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The OG of Blockchain L1 👊💥
Ethereum tops L1 chains by TVL and token count. AI keeps Google CEO up at night. Australian lose $148M in crypto to scammers in 2022. Nike releases NFT sneakers. Bhutan owns millions in crypto assets.
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The Shapella upgrade just went down on April 12, and no bug could stop it from being successful. Ethereum, the OG of Layer-1 blockchains, is still the undisputed leader and ain't nobody gonna dethrone it.
You know it, I know it, and the crypto world knows it.
Crushing the TVL
💰 $32 Billion in total value locked (TVL)
💎 3,578 crypto tokens on chain
Latest report by CoinGecko (*as of April 16, 2013)
All this glory because - Ethereum, the first blockchain network to enable smart contracts, has always had the first-mover advantage, great community support and a strong team of devs. What else do you need?
Chasing Ethereum's Tail 💫
🔸Binance's BNB Chain - 2,992 cryptocurrencies & $5.1 billion TVL.
🔸Ava Labs' Avalanche - 343 cryptocurrencies & $865 million TVL.
Wonder why? CoinGecko did not include Tron blockchain in its list. Justin Sun’s network is the second largest L1 chain by TVL, at $5.48 Billion, according to DeFi Lama.
Staking vs Withdrawals
The recent Shapella hard fork on April 12 has brought great things to the Ethereum ecosystem.
Over 1 Million Ether worth $2.1 billion withdrawn from Ethereum's Beacon Chain within the first four days of the upgrade.
💰 17.31 million Ether remains deposited - Just under 15% of the total Ether supply (excluding staking rewards).
ETH charge on charts
Ether has surged to over $2,100 for the first time in 11 months, resulting in a price gain of nearly 10%.
The Shapella escape 🏃🏻
The upgrade has allowed Ethereum stakers to withdraw their ether rewards for the first time since Beacon-chain deposits began in late 2020.
"Great work everyone on Shapella — it worked," - says Tim Beiko who runs protocol meetings.
👀 But the Bug: Despite Ehereums $500k bug bounty program, there was a bug in the main execution client Prysm related to MEV-Boost.
The Prysm team acted swiftly and found the root cause - a missing field called BlsToExecutionChanges during the "unblinding" of the "builder-blinded block."
Turns out, this bug was a ninja and slipped through undetected during testing on testnets like Goerli. But a "circuit breaker" saved the day! Relayer teams acted swiftly and disabled Prysm support from most relayers, preventing the issue from causing chaos across the network.
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TTD Blockquote 🔊
Sundar Pichai, Google CEO
“Does that keep me up at night? Absolutely”
On CBS 60 Minutes, Google's CEO Pichai Sundararajan gave a word of caution about the lightning-fast progress of AI. He said that society might need time to adapt to the new tech, and we’re not ready for advanced AI.
And the result: A bunch of European Union politicians totally agreed.
They signed a letter calling for "safe" development of AI and even took to Twitter to spread the word. They want everyone to work together and come up with some universal rules for AI development. They're asking the big shots like Ursula von der Leyen and Joe Biden to convene a summit on AI and figure out how to govern this new tech.
TTD Scam ⚠️
Scammers are getting craftier!
Nearly 4,000 Aussies fell for crypto schemes and forked over their hard-earned crypto. A whopping $148.4 million.
A huge increase of 162.4% from the previous year. And crypto remained scammers' top choice for ripping off folks in 2022, raking in a staggering $92.37 million (AU$137.6 million) in digital assets.
Metamask developer @tayvano_ said that a large number of OG wallets with more than 5,000 ETH were stolen in the past 48 hours.
It seems like the BNB Chain is having a bit of a moment too. They've updated their red alarm list to include a massive 191 high-risk projects and DApps that could leave investors feeling as lost as a kangaroo in Times Square.
TTD NFT 🐝
Nike releases its first NFT digital sneaker drop, called the .Swoosh.
The “Our Force 1" collection will potentially consist of hundreds of thousands of virtual pairs of the brand’s iconic Air Force 1 sneaker.
The virtual sneakers are designed by artist and designer Gabriel Dishaw and are available for purchase on the NFT marketplace, OpenSea.
10,000 photo NFTs in just 20 minutes
Award-winning photographer Jeremy Cowart will produce the NFTs live, in partnership with OpenSea and Transient Labs.The event, called "Auras," will take place on August 27 in Nashville, Tennessee.
TTD Adoption 🎺
Bhutan owns millions in crypto assets
The Kingdom of Bhutan’s sovereign investment arm which manages ~ $2.9 Billion in assets, has placed millions of dollars in cryptocurrencies.
Druk Holding and Investments (DHI), a commercial arm of the royal government of Bhutan, has grown a crypto portfolio without disclosing it to the public, according to a report released by Forbes.
It was a customer of bankrupt crypto firms BlockFi and Celsius
Celsius filing showed that DHI withdrew over $65 million and deposited almost $18 million in crypto.
BlockFi claimed that DHI refused to repay the loan in full after liquidating the 1,888 Bitcoin collateral, worth $76.5 million at the time. BlockFi lawyers filed a complaint against DHI to reclaim outstanding assets, alleging that the fund defaulted on its $30 million loan in March.
DHI Ujjwal Deep Dahal has said that the issue is confidential and the matter with BlockFi has already been settled.
TTD Surfer 🏄
Chinese banks are opening bank accounts for regulated crypto companies in Hong Kong, as a payment layer for the crypto platforms.
Bank of Israel is open to issuing CBDC if stablecoin use increases. It does not want private companies to take over digital payments system.
UAE launches to begin crypto licensing process, imposes minimum capital requirements and anti-money laundering rules.
Paxful CEO Ray Youssef says $4.4 Million in frozen funds remained on the platform after staff had unfrozen 88% of existing accounts.
Coinbase to help UK on Web3 hub. Brian Armstrong will give suggestions on regulations, taxes and collaboration between the banking and FinTech sectors.
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The Token Dispatch is a daily newsletter that takes you on a 4-5 minute drive through the wild west of the Crypto World. Daily in your email inbox @13:00 GMT. Almost always.