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🔥ETH Burn Rate Surges Amid Memecoin Fever

The Defiant

DeFi Daily

GM Defiers!

Memecoin fever has driven up Ethereum's burn rate, with over $110M of ETH burned in the last week alone. Meanwhile, stakers continue to pile in after staked ETH withdrawals were enabled last month, and consulting firm Deloitte has partnered with a Polkadot-based digital ID project.

✍️ In today’s newsletter:

  • ETH staking inflows exceed withdrawals post-Shapella
  • Deloitte turns to Polkadot-based Kilt for digital credentials

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📈 Markets in the last 24 hrs:

TickerValue24h
BTC$27,705 0.42%
ETH$1,864.6 0.14%
MKR$688 -0.29%
SPY$412.07 0.08%
UNI$5.451 0.41%
LDO$2.081 0.19%

🎬 WATCH

Watch our video on memecoins fizzling out. And check out our podcast with Taylor Monahan, who explains a $10M Hack and how to stay safe in crypto.


Ethereum

ETH Staking Deposits Exceed Withdrawals After Shapella Upgrade

TLDR ETH staking activity has surged in the past 24 hours, with investors depositing 192,000 ETH while only withdrawing 29,000 ETH. This marks the first time since the Shapella upgrade in April that the total amount of ETH staked has exceeded the total amount of ETH withdrawn. Meanwhile, the Ethereum network is experiencing significant network congestion, with more than 61,000 ETH being burnt in the past seven days alone.

SO WHAT The increase in ETH staking activity indicates growing investor confidence in Ethereum after withdrawals were enabled last month. However, the significant burn rate highlights the challenges posed by high gas fees and the need for continued improvements in scalability.


Digital ID

Deloitte Taps Polkadot’s Kilt Protocol For KYC Credentials

TLDR Deloitte Consulting AG has partnered with Kilt Protocol, a Polkadot-based platform, to provide digital identity credentials for KYC/KYB identity checks. Deloitte's customers will be able to store their digital credentials in a wallet managed through a browser extension.

SO WHAT Digital credentials can enable additional use cases, including regulatory compliance for banking and DeFi, age verification, private logins, and fundraising. The partnership is yet another example of how blockchain technology and digital identity services can provide more secure, cost-effective, and convenient solutions to traditional business problems.


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