Exodus Newsdrop August 19th 2022

Exodus Newsdrop August 19th 2022

Exodus Newsdrop August 19th 2022

A roundup of the week’s crypto news, as Coinbase announce they will block ETH token activity during Merge, Arbitrum brings blockchain value to Reddit Points, and Science finds a way to turn poop into crypto.


    Bitcoin price loses key trendline

    The Bitcoin price lost a key trendline support this week, shortly after minutes released from a Fed meeting showed discussion about a further raise in interest rates. The steady decline was followed by a steep drop on Friday, erasing the cautious gains of the past month.

    Tether has hired a top accounting firm to vouch for its asset reserves on a monthly basis. They will publish their reports every month instead of once a quarter, and will use BDO Italia for the audits.

    And Coinbase announced in a blog post that it will pause ETH and ERC-20 token deposits and withdrawals during the merge update, which is predicted to ship on the 15th September. The blog post explains that the “downtime allows us to ensure that the transition has been successfully reflected by our systems.”


    August Ethereum update

    Speaking of Ethereum, Vitalik Buterin shared his belief that the smart contract platform will eventually be able to reach 100k transactions per second, following the completion of 5 key phases, starting with the merge.

    Arbitrum is introducing two new products; Nitro and Nova. Nova will make some compromises to provide a faster blockchain that is perfect for gamers with low-value accounts, and Nitro will reduce the amount of data sent over the blockchain, decreasing gas fees. Reddit has already chosen Arbitrum Nova as their blockchain of choice for super-powering community Reddit Points.

    And 3 new ZK-rollup protocols show promise for finally achieving compatibility with the Ethereum Virtual Machine, ushering in a potential holy grail of stong security and super-scalability for the Ethereum ecosystem.


    The week in celeb NFTs

    In Web3 news, celebrity NFT enthusiasts such as Reese Witherspoon and Snoop Dogg may have to clearly disclose paid endorsements from NFT companies in the future, thanks to action by consumer watchdog Truth In Advertising.

    In maybe-related news, a series of celebrity crypto commercials, most notably those starring Tom Brady and Matt Damon, have conspicuosly disappeared from US television screens.

    And remember NBA Top Shots? Dapper Labs has introduced a similar NFL version of the popular NFT collection, fronted by Kansas City Chiefs quarterback Patrick Mahomes.


    And finally…Poop-to-earn

    And finally… Crypto Twitter recently brought to light the story of Cho Jae-weon, a South Korean scientist who invented a toilet that turns poop into power and digital currency. Microrganisms inside the system break down your breakfast into methane, which can be then used to power certain household appliances.

    Eco-toilet users will earn 10 Ggool a day - the digital currency connected to the project.

    Talk about shitcoins…

    The world of crypto can get messy, but Exodus News & Insights isn’t afraid to get its hands dirty. Check out our guide to the most ridiculous altcoins ever.

    This content is for informational purposes only and is not investment advice. You should consult a qualified licensed advisor before engaging in any transaction.

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