Daily Crypto News 30 September
The membership of the Bank of England's CBDC Engagement and Technology Forums has been announced, and it includes some huge names in technology and finance like Google, Mastercard, Consensys, and even Spotify. Edwin Aoki, PayPal's Chief Technology Officer for blockchain and cryptocurrency, is a technology expert. Will Drewry, a Principal Software Engineer at Google, as well as CBDC and Payments Manager Matthieu Saint Olive from Ethereum software solutions business ConsenSys, have joined him. The Engagement Forum is made up of banking executives and business specialists such as Georges Elhedery, CEO of HSBC Global Banking and Markets, Arun Kohli, COO of Morgan Stanley, and Stephen Gilderdale, SWIFT's Chief Product Officer is in charge of the interbank communication standard. It remains suspicious of cryptocurrencies, with Bank of England Governor Andrew Bailey warning investors since May about the risks of trading cryptocurrencies, saying, "Buy them only if you're willing to lose all your money."
This year, layer two protocols have seen massive growth, with one of them briefly surpassing the network for which it is a scaling solution in terms of active addresses. According to protocol co-founder Mihailo Bjelic, the number of daily active unique addresses on layer two aggregator Polygon has overtaken those on high cost layer one Ethereum. Over the last three months, the number of active addresses on Polygon has increased by 330%, whilst Ethereum's has decreased by 12% for the same statistic. DeFiLlama now estimates that the total value locked in all protocols on Polygon is $4.81 billion, down from an all-time high of $10.54 billion in mid-June. Aave, a flash loan platform, is the most popular protocol on the network, with $1.77 billion TVL, or 37% of the total. In recent days, Ethereum transaction fees have risen again, contributing to a surge in activity on layer two protocols. The average transaction fee on the Ethereum network is currently approximately $23, according to Bitinfocharts. According to Etherscan, more sophisticated transactions such as DEX token swaps or smart contract interactions can cost up to $66 in gas.
Chairman of the Securities and Exchange Commission (SEC) Gary Gensler reaffirmed his support for a limited class of bitcoin exchange-traded funds (ETFs) that would invest in futures contracts rather than the cryptocurrency itself on Wednesday. Bitcoin ETFs, which invest in futures contracts traded on the Chicago Mercantile Exchange and are registered under the Investment Company Act of 1940, were singled out by Gensler. In prepared remarks at a Financial Times conference, he said the so-called "40 Act" "provides considerable investor safeguards," adding,
"I look forward to staff's review of such files."
In an August address, he used a similar tone, which sparked a surge of custom-made bitcoin futures ETF filings. The SEC has yet to approve any, although industry observers anticipate decisions as early as October. The Securities and Exchange Commission is now investigating almost two dozen ETF submissions for bitcoin, bitcoin futures, ether, and ether futures products. Investors have been less enthusiastic about bitcoin futures-linked products. According to a tweet from Bloomberg analyst Eric Balchunas, one bitcoin futures mutual fund had only $15 million in assets two months after its start.
NFT auctions are being planned by the noble Lobkowicz family for digital restoration certificates for their historic houses and rich art collection. In addition to the non-fungible tokens, Prince William Rudolf Lobkowicz is hosting a symposium at Lobkowicz Palace in Prague next month. The family, according to the 27-year-old prince, does not receive any government assistance. Furthermore, some locations and artefacts are classified as national treasures and cannot be sold without prior consent from the government. NFTs, according to the young Czech prince, are the way of the future. NFTs, in my opinion, are a new frontier,” Lobkowicz added. He also claims that this new endeavor will help him connect with younger audiences.