Welcome to The Protocol
CoinDesk’s weekly wrap-up of the key crypto tech development stories. In this edition:
Key Highlights
- Ethereum faces an identity crisis.
- Avalanche slashes fees significantly.
- Arbitrum integrates Bitcoin.
- UBS explores layer-2 with ZKSync.
Ethereum’s Wall Street Guy
Ethereum is grappling with challenges as its native token, ether (ETH), underperform against other competitors. Long-time developers express concerns about the chain’s technological pace and community focus. Criticism has been directed towards the Ethereum Foundation, which is undergoing leadership changes spearheaded by co-founder Vitalik Buterin.
Amidst this upheaval, Etherealize—a project founded by former banker Vivek Raman—aims to connect Ethereum with Wall Street, marketing ETH as a legitimate asset class.
“I believe my traditional finance background adds a unique perspective to this venture.”
Raman spent four years preparing for this plan, launching Etherealize in January amid optimistic market conditions despite Ethereum’s internal struggles.
Read more about Raman’s insights here.
Financial Tool Developments
Avalanche has significantly cut user fees, a move that has increased transactions by over 30% since its recent upgrade, Avalanche9000.
UBS has conducted trials for its Key4 Gold offering on the ZKsync network, signaling a renewed interest from traditional banks in blockchain technology.
Arbitrum is expanding Bitcoin’s interaction with Ethereum through BitcoinOS, enhancing its role in the broader cryptocurrency ecosystem.
Events
- Feb. 1-6: Satoshi Roundtable, Dubai.
- Feb. 19-20: ConsensusHK, Hong Kong.
- Feb. 23-24: NFT Paris.
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