Research Summary
The report covers a range of topics including BlackRock’s plans to launch an Ethereum ETF, the European Parliament’s approval of a Data Act with a smart-contract kill switch provision, and Circle’s release of v2.2 for their stablecoins. It also discusses Ark Invest and 21Shares’ upcoming ETFs, Riot Platforms’ Q3 report, and partnerships and developments from Immutable, Celsius, Polygon, and Alfred. The report also mentions Chainlink’s upcoming staking launch, performance of various tokens, and proposals and incentives from Balancer and Vertex.
Key Takeaways
BlackRock’s Ethereum ETF
- BlackRock’s Ethereum Endeavor: BlackRock is planning to launch a spot Ethereum ETF called the iShares Ethereum. This move signifies the growing interest of traditional financial institutions in the crypto space.
EU Parliament’s Data Act
- Regulatory Developments: The European Parliament has approved a Data Act that mandates smart contracts to have a kill switch. This act, pending approval from the European Council, could significantly impact the operation and security of smart contracts in the EU.
Circle’s Stablecoin Update
- Stablecoin Enhancements: Circle has released v2.2 for their stablecoins, USDC and EURC. The update aims to decrease gas costs, increase transaction security on EVM chains, and improve support for account abstraction, allowing developers to build products where users can pay gas in USDC or EURC.
Riot Platforms’ Q3 Report
- Bitcoin Mining Revenue Growth: Riot Platforms, a Bitcoin mining firm, reported an 11.2% increase in revenues from $46.3 million to $51.9 million in their Q3 2023 report compared to Q3 2022. They also mined 1,106 BTC, up from 1,042 BTC in Q3 2022.
Celsius’ Restart as NewCo
- Celsius’ New Chapter: A New York judge has approved Celsius’ plan to restart as “NewCo”. The new entity plans to distribute $2 billion in BTC and ETH to Celsius customers and list its stock on the NASDAQ. NewCo will also expand on Celsius’ mining and staking operations.
Actionable Insights
- Investigate the Potential of Ethereum ETFs: With BlackRock’s planned launch of an Ethereum ETF, it may be worthwhile to explore the potential impact and opportunities this could bring to the Ethereum market.
- Assess the Implications of the EU Data Act: The EU Parliament’s approval of a Data Act requiring a kill switch in smart contracts could have significant implications for blockchain developers and businesses operating in the EU. It’s crucial to understand these potential changes and adjust strategies accordingly.
- Explore the Benefits of Stablecoin Updates: Circle’s v2.2 update for USDC and EURC could offer improved transaction efficiency and security. Businesses and developers might want to consider how these enhancements could benefit their operations.
- Monitor the Performance of Bitcoin Mining Firms: The growth reported by Riot Platforms in their Q3 report indicates a positive trend in the Bitcoin mining industry. Stakeholders should keep an eye on this sector for potential growth opportunities.
- Understand the Implications of Celsius’ Restart: Celsius’ restart as NewCo and its plans for distribution of BTC and ETH to customers could have significant implications for its users and the broader crypto market. Stakeholders should monitor these developments closely.
