2 key things about pre-pump ETH

Author

Mr. GoBrr
February 09, 2024 • Reading Time:7 minutes

GM. Today on Money Printer Go Brrr newsletter:

  • 4 news you should know today;

  • What hapened on Twitter;

  • 2 key things to know about Ethereum before it will pump

  • Former Starbucks Bitcoin Partner Bakkt Says It’s Running Out of Cash

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4 news you should know today:

What hapened on twitter:

2 things to know about Ethereum before it will pump:

1/ Ethereum upgrade aimed at lowering L2 TX costs eyes mainnet deployment

Ethereum's got this cool new upgrade called Dencun.

It's all about this thing called "proto-danksharding."

I know, it sounds SCI-F 👽

But let me tell you what it means. 💭

💡 Proto-danksharding

 ⇾ helps store more data off the main chain.

 ⇾ makes transactions cost less.

 ⇾ uses blobs (explanation below)

They just successfully tested it on the testnet. 🎉

 ⇾ no bumps or crashes!

Why does it matter?

It's expected to make using Ethereum's layer-2 networks a lot cheaper, which is great news for you and me.

I can now send my pocket money to all sorts of charities, costing me nothing 😀.

If this wasn’t cheap already, I don’t know what else is 😿.

(source, and 🔖 save it: https://l2fees.info/)

Now that you have seen how cheap are L2 already, imagine that through this upgrade you can pay 10x less. 😯

How is Ethereum doing this?

Answer: Blops 👇

⇾ allows more data to be included in a block without directly impacting the processing load of the network,

⇾ large data containers used to store significant amounts of off-chain data temporarily,

⇾ basically, it lets Ethereum nodes store a bunch of data off the main chain 🔥.

But, “Wen mainnet, ser?”

13 March 2024, 13:55:35 UTC

Want to make your brain bigger than mine and deep-dive into Proto-danksharding? 

👉 Head to https://www.eip4844.com/. 

Meanwhile, this guy is documenting the history of Ethereum in songs:

2/ What is ERC-404? 

Have you heard about the latest buzz in the NFT world?

It's called ERC-404, and it's pretty cool. 

You know how NFTs are these unique digital things that everyone's into, but selling them can be a pain? 

Well, ERC-404 is here to shake things up.

💡Current token limitations

⇾ ERC-20 – the fungible token class on ETH, all Ethereum tokens has this standard ERC-20,

⇾ ERC-721 – the non-fungible token class on ETH, All Ethereum NFTs has this standard,

⇾ these two can’t interact.

Unnoficial update?

Say whattt..? 😯

⇾ it’s not audited, so ERC it’s just a name.

⇾ yes, it skipped the formal processes on the ETH chain.

⇾ yes, it’s experimental, be cautious!

Now, ERC-404 and how does it work 💭

  1. it blends features of both classes (ERC-20 + ERC-721)

  1. it’s semi-fungible 🤔 ⇾ each ERC-404 is tied to an NFT –– but can be part of a larger, interchangeable pool of tokens. 

  1. allows fractional ownership of unique digital items ⇾ you can trade portions of a digital asset.

  1. collectoooors can boost their NFTs' rarity after buying them ⇾ moving the ERC-404 to a new wallet, collectors can change the NFT's traits, possibly making it rarer. 👏

👉 Buy a token, get a surprise NFT. It's like a Kinder Egg, but for crypto geeks.

Why does it matter tho’?

  • Remember fractionalized protocols?
    ⇾ you would lock your NFT and then share its fractions, sliced into share-sized snacks.

  • Now, it's like the pie comes pre-sliced! ⇾  it’s designed to fractionalize natively within NFT projects that use the standard

🥇 The first project?

Pandora, the newbie on the block and the first-ever ERC-404 token, hit the crypto runway on Feb. 5. 

In just four days, it skyrocketed with a 1,850% gain, puffing its chest out to a nearly $293M market cap.

💡 But, and this is important, ERC-404 is still in the testing phase. 

It's not an official standard yet, which means it might have some kinks to work out. 

So, if you're thinking about jumping in, remember it's a bit like the wild west. 

Here’s where you can start from:
 
1. https://www.coingecko.com/en/coins/pandora

Former Starbucks Bitcoin Partner Bakkt Says It’s Running Out of Cash

Yes.. I do remember Bakkt.. It was supposed to be this crypto savior a while ago.

Before jumping in, remember, that crypto doesn’t need any saviors. 

(Unless it controls the entire planet's electricity. 😂)

What’s happening?

They sounded the alarm to the SEC, saying their cash stash might not last the year.

💡 Let’s go back a bit in history:

⇾ it’s 2018 and Bakkt started a crypto trading platform

⇾ developed by ICE (Intercontinental Exchange)

⇾ hype was all around and kept building up

⇾ ICE owns the New York Stock Exchange (want to know the NYSE market cap? – it’s just $22 trillion)

They used to be all about letting folks use crypto for everyday stuff – but now they're more about helping businesses handle crypto. 

They even tried to grow their business overseas recently – didn’t work.

Present day:

⇾  company's stock price has dropped ~90% in the past year

⇾ ATH at $40, now it’s trading at $1.43

⇾ they went to SEC saying they might not last another year

Centralized (no-community) vs decentralized (community), some thoughts:

Bakkt's financial struggles, despite strong backing from the Intercontinental Exchange, challenge the usual success metrics in crypto and tech. 

It hints that true resilience might stem more from agility, innovation, and a deep connection with the community's needs, rather than just financial strength or prestigious partnerships.

Thus, we see crypto startups prospering further.

One might be soulless while the other one might be the opposite.

Do you agree or have different thoughts? Drop me an email with your thoughts. 💗

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