth a watch
Stacks founder Muneeb Ali speaks to the Empire podcast about non-fungible tokens on Bitcoin and why it’s important for network development, despite the severe backlash from Bitcoin maxis.