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CME Group to launch Ethereum-based options ahead of Ethereum update date

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ethereum which network

CME Group plans to add options tied to Ethereum futures to its product lineup days before the Ethereum update date. 

CME Group announced that it will launch a new financial instrument tied to the second-largest cryptocurrency. One option contract will be equal to one Ethereum futures worth 50 ETH. The price of the instrument will be determined by the “CME CF Ether-Dollar” reference rate, which is set once a day.

Which network is Ethereum? The reason for introducing the new product

The reason CME is in such a rush to introduce the new product is obvious – the upcoming Ethereum update, which will see the blockchain switch from a Proof-of-Work (PoW) consensus mechanism to Proof-of-Stake (PoS).

“The Ethereum network will be updated as early as next month, and the closer that moment gets, the more market participants are turning to CME Group to manage Ethereum price risk. Our new Ethereum-based tools will provide clients with more flexibility and risk management ahead of potentially high market volatility.”

Why CME is launching options on ETH futures

CME attributed the decision to launch the new crypto product to high customer demand. McCourt believes that the Ethereum market has matured enough. It is ready for new derivatives on the cryptocurrency:

“The liquidity of our Ethereum futures has grown significantly. We have already sold 1.8 million contracts. In this environment, we can say that the market is ready for options.”

CME Group reported a 7% increase in average daily trading volume for ETH futures from June to July and a 41% increase in the same volume for Micro Ether (MET) futures contracts. The demand for such crypto products is clearly present, and the company will try to capitalize on it as much as possible.

Ethereum will switch to Proof-of-Stake in mid-September

Since its inception, Ethereum has used the same protocol as bitcoin – PoW. Both cryptocurrencies are aiming for mass adoption, but over time PoW has had its reputation tarnished due to its allegedly high energy consumption and negative environmental impact. PoS will completely change the tokenomics of ETH and make mining this cryptocurrency more environmentally friendly.

Vitalik Buterin estimates that the transition from PoW to PoS will happen on September 15. However, it is not easy to reveal the exact date, because it depends on several factors. It’s hard to believe that Ethereum 2.0 is about to arrive – it has been postponed several times. But will the long-awaited update benefit the Ethereum community?

Earlier, we reported that Cryptocurrency scams have decreased by 15%.

Cryptocurrency

EY Launches Ethereum-Based OpsChain Contract Manager for Business Contracts

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Ernst & Young (EY) has launched OpsChain Contract Manager (OCM), an Ethereum solution that leverages zero-knowledge proofs technology.

The solution will help private businesses efficiently manage and execute intricate business agreements while ensuring confidentiality, timeliness, and cost-effectiveness.

EY Launches the OpsChain Contract Manager

EY, one of the top “big four” accounting firms alongside Deloitte, KPMG, and PwC, has been exploring the business applications of zero-knowledge proofs (zk proofs) since at least 2018.

OpsChain Contract Manager (OCM) is tailored to facilitate the secure management of business contracts on a public blockchain. By leveraging zero-knowledge proofs, OCM ensures contract integrity and confidentiality while enhancing efficiency and reducing costs.

The platform integrates with existing enterprise systems through a standardized API and supports various contract types, including volume purchase agreements and pricing models linked to market data feeds.

The development of OCM came from EY’s previous client engagements, where it realized that contract term accuracy could be enhanced while significantly reducing cycle times and administrative costs by approximately 90% and 40%, respectively.

Meanwhile, EY chose Ethereum, a public blockchain, over a private network to prevent any party from gaining undue advantage while mitigating the risk of sensitive business information leakage.

Paul Brody, EY Global Blockchain Leader, highlighted that the technology behind OCM, Nightfall, initially emerged on Ethereum and underwent testing on its test network. The upcoming update will transition Nightfall to Ethereum’s mainnet and may incorporate a Layer-3 upgrade to enhance scalability and functionality.

EY’s Venture Into Blockchain

EY’s launch of OpsChain Contract Manager comes amid increasing blockchain adoption by major financial players. BlackRock also recently entered the space with a tokenized fund on Ethereum.

EY’s OCM reflects its commitment to revolutionizing how enterprises handle contracts, focusing on enhancing process efficiency and transparency through blockchain solutions. By integrating blockchain into traditional business practices, EY sets a precedent for the industry’s progression toward embracing this transformative technology in routine operations.

