Bybit: Ethereum Completes Shadow Fork, Solana to Open Physical Store
Chart of the Day
The broader crypto market soared after the U.S. Federal Reserve confirmed a 75 bps rate hike that was in line with investors’ expectations. The Fed’s potential pivot to a more tapered rate increment provided some relief to the risk markets — stock markets closed higher, while major digital assets moved in lockstep. As of the time of writing, BTC is trading above the $23k handle after pumping by 9% in the last 24 hours. Despite the renewed momentum, major resistance levels in the $23.5k to 23.7k range remain intact. The largest cryptocurrency by market cap must clear these barriers before it can usher in another round of rally. Major altcoins are all riding the wave of the Fed’s announcement, with UNI and ETC leading the pack on at least 20% increases in the last 24 hours. Bybit blog reports.
ETH reclaims the $1,600 level after rising by 16% in the same period, following the successful implementation of a “shadow fork” on the Ethereum blockchain, which was completed two days earlier than expected. The implementation marks another step closer to the much-anticipated transition to a PoS consensus. On-chain metrics reveal that Ethereum’s daily active addresses surged to over a million for the first time since the DDoS attack in 2016. The number of small ETH transfers (those under $1000) increased sharply over the same period, suggesting robust consolidation behaviors prior to The Merge.
Meanwhile, DAI has seen the highest token velocity among major decentralized stablecoins, thanks to a consistently high volume relative to its outstanding supply. This suggests in spite of recent doubts over stablecoins, DAI is still the most preferred decentralized medium of exchange.
Talk of the Town
A Solana-themed brick-and-mortar store is set to open in New York’s Hudson Yards neighborhood, as part of Solana’s continued effort to make inroads into the mainstream culture. The store will provide a real-life journey into the world of web3, as customers learn about how Solana works, while getting hands-on experience with on-chain transactions and NFTs. As a purveyor of Solana culture, the store will also provide plenty of Solana-branded merchandise, including collaborations with big names both within and out of the crypto industry.
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