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Shanghai Pump or Dump
It’s the 7th edition of Gems Corner. Today, we’re looking at the Shanghai Upgrade, dollar-crunch, and other gems.
Enjoy the gems.
As the airdrop sentiments diminish in the crypto industry, we are seeing the re-awakening of a solid narrative - Liquid Staking Derivatives (LSD).
I won’t go into the nitty-gritty of what LSD means because I’ve done that in one of my previous threads. You can catch up here:
In short, the LSD narrative is riding on the back of the Shanghai/Capella upgrade. This Ethereum hard fork upgrade will enable previously locked withdrawals of staked eth.
To date, there are about 17.8M ETH staked with 558k validators. It is worth noting that the staked eth only represents 16% of the total supply. In hindsight, this figure looks cool, but compared with other chains, you’ll discover that eth is highly underutilized.
The upgrade will unlock withdrawals and encourage more users to stake their eth for juicy rewards. This week, an Ethereum contributor, Tim Beiko, announced that the upgrade is scheduled for April 12, 2023.
The upgrade announcement triggered a surge in the liquid staking tokens (LST) prices. Don’t fade this narrative anon; LSTs are coming up strong.
Dollar-crunch & FUDS
Several news updates have indicated the abandonment of the US dollar and the adoption of a new global currency. This has caused serious panic and fears around the global financial industry.
But come to think of it, this is not the first time we hear of such. There have been several instances in history books. Refer to this thread by Donnelly Kent for more on this;
Tweet of the day
Polygon zkEVM Mainnet goes live - link
Sui recently announced Permanent Testnet - link
Numoen announced Liquid Staking Boost - link
ACID - the growth driver of ETH - link
Nuon announces World’s first flatcoin - link
This edition is proudly sponsored by dappOS - a web3 operating protocol and a member of Binance Labs Incubator 5.
The pilot version of GMX powered by dappOS recently went live. With dappOS, you can access GMX from BNB/Optimism/Polygon and earn attractive rewards like 3x APR for GLP stakers. Check it here
Thanks for reading!
Until next Friday,