This latest development builds upon EY’s ongoing engagement with the blockchain sector. EY recently made headlines with a “healthcare breakthrough” by leveraging blockchain technology in collaboration with Canadian Blood Services.

In October 2023, EY unveiled the fourth generation of its EY blockchain analytics tool, Reconciler, designed to aid Fidelity in enhancing internal risk management for digital assets.

In September 2021, EY also announced its collaboration with Polygon to integrate Polygon’s solutions with EY’s flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.

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ChatGPT Analyzes Which Meme Coin Will Perform the Best After the Bitcoin (BTC) Halving

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TL;DR

  • The Bitcoin halving has slashed the miners’ block rewards in half, reducing the daily issuance of BTC and likely resulting in a price rally.
  • While it is speculative to predict which meme coin will perform best post-halving, Dogecoin and Shiba Inu have historically done well, with potential boosts from technological advances, celebrity endorsements, and community support.

The BTC Halving’s Impact

One of the most important events in the cryptocurrency industry – the Bitcoin halving – occurred the other day. It reduced the miners’ block reward from 6.25 BTC to 3.125 BTC, slashing in half the daily issuance of the primary digital asset. 

The mechanism is integral to Bitcoin’s supply system and has a direct impact on its inflation rate. The decreased amount of coins entering the market makes them scarcer. As basic economics dictates, a reduction in supply with the same or more demand results in an increasing price.

The halving happens roughly every four years and historically has been a precursor of a massive resurgence of BTC and the entire cryptocurrency market. As such, we decided to ask ChatGPT whether meme coins will experience such a revival in the following months, as well as which asset of that type will perform the best.

ChatGPT’s Answer

The popular chatbot forecasted that the halving may fuel a substantial green wave in the crypto sector, with the volatile meme coin niche benefiting, too. It claimed that predicting which asset of that kind will be the best performer in the following months is highly “speculative” but reminded that Dogecoin (DOGE) and Shiba Inu (SHIB) witnessed explosive price growth after the previous halving.

Nowadays, though, there are many more meme coins that oppose the dominance of the aforementioned leaders. Notable examples include dogwifhat (WIF), Pepe (PEPE), and Floki Inu (FLOKI), which all have market capitalizations in the billions.

ChatGPT estimated that technological advancements, endorsements from popular figures, and community activity could boost their value toward the top. However, Shiba Inu is the meme coin with the biggest community base, while Dogecoin enjoys the support of Tesla’s CEO – Elon Musk.

Subsequently, the chatbot alerted people to enter the meme coin ecosystem with a grain of salt due to the risks associated with it. If you are about to hop on the bandwagon, please check our dedicated video to avoid some common mistakes related to the matter:

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Shiba Inu (SHIB) Explodes 18% Daily, Bitcoin (BTC) Taps $65K (Weekend Watch)

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Bitcoin’s price recovery continues following the recent massacres, and the cryptocurrency has jumped to about $65,000 as of now.

The altcoins are even more in the green now, with ETH and BNB surging by approximately 4%, while SHIB has stolen the show.

Bitcoin Aims at $65K

It’s safe to say that the week leading to the fourth Bitcoin halving was quite painful. The asset fell from over $70,000 to $65,000 last Friday before it dumped to $61,000 a day later.

After regaining some traction by Monday, BTC went for another freefall in the middle of the week and one more on Friday amid the escalating tension between Iran and Israel. The last massive drop took BTC to below $60,000 just hours before the highly-anticipated halving was supposed to take place.

However, the cryptocurrency soared by over five grand in the next half a day and stood at around $65,000 when the halving was completed.

Since then, there has been little volatility and Bitcoin currently sits around $65,000 once again after failing at $66,000 earlier today. Its market capitalization remains below $1.3 trillion, while its dominance over the alts has taken a hit and is down to just under 51%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB Takes the Main Stage

The altcoins have performed a lot better than BTC in the past 24 hours, led by the second-largest meme coin – Shiba Inu. SHIB has skyrocketed by 18% and now trades above $0.000027.

Other lower-cap meme coins have also presented double-digit gains, such as BONK, FLOKI, and PEPE.

Solana, Avalanche, Bitcoin Cash, Dogecoin, Chainlink, Polygon, and Polkadot are also well in the green, with gains of around 6-8%.

The total crypto market cap has increased by over $50 billion in a day and sits above $2.5 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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