The Recap: TradFi in flames, successful merger, NFT Starbucks, cryptocurrencies in France …

The merger it is a success for Ethereum; the France is the 32nd cryptocurrency, Starbucks adopted polygon; JPM and the giants of TradFi go to digital assetss … the news of the week.

The mergerhistorical event for a public blockchain in Proof-of-work. Ethereum has been in the crypto news all week. It was in fact on September 15 that the network finalized its proof-of-stake migration. So it is done and without technical incidents to deplore (until then). Key in particular: a energy consumption reduced by more than 99.5%, even for NFTs hosted on its blockchain.

The merger thus relaunching the debate on BTC’s energy consumption. An environmental campaign group has announced it will spend an additional $ 1 million on online advertising to increase pressure on the community Bitcoin. The purpose: to change the code of the cryptocurrency queen. Enough to make the maximalists shiver.

France 32nd crypto nation in the world

At the beginning of the year, KPMG and ADAN were pleased with the progress of the adoption of cryptocurrencies speak French. 8% of them had already invested in cryptocurrencies. And the favorable trend should continue for the rest of the year. But a crisis has interfered in the sector, slowing its development.

According to the latest Global Crypto Adoption Index by chain analysis, there is still a long way to go for France. Globally, it ranks 32nd in terms of adoption. the VietnamThey Philippines and theUkraine occupy the podium. India and the US complete the Top 5. However, the slowdown is global. The bearish market effect.

KKR, JPMorgan, Fidelity … TradFi in action

How to judge the maturity of the cryptocurrency market and blockchain technologies ? Their appropriation by actors of traditional finance undoubtedly constitutes a preponderant criterion. And in this area, the news was sustained this week, in line with previous months. Example : JP Morgan strengthens its Web3 skills on the payments with two important assumptions.

KKR, a giant with $ 471 billion in assets under management, will now allow individual investors to invest in its leading private fund. To provide this possibility, the company has partnered with Securitize and Avalanche to tokenize a fund that powers its HCSG II. At the same time, Carlo Schwab, Citadel Titles, Fidelity And financial virtue are teaming up to launch a digital asset exchange: EDX Markets. As for the bank DBSinvests the metaverse The Sandbox for CSR.

Starbucks: Coffee and NFT with Polygon

Blockchain use cases focused on loyalty have been identified, but so far still poorly implemented. A retail heavyweight is about to launch: Starbucks. What democratizes this use of digital tokens.

The brand’s Web3 project consists of the combination of a loyalty program and non-fungible tokens (NFT). His name: “Starbucks Odyssey”. Based on polygon, will allow its customers to unlock benefits and earn rewards. To justify this Ethereum sidechain choice, Starbucks specifically puts its low carbon footprint.

Ethereum Classic Rush … but not gold

The Merge pulled the price of ETC, a fork of Ethereum, over the summer. The Proof-of-work blockchain has also attracted a growing number of miners. The latter have been put into technical unemployment by the successful migration of the public blockchain. With the passenger to PoS, miners must dedicate their computing resources to other networks, including Classic Ethereum.

However, blockchain activity is far from requiring such an influx of miners. Ethereum Classic’s hashrate has jumped more than 300% since the merger, but also other smaller PoW networks like Raven Coin and ERGO. Problem: This business is not profitable. The ETC miners today they operate “with negative gross margins of 30 to 40%”. Creating a new fork probably won’t be enough for miners either. We still need some uses. And these are mostly on Ethereum.

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