Dacxi Crypto Wealth | This Week In Crypto | 17 - 23 November

This Week In Crypto | 17 - 23 November

null

Dacxi

Nov 23, 2021

5 MIN

El Salvador to Launch Bitcoin City

ConstitutionDAO Fails to Win the Bid for the Last Privately-Owned First Edition Print Copy of the US Constitution

Time Magazine to Partner With Mike Novogratz’s Galaxy Digital 

Total Value Locked (TVL) on Ethereum Layer Two Reaches a New Peak

Crypto is Finding Significant Use for Christmas Gift Buying in Australia

The mainstream adoption of cryptocurrencies is just getting bigger and broader. El Salvador is planning to start their billion-dollar Bitcoin city soon, while Time Magazine is adding Ethereum to their balance sheet after having added Bitcoin already. TVL on Ethereum Layer 2 protocols and networks have surpassed US$5.5 billion and more than one-fourth of the Australian crypto users are keen to use digital assets for Christmas gifting. Even in an unsuccessful attempt to win the bid for the first-edition copy of the US constitution, a bidder ensemble has raised $49 million in Ethereum donations.

 

El Salvador to Launch Bitcoin City

In a unique adoption drive for Bitcoin as a mainstream currency in the country, Salvadoran President Nayib Bukule has announced a Bitcoin City, initially backed up by $1 billion Bitcoin bonds. Crypto companies that will participate in the city’s development include the major crypto exchange Bitfinex and Blockstream led by Adam Back. 

The President’s vision of the city involves all the modern urban amenities, including residential areas, restaurants, ports, etc. The only tax that the residents will pay will be in the form of value-added tax or VAT, to be paid through municipality bonds, public infrastructure, and city maintenance. 

The country has already been putting its unrealized gains, generating out of mainstream Bitcoin adoption, into infrastructure development projects. The surplus earned from the state’s Bitcoin Trust account, for instance, will go into constructing twenty new schools for the country. In a similar effort, earlier, the country had invested $4 million from the trust’s profit to construct a veterinary hospital in the capital city of San Salvador. 

 

ConstitutionDAO Fails to Win the Bid for the Last Privately-Owned First Edition Print Copy of the US Constitution

ConstitutionDAO was born as an online group to pool funds and place the winning bid for the last privately owned, first edition print copy of the US constitution from the Constitutional Convention. Globally-renowned auction house Sotheby’s conducted the auction. Although the group raised over $49 million in Ethereum donations, an unknown bidder won the bid for $43.2 million, including the auction fees. 

The auction received donations from 17,437 backers. Each of these backers received PEOPLE governance tokens that empowered the owners with the power to vote on structure, governance, and operational direction proposals. The group leveraged Juicebox, a platform for community-owned Ethereum projects, to pool the funds. The refunds will also be processed through the same platform. 

 

Time Magazine to Partner With Mike Novogratz’s Galaxy Digital 

Galaxy Digital is an investment management firm. The partnership between Time Magazine and Galaxy Digital aims at educating Time’s readers about the metaverse. Galaxy Digital, which has already raised $325 million for its virtual projects to expand into the metaverse, will help Time’s readers with a metaverse weekly newsletter, educational resources, and carving out a space for the virtual world as a category in Time’s annual list of the hundred most influential people in the world. 

Another crucial aspect of the partnership is the currency used. The partnership was cemented using Ether. Time Magazine already holds Bitcoin on its balance sheet. Now, it will be Ether. Time Magazine has also declared provisions to pay for its digital subscriptions using crypto assets. It also has plans to explore the world of NFTs by auctioning three tokenized covers. 

 

Total Value Locked (TVL) on Ethereum Layer Two Reaches a New Peak

The total value locked in layer-two protocols and networks has reached $5.64 billion, a record high. Arbitrum alone occupies 45% of the market with a TVL of $2.67 billion, followed by dYdX with US$975 million and Loopring with $580 million. The growth in the market has been more than double from a volume of US$2.68 billion at the beginning of October. Average Ethereum transaction fees now hover around US$40, while an ERC-20 token transfer costs around US$45. 

 

Crypto is Finding Significant Use for Christmas Gift Buying