Great Success 👍 – by Donovan Choy


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Dear Bankless Nation,

Here’s a recap of the biggest crypto news in the third week of September.

When the White House reported last week that the carbon footprint from proof-of-work mining would accelerate climate change, they weren’t referring to Ethereum. 👀

Seven years in the making, the milestone shift to proof-of-stake finally happened this week.

What happened in Merge week? ETH miners power down, bagpipe-style.

With that, Ethereum mining difficulty plummets.

The Merge goes smoothly.

“The only chart that matters post-Merge” – Arthur Hayes

One validator got slashed.

The mainstream media – New York Times, CNBC, CBS – turns its attention to Ethereum. Budweiser says hi to the community.

The Merge overall?

🛠 Looking to stake your ETH post-Merge? See simplestakers.info 

Leading up to the Merge, there was a lot of talk around miners supporting a PoW version of Ethereum (ETHW), led by prominent miner Chandler Guo. 

The fork isn’t live yet, but ETHW is already trading on several exchanges in the form of IOUs. ETHW is currently sitting at ~$10, down 79% from the time of the Merge.

Hashrate on the chain suggests that miner support for the fork hasn’t been that spectacular either.

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Source: 2miners.com

Miners instead, are flocking to the 2016 forked Ethereum Classic (ETC), and some lesser-known chains like Ergo and Ravencoin.

Hashrate on these chains shot up 2-6x in the day after the Merge.

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Source: 2miners.com

On more established PoW chains like Monero or Litecoin, hashrate hasn’t spiked as well.

Infura is a centralized node provider that runs nodes on the behalf of users, providing them with access to on-chain data. It’s a critical piece of middleware in the Web3 tech stack that is used by popular protocols like Metamask and Brave, and facilitates billions of daily requests.

Starbucks is launching its “Starbucks Odyssey” Web3 experience in collaboration with Polygon.

This lets Starbucks loyalty program members earn and purchase digital collectibles in the form of a NFT via the Polygon network

Data from The Block shows NFT mints on Solana racking all-time-highs at the 300k mark.

Here’s what we have lined up next week.

  1. Ben is showing us the best DeFi business models

  2. William is dropping a tactic on how to run your own Ethereum validator

  3. Morgan Housel joins us on the podcast to talk about The Psychology of Crypto

See you next week.

Donovan

🙏 Sponsor: Circle—Use code Bankless for $100 off Converge22 tickets 👀

Listen to podcast episode | Apple | Spotify | YouTube | RSS Feed

  1. 📘 A Historic Week in Crypto

  2. 📘 How to Win the Ethereum PoW Fork

  3. 📘 15 Bad Takes on Ethereum

  4. 📘 Why the Flippening Is Good for Crypto

  5. 💬 Where were you during the Merge?

  1. 📺 WWIII vs the Machines | Demetri Kofinas

  2. 📺 15 Bad ETH Takes with Justin Drake

  3. 📺 The Eve of the Merge with Special Guests!!

  4. 📺 Post-Merge REACTIONS from the ETH Community

  1. 📘 Post-Merge NFTs 💚

  2. 📘 How to create editioned NFTs 🎴

  3. 📘 Writing NFTs ✍️

  1. 📘 TIME Releases Their First NFT Issue in Full

  2. 📘 The Merge (Part II) | DeFi Download

  1. 📺 Moment of Zen(eca): Starbucks NFTs, Doodles $54M Raise, & Much More

  2. 📺 Multi-Billion Dollar Digital Toy Opportunity with Will Weinraub

  1. 📺 Seed Club with Jess Sloss

  2. 📺 Wen Merge with Danny Ryan

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Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

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