Market Highlights
- Ethereum surged to a new all-time high of $2,800/coin, showcasing robust market momentum.
- Developers confirmed the conservative timeline to phase out Proof-of-Work (PoW) mining by late 2021, transitioning to Proof-of-Stake (PoS).
Policy Updates
Global Regulatory Shifts
- Colombia intensified crypto oversight due to rapid user adoption, implementing AML laws and a regulatory sandbox for crypto startups.
- UK's Central Bank is recruiting a CBDC team to explore a digital pound.
- Uzbekistan proposed legalizing domestic crypto trading, reversing previous restrictions.
👉 Explore global crypto regulations
Blockchain Innovations
Notable Applications
- China's "XinZheng Chain": A national blockchain-based notarization alliance launched in Ningbo to enhance data authenticity.
- Virunga National Park (Africa) now accepts crypto donations (BTC, ETH, LTC) for conservation efforts.
Cryptocurrency Trends
Key Developments
- Phala Network: Announced 1 KSM = 100 PHA rewards for Kusama parachain auction participation.
- Coinbase acquired Skew to enhance institutional market analytics.
- BAPE® NFTs: Limited-edition NFTs dropped in collaboration with CROSS STUDIO.
DeFi Insights
- Lending protocols on Ethereum grew 300%+ in 2021.
- DeFi benchmark rate rebounded to 7.22%, reflecting higher borrowing costs.
FAQs
Q1: Why is Ethereum ending PoW mining?
A1: To reduce energy consumption and transition to the more scalable PoS consensus via Ethereum 2.0.
Q2: How does Colombia’s new AML law impact crypto users?
A2: Exchanges must comply with stricter KYC/AML checks, increasing transparency but adding onboarding steps.
Q3: What’s the significance of the UK’s CBDC team?
A3: It signals serious exploration of a digital pound, potentially reshaping monetary policy.
Key Terms
- EVM (Ethereum Virtual Machine): Executes smart contracts with Turing-complete flexibility.
- PoS vs. PoW: PoS validates transactions via staked assets; PoW relies on computational mining.
Data sourced from Huobi Global, CoinATMRadar, and Chainalysis.