“Right or left, wherever I look, I see 😅
What is it about? What did it do? I am so confused!”
These are a few questions, I will answer in this newsletter!
As for your first question, “What is it about?”
Read this Newsletter by Team Inspired Analyst from 19th Aug.
And as for the second question, “What did it do?”
That is going to be the first question, I’ll answer today.
Here is what team Inspired Analyst has for you:
Ethereum: Post Merge
Starbucks Partners with Polygon
FTX Raising Funds for Acquisitions
Let’s get Started!
Ethereum: Post Merge
After years and years of hearing about the Merge,
It finally happened!
This is a massive milestone in the world of digital assets,
making them more sustainable!
In fact, Climate activists have started pressuring Bitcoin to transition to Proof of Stake as well.
Why?
Moving Ethereum to PoS resulted in eradicating energy consumption equivalent to that consumed by countries like Chile, overnight.
So what has the merge achieved?
ETH network is using 99% less energy than before
Time taken to complete transactions are more stable now
Ethereum is more secure as hackers would need to own 51% of the entire cryptocurrency
Unfortunately, the markets have not reacted as positively to the Merge as some had hoped.
This could be because people sought to make rapid profits and are now frightened because the price did not rise as expected.
But, hey, we're not worried about anything. We're in it for the long run, and this was a significant boost for Ethereum.
Starbucks Partners with Polygon
Starbucks made a major announcement. They are working with Polygon to implement their loyalty program on the Blockchain.
That's correct. The "Chai tea latte" creators are going Web3.
It's known as Starbucks Odyssey.
Here's what you should know:
It merges an already established rewards loyalty program with a new web app.
The NFTs include activities in which you can participate, such as virtual espresso martini workshops, coffee bean farm visits in Costa Rica, and so on.
Customers can earn "journey stamps" (also known as NFTs) by playing games in the app or purchasing them from the marketplace.
This is something to keep an eye on because Starbucks' loyalty program is enormous. It has 27 million active members (more than McDonald's),
and Starbucks Rewards accounts for 53% of all in-store spending.
Furthermore, the platform is designed to be as simple as possible.
Customers log in using their existing credentials.
There is no need for crypto.
There are no cryptocurrency wallets.
There are no gas fees.
Nothing.
Customers will have no idea they are using Web3.
FTX Raising Funds for Acquisitions
FTX is only three years old, but it is already a crypto titan.
In January, $400 million was raised at a $32 billion valuation.
Last year, revenue increased from $90 million to $1.2 billion (a 1000% increase).
Bitvo, a Canadian exchange with $1 billion in assets under management, was purchased.
Recent developments indicate that FTX is seeking more funds.
Why?
To acquire more platforms.
According to reports, FTX may be interested in acquiring retail-trading platforms in order to attract more retail investors in the US market.
Currently, the US market accounts for barely 5% of their income. And they only have 220k active users in the United States. (This is nothing in comparison to Coinbase's 9 million US users.)
MEME Of The Week
We’ll see you on Tuesday with the Technical Analysis!
Until then,
Zain - signing off
From Inspired Analyst’s Team.
Disclaimer: This is not financial advice or recommendation for any investment. The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.