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  • 🔥 Next ETH update - is ETH about to explode?

🔥 Next ETH update - is ETH about to explode?

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In any case, today we’re talking about:

  • 💎 Next ETH update - is ETH about to explode?

  • 🍜 "Kimchi premium" is back

  • 🍼 Smelling like crypto: Binance's crypto perfume?

  • 💵 BRICS plan to challenge US dollar via Blockchain

Next ETH update - is ETH about to explode?

Ethereum's "Dencun" upgrade, set to launch on March 13, 2024, has been generating a lot of buzz in the crypto world.

  • The major upgrade promises to drastically reduce transaction fees on Ethereum's layer-2 networks (note: only layer 2 networks) and is being closely watched by investors and enthusiasts alike 👀 

  • According to the devs, the Dencun upgrade will not only improve scalability and security but also enhance the network's overall efficiency 🛠️ 

This will be achieved through a proto-dank-sharding system, which aims to reduce transaction fees and make the network more affordable.

Analysts have predicted that this upgrade could positively impact Ethereum's price, pushing it even more, well past $3,500 and possibly even reaching $4,000 👇️ 

In fact, some whales have already started rotating their BTC profits into ETH, further fueling the price increase.

  • L2s have grown pretty drastically in recent months.

  • Solutions like Arbitrum, Optimism, and other alternatives have now amassed over $36 billion in managed assets, with Arbitrum leading the way at nearly $16 billion.

The bigger picture 🧠 

Ethereum is set to become something much greater than just a blockchain for digital coin transactions.

It’s part of a bigger picture, where blockchain technology is revolutionizing the way we do business and interact with each other ⛓️ 🌎️ 

Some believe Ethereum will not be seen as a separate entity but rather an integral part of our daily lives after a while, much like the internet is today. But hey, that's probably a discussion for another day.

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"Kimchi premium" is back

"Kimchi premium" is a long-standing term that describes the price difference between Bitcoin in South Korea and the rest of the world.

Recently, this premium has seen a significant pump, reaching its highest point in two years 💹 

This revival presents a lucrative opportunity for BTC arbitrage, a strategic practice where traders exploit price differences by purchasing Bitcoin from global exchanges and reselling it in South Korea at a premium 💰️ 

  • This method, once successfully utilized by Sam Bankman-Fried, reportedly led to making millions in profit daily when the premium was around 50%.

Exchanging these profits for cash is more challenging nowadays, though.

South Korea has strict financial regulations, making it challenging to transfer large sums of money out of the country 🚫 

This limitation makes it difficult for smaller traders to participate in this arbitrage opportunity and prevents larger funds from taking advantage.

🤔 Still, the resurgence of the premium signals that the bull run is gaining momentum in South Korea. This trend indicates a growing interest from Korean retail investors in crypto.

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Smelling like crypto: Binance's crypto perfume?

Binance, one of the leading CEX, has decided to approach ads in a new way... by creating a perfume. With this, they are hoping to attract women to the crypto industry.

"CRYPTO" has been launched in Dubai on March 6 and is being marketed as a blend of “finance and elegance” 💅 

The idea behind this new scent comes from the women leading Binance's marketing team, who wanted to challenge the traditional views of crypto and make it more appealing to women.

According to the CMO of Binance, "CRYPTO" is a statement to women that they are an essential part of the crypto revolution and should not stay on the sidelines any longer.

In the meantime, though, Binance isn't feeling that good in one of the biggest markets - the US.

  • The lawsuit that the company was hit with by the SEC in June of last year has caused them to lose a significant amount of revenue and terminate over 200 employees 💸 

  • This has also resulted in banks seeing Binance.US as a liability and being hesitant to work with them 💀 

CZ's legal problems don't seem to be going away anytime soon either.

Despite settling with multiple government agencies, the SEC is still pursuing charges against him.

CZ pleaded guilty to a money laundering charge and is facing up to 18 months in prison, with sentencing set for April 3rd.

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BRICS plan to challenge US dollar via Blockchain

  • BRICS, an alliance of five emerging economies including Russia, has recently announced the launch of a new payment system based on blockchain and crypto tech stack ⛓️ 

  • With this, they're hoping to establish a parallel channel for trade settlements, challenging the monopoly of the US dollar in global transactions 🤔 

According to Russian diplomat Yuri Ushakov, the proposed system will incorporate digital assets and cryptos into its blockchain, showcasing its “advanced technological capabilities and versatility.”

Is the dollar dominance in danger?

Various economy experts have different opinions on this topic, but generally, the strategic implications of this could be significant 👇️ 

By facilitating cross-border transactions within BRICS and extending this capability to other developing nations, it could potentially decrease the demand for and dominance of the US dollar in global markets.

CBDCs and similar initiatives are also being pursued by other countries, further challenging the dollar's position.

And while they're not toppling the US dollar any time soon, the times are certainly changing:

The BRICS bloc, which now includes nine nations with the possibility of Saudi Arabia joining, has expanded its influence over global commodities like oil and holds a significant share of the world's GDP.

This, coupled with the projected growth of these economies in the coming years, suggests a possible shift in economic power from the West to the East.

In that case, it's unclear what would become of crypto, with its decentralized nature being at odds with traditional power structures that dominate finance in BRICS nations. However, many argue that crypto could also thrive in such a scenario.

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Other worthy reads:

Some info on Wormhole drop that’s on all news currently:

Wild Vitalik spotted at Bittensor meet:

Treasure trove of on-chain data by CryptoKoryo:

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That's all for now, frens.

We'll meet in a week! And remember, the market conditions are temporary, but our commitment to building a better DeFi is here to stay. Thanks for joining us, and we look forward to seeing you back next week. Cheers!

Yours, The 🔥 Team

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