Bankless ROLLUP: Crypto Bill | OP Wintermute | Illuvium Land Sale | PayPal Crypto | ApeCoin Ethereum
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Jun 10, 2022 The podcast dives into the latest trends in the cryptocurrency market, including Bitcoin's performance and Ethereum's upcoming merge. It highlights PayPal's new features for crypto users and the implications of New York's Bitcoin mining legislation. The discussion also covers significant hacks, the rise of NFTs in gaming, and the $72 million land sale by Illuvium. Furthermore, the hosts debate whether the market has hit its bottom while exploring potential investment opportunities during this bear market.
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State of the Bear Market
- DeFi has experienced a prolonged bear market, with DEX tokens down 90%+, resembling 2017 ICO numbers.
- Layer 1 tokens, except Mina, haven't dropped below 90%, demonstrating relative resilience compared to other sectors.
Ropsten Merge Success
- The Ropsten testnet successfully merged to proof-of-stake, marking a major step towards Ethereum's mainnet merge.
- While minor issues like validator downtime occurred, they were deemed trivial and easily fixable.
Ethereum Merge and Energy Consumption
- Ethereum's merge to proof-of-stake will drastically reduce its electricity consumption (0.1%-0.3% of global electricity).
- This leaves Bitcoin as the sole major proof-of-work chain, potentially increasing scrutiny on its energy usage.