Last Week in Review: Vitalik Buterin speaks up, and Elon Musk has something up his sleeve
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
Ethereum co-founder on the importance of decentralised networks
- Speaking recently to Bloomberg, Vitalik Buterin, the co-founder of Ethereum, said that Ethereum and other decentralised networks have continued working “flawlessly” despite the recent events in crypto.
- “What happened at FTX was of course a huge tragedy,” Buterin said, adding that many in the Ethereum community see these events as further testimony to the value of transparant decentralised applications.
- Buterin and other familiar names in cryptocurrency have weighed in on the importance of transparency in recent weeks.
Centralised exchanges have their place, says JP Morgan
- Decentralised exchanges have a way to go before they pose any real threat to centralised exchanges, said JP Morgan in a note to investors.
- “The management, governance and auditing of DeFi protocols without compromising too much on security and centralisation is a big challenge,” the bank said.
- Some in the industry have argued that recent events may lead to an industry shift from centralised to decentralised exchanges, but the bank says that the limitations in these exchanges are likely to limit institutional participation for the foreseeable future.
Speculation about crypto payments in Twitter ongoing
- Crypto Twitter is abuzz with speculation about whether Elon Musk’s plans for Twitter 2.0 include cryptocurrencies. The new owner of Twitter shared his presentation on Twitter, which included a reference to “payments”, but with blank space next to it.
- Bitcoin whale Michael Saylor responded to Musk’s tweet: “Twitter can bypass all conventional payment networks with Bitcoin via Lighting.”
- Other plans to transform Twitter into an “everything app” include long-form tweets, encrypted DMs and relaunching the verified blue tick.
Know your lenders from your exchanges. In this deep dive, we unpack the roles of the various service providers in crypto. Dive in 🐳 HERE.
Crunching the numbers
$10,000 – The price of Bitcoin topped $10,000 for the first time in history this time five years ago.
$8.3 billion – The amount of Bitcoin traded in Dollar terms on the same day in 2017.
$25 billion – The amount of Bitcoin traded on 29 November, five years later.
22.5% – Dogecoin jumped by more than 20% in value after Elon Musk tweeted his plans to build payments into Twitter. There was no mention of Dogecoin…
45 billion – The capped limit on how many ADA can be minted on the Cardano network.
The crypto time capsule
Yeah, not bad.
Are XBT and BTC the same thing? And why are they sometimes used interchangeably? Read HERE.
Worth a watch
Want to see blocks added to the Ethereum and Bitcoin blockchains, but animated as little cartoon characters (transactions) boarding a bus (blocks) on their way to blockchain land? We thought so. Check it out HERE.