ETH may rise more than 5X by the end of 2026, according to global bank Standard Chartered. In this latest prediction of moon-rocketing crypto prices, StanChart Head of FX Research wrote that Ether may hit US$8,000 over the next two years as it becomes more widely used in smart contracts, gaming, and the ‘tokenization’ of traditional assets.
Market Spotlight
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News Snaps
Digital Asset Investment Funds Heating Up
Digital asset investment firm CoinShares published data showing that digital asset investment funds last week saw their largest inflows since July, with US$78 million of inflows and Bitcoin trading volumes rising by 16%.
HK Stock Exchange Launches Smart Contracts
The Hong Kong Stock Exchange is launching a novel equities settlement acceleration platform, dubbed ‘Synapse’, that will utilize smart contracts to streamline post-trade flows and enhance operational efficiencies.
Korean CBDC Pilot Test Announced
The Bank of Korea and Bank for International Settlements (BIS) announced a new pilot that will test the functionality of a Korean wholesale central bank digital currency (CBDC), which will serve as a tool for banks to settle interbank transactions and issue CBDC-backed digital currencies that can be fractionally backed, depending on the case.
JPMorgan’s Onyx Takes Off
JPMorgan’s digital assets and blockchain platform, Onyx, is processing up to US$2 billion daily. Users are mainly utilizing its platform for tokenization purposes, with the likes of Goldman Sachs and BNP Paribas among the early adopters. The platform has already tokenized a variety of assets, including US Treasury bonds, mortgage-backed securities, and cash using the JPM Coin.
Ether Could Significantly Rise, According to Standard Chartered
Global investment bank Standard Chartered is predicting that the value of Ether (ETH) could increase fivefold by the end of 2026. The hypothesis is based on Standard Chartered’s perspective that wider utilization of smart contracts, as well as gaming and tokenization of assets, will fuel the increase.
What’s Ahead
Crypto Catalyst Calendar
Chart of the Week
Ethereum’s Dencun Upgrade
Likely to launch in 2024, Dencun is the next significant upgrade to Ethereum and expected to be a major step toward achieving scalability for the network. In Ethereum’s roadmap, it is considered the beginning of ‘The Surge’, which aims to enhance ‘rollup-centric’ scaling in Ethereum via data sharding (Danksharding).
The most anticipated feature of the upgrade is EIP-4844, or Proto-Danksharding, which introduces a new transaction type, known as ‘blob-carrying transactions’ — providing a cheaper way for Layer-2 rollups to add data to blocks and expand storage for Ethereum blocks.
Research & Insights
Monthly Feature Article | Ethereum: Dencun Upgrade and Proto-Danksharding
Key Takeaways:
- Ethereum is currently undergoing development updates, including the upcoming Dencun upgrade (part of ‘The Surge’ on Ethereum’s roadmap), to achieve higher scalability. The most anticipated feature is the introduction of Proto-Danksharding, a process that aims to further increase Ethereum’s transaction throughput and scalability.
- Ethereum co-founder Vitalik Buterin’s blog opines on the advantages of sharding compared to other scaling solutions in addressing the scalability trilemma:
- Ethereum aims to eventually implement a particular type of sharding, called Danksharding. Essentially, instead of splitting into ‘shard chains’, Danksharding uses distributed data sampling across ‘blobs’ to scale Ethereum.
- However, there are still steps that need to be implemented before full Danksharding is achieved. One of these is Proto-Danksharding (also known as EIP-4844), which introduces ‘data blobs’ and is an important part of the upcoming Dencun upgrade.
Read the full report on how the Ethereum Dencun Upgrade and Proto-Danksharding are aiming to solve the scalability trilemma.
NFT Spotlight
Welcome to ‘Ape Royal’, the exclusive collection of multi-award-winning artist Kaysha, where 5,000 degens live their best life on the Cronos blockchain. Dropping on October 18, each ‘Ape Royal’ NFT features a unique depiction of an ape living the life of luxury and royalty, with exquisite attention to detail and beautiful art.
Kaysha is a highly acclaimed artist, having released 10 studio albums as a singer and two sold-out NFT collections on Crypto.com. He is also the owner of the record label Sushiraw and hosts a show on YouTube called Club Shada.
This drop features various utility items, including 🪂 new art from the future collection ‘Smooth Catz Club’ and 👕 exclusive ‘Ape Royal’ apparel (including tees and hoodies).
”Art is the Roadmap.” —Kaysha, dropping philosophical
Welcome, Royals. Art is, indeed, a Roadmap.
Product Picks
On-Chain Staking for ETH Now Available in DeFi Wallet
On-Chain Staking for ETH is now available in the Crypto.com DeFi Wallet for both iOS and Android devices. Users can now stake ETH in just a few, quick taps and earn rewards while helping to secure the Ethereum network. What’s more, all staked ETH will remain under users’ full control and be autocompounded to maximize rewards over time. Find out more here.
