Take a closer look at what’s happening in the world of crypto and DeFi with Chainspot weekly news digest!
Chainspot team
🔈 EOS Embraces Ethereum Ecosystem with Launch of EVM
The EOS Foundation has introduced the Ethereum Virtual Machine (EVM) for Solidity developers, enabling interoperability between two major blockchain networks. This move will accelerate EOS’s growth by leveraging Ethereum’s open-source libraries and tools. Ethereum developers can also benefit from lower transaction fees, faster speeds, and mass-scale decentralized application deployment on the EOS Network. Once considered an Ethereum competitor, EOS is now harnessing Ethereum’s resources to boost its development. By offering the EOS EVM, developers can access Ethereum’s resources while enjoying EOS’s superior performance, combining the strengths of both platforms.
✅ Ethereum’s Shapella Upgrade Goes Live
The highly anticipated Shapella update on Ethereum is now live, introducing new features such as unstaking of Ether. Shapella, a term combining “Shanghai” and “Capella,” represents simultaneous upgrades and marks a significant milestone in Ethereum’s roadmap. The community is excited about the network’s future, with Ethereum Foundation researcher Danny Ryan noting the completion of the proof-of-stake (PoS) loop.
Since the Shapella upgrade, many associated protocols have experienced a significant boost, with Layer 2 protocol Arbitrum ($ARB) emerging as the primary beneficiary. CoinMarketCap data reveals a 20% increase in ARB’s price over 24 hours and a 28% rise over the past week, now trading at $1.54.
💰 Twitter Boosts Monetization with Enhanced Subscription Feature
Elon Musk announces an upgraded monetization initiative on Twitter, allowing users to offer subscription content for a monthly fee. Building on the “Super Follow” function, creators can provide exclusive tweets, extended text, long-form videos, and live subscriber-only chats. For the next 12 months, Twitter will forgo its share, letting creators receive up to 92% of the proceeds.
📊 Bitcoin Holds $30,000
Bitcoin ($BTC) maintains its position above $30,000, leaving investors and traders anticipating its next move. With a 0.25%-0.50% Fed funds rate hike predicted for May, the crypto and liquid financial markets are weighing the impact on Bitcoin. Despite interest rate hike rumors, $BTC surged 7% on Monday, reaching a 10-month high near $30,000.
March’s consumer price index data release saw Bitcoin remain stable, continuing to trade above $30,000 regardless of the Fed’s decision. Bank of America Corp strategists predict the 2023 Bitcoin rally will persist, as net outflows from crypto exchanges and transfers to personal wallets indicate reduced selling pressure. Concerns about US regulatory crackdowns also contribute to the migration from exchanges. Following Bank of America’s positive outlook, Bitcoin outperformed the Nasdaq 100 tech index and gold, rising past $30,000.
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More updates to come as the crypto market evolves! Stay tuned!
Chainspot team
