Read in the Digest;
- ADA Surpasses Ethereum by Transaction Volume as Cardano Enters Basho Phase
- Walmart is Preparing NFTs, Tokens, and Shopping for its 3D Metaverse
- Polygon (MATIC) Set to Become Deflationary with EIP 1559 Deployment
- 134 Million Shiba Inu Burned In 24 Hours, as Weekly Burn Hit 328 Million
- Bitcoin is Losing Dominance as the Prefered Crypto for Payments
ADA Surpasses Ethereum by Transaction Volume as Cardano Enters Basho Phase
After a rather slow start to the year, Cardano is beginning to pick up the pace. Cardano (ADA) has gained more than 9% over the last 24 hours, pushing up its price as high as $1.52. The rally has seen Cardano reclaim its place as the 5th largest crypto by market cap.
The 24 hours price chart of Cardano (ADA). Source: Tradingview
Cardano’s price jumped, so did its trading volume. According to Messari, in a 24-hours time frame, over $7.02 billion was transacted on Cardano, while Ethereum completed $5.41 billion.
The boost comes as Cardano enters the third phase in its roadmap, the Basho Era. This phase promises to improve the performance and scalability of the Cardano network.
The scalability part of Basho has outlined plans for Cardano to reach millions of transactions per second through the second-layer solution Hydra. The interoperability side will introduce the sidechains, allowing Cardano to communicate with other blockchains.
Flipsider:
- With smart contracts taking a long time to be deployed on Cardano, users are unsure how long it would take for the Basho phase to take effect
Why You Should Care
The Basho Phase looks to put an end to Cardano’s widely criticized slow start and could set the project up to challenge the best blockchain network.
Walmart is Preparing NFTs, Tokens, and Shopping for its 3D Metaverse
Since Facebook’s big metaverse reveal, droves of mega-companies have rushed into the virtual world, the latest big-box retailer, Walmart. According to reports, Walmart has filed as many as 20 trademark applications as of December 30, 2021.
The trademarks will see Walmart establish its own NFTs collection and cryptocurrency. In a separate filing, the retail giants also filed applications that would see it make and sell virtual goods in the metaverse.
According to Walmart, the filings confirm its resolve to explore how emerging technologies may shape future shopping experiences. Josh Gerben, a trademark attorney, said about the filings;
“There’s a lot of planning going on behind the scenes about how they’re going to address cryptocurrency, how they’re going to address the metaverse and the virtual world.”
Some of the trademarks can be found, here, here, here, here and here.
Flipsider:
- Despite calling it an $8 trillion industry, Morgan Stanley has opined that companies could face challenges have their customers buy into it
Why You Should Care
The metaverse looks to change the future, and Walmart joins Facebook, Nike, Ralph Lauren, Disney, and a string of others, building their own metaverse.
Polygon (MATIC) Set to Become Deflationary with EIP 1559 Deployment
Leading Ethereum layer-2 scaling solution, Polygon, has finally announced that the much-awaited Ethereum Improvement Proposal (EIP) 1559, commonly known as London Hardfork, will go live on the mainnet on January 18 at 8am (UTC).
First announced on December 14, Polygon revealed that it would deploy a fee-burning mechanism, similar to Ethereum. The upcoming mainnet upgrade will eliminate the first-price auction as the main gas fee calculation and introduce token burning.
By introducing burning, MATIC would become a deflationary asset – reducing its supply by burning/token destruction. The Polygon team has predicted that MATIC, which has a fixed supply of 10 billion, would be reduced by 0.27% or 27 million MATIC in a year.
Flipsider:
- While EIP-1559 would benefit all of Polygon’s stakeholders, it would reduce the amount of MATIC available to existing and new investors.
Why You Should Care
The EIP-1159 upgrade will ensure dApp users on the network pay even lower fees for transactions.
134 Million Shiba Inu Burned In 24 Hours, as Weekly Burn Hit 328 Million
The Shib Inu community has intensified its burning of the SHIB token, destroying millions of tokens regularly. Over the last 24 hours, 134,519,822 $SHIB tokens burned and 17 transactions.
According to the Shiba Inu burn tracker, Shibburn, over the last seven days, a total of 328,470,419 SHIB tokens have been burnt in 57 transactions, destroying 328 million SHIB coins in the process.
Going forward, Steven Cooper, the owner of Bigger Entertainment, who has burnt over 1.01 billion SHIB in multiple transactions, and has announced plans to burn another 1 billion SHIB tokens but this time, in a single transaction.
Flipsider:
- According to WhaleStats, the top 1,000 ETH whales hold 51,797,443,284,681 SHIB in their addresses, which equals to $1,618,039,118.
Why You Should Care
By destroying tokens, Shiba Inu creates a deflationary model, where scarcity could potentially drive up the price of SHIB.
Bitcoin is Losing Dominance as the Prefered Crypto for Payments
As the first and undoubtedly the most popular cryptocurrency, Bitcoin easily became the preferred asset for crypto payment. However, recent reports suggest that customers and businesses are turning to other digital tokens for payment purposes.
According to Bitpay, one of the world’s biggest crypto payment processors, merchants that use Bitcoin dropped from 92% in 2020 to 65% in 2021. Ether accounted for 15% of purchases, stablecoins 13%, while Dogecoin, Shiba Inu, and Litecoin accounted for 3%.
The report suggests that the growing number of businesses using stablecoins for cross-border transactions led to the decline in Bitcoin’s dominance.
Flipsider:
- The trend shows that people have turned to holding their Bitcoin stakes rather than spending them.
Why You Should Care
Bitcoin’s decline comes amidst more merchants broadening their list of accepted cryptos.
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