Crypto.com App New Token Listings
ZED Token (ZED)
ZED is a fungible cryptographic token that exists on the Ethereum and Polygon blockchains. ZED targets to become the main utility token and in-game currency of digital horse racing game ZED RUN and is intended to be leveraged across Play-and-Earn utility-based video games. ZED Token is issued by Future Future Labs Limited, a Web3 focused token company that aims to collaborate with well-established projects within the blockchain and non-fungible token (NFT) space.
Neutron (NTRN)
Neutron is a cross-chain smart contract platform. It enables developers to easily build cross-chain applications over Inter-Blockchain Communication Protocol (IBC) and provides dApps with the complete security of the Cosmos Hub. NTRN is the native token of Neutron and has various utilitiesincluding covering transaction fees on the network, managing network parameters and treasury through governance, and participating in the DeFi ecosystem as a liquidity, collateral and reward token.
Big Time (BIGTIME)
Big Time is a free-to-play, multiplayer action RPG game that combines fast-action combat and an adventure through time and space. Big Time aims to provide a free-to-play experience, without the sort of poorly aligned pay-to-win mechanics that have dogged other crypto-centric games. BIGTIME is the main cryptocurrency that drives Big Time’s economy and is used in-game to access prestige portals, perform actions at the Forge and speed up crafting timers. Users can also earn BIGTIME tokens by playing the game and defeating enemies.
Crypto Level Up
What Is Polygon and MATIC?
Polygon, formerly Matic Network, is a blockchain that aims to be a scaling solution, setting out to address Ethereum’s high gas fees and low transaction speed. Its native token is MATIC. More on Polygon and MATIC below.
The Polygon Network
Polygon is a multichain scaling solution for Ethereum that leverages sidechains to provide faster and cheaper transactions on the network. It’s now seen as a multi-layer ecosystem with several sidechains and Layer-2 (L2) protocols — all connected to Ethereum.
The MATIC Token
MATIC is the native cryptocurrency of Polygon. It is used as a medium of exchange and governance token, enabling transactions between network participants and allocating staking rewards.
Polygon 2.0
Polygon 2.0 is a blockchain bearing the vision to become the ‘Value Layer of the Internet’. It’s defined as a blockchain that consists of ZK-powered L2 chains, which users can seamlessly interact with while feeling like they’re using a single chain.
Find Out More About Polygon and MATIC.
CryptoIRL
With the comfort of the Crypto.com Jade Green Visa Card, yes, @durham1314, we do dare to cross. But slowly. Very slowly.
Hashtag #CryptoIRL with your Crypto.com Visa Card on your social profiles to get featured! Your 15 minutes of fame in the #CROFam awaits you!
Decoder
What Is Play-to-Earn (P2E)?
Play-to-earn (P2E) games, also known as GameFi, incentivize players to play and progress in games by offering rewards that have measurable value outside the game. These usually come as in-game cryptocurrencies or non-fungible tokens (NFTs). It is important to note that while ‘play-to-earn’ is the popular nomenclature, playing in GameFi doesn’t come without risk, including potentially high initial costs that a player might lose or fail to recoup.
How Does Play-to-Earn Work?
Unlike with traditional video games, where developers control all in-game economics, players in P2E games have ownership and control over their digital assets. They are compensated for their efforts and time spent online with digital assets that have value outside the game and may appreciate over time.
Players have the opportunity to obtain NFTs upon accomplishing tasks and challenges in P2E games. These NFTs can be exchanged for cryptocurrencies or even traditional currencies on third-party platforms. Possessing NFTs enables players to influence game decisions and mold the game’s future.
Axie Infinity, The Sandbox, and Decentraland are well-known P2E games.
Security Tips
Crypto Romance Scams
A romance scam is a traditional scam that’s increasingly being used to siphon cryptocurrency off unsuspecting victims. Here, the scammer forms and quickly develops a relationship with the victim online. Once the con artist has a firm grip over their victim, they employ tactics to extract cryptocurrency from them.
Five Tips to Avoid Falling for a Romance Scam
1. If meeting in person is not possible in the near future, insist on a video call with them.
2. Be wary of the relationship developing too quickly. This is a cause for concern and signals a romance scam.
3. Determine if the person is using someone else’s photo by performing a reverse image search on Google.
4. Pay attention to how the person asks for funds. Scammers usually insist on funds being transferred in the form of cryptocurrency or prepaid/gift cards.
5. Lastly, think rationally rather than emotionally when the person consistently engages in behavior or demonstrates other reasons that raise doubt.
That’s it for this week’s Snapshot. Want more? Find out what’s trending in the crypto world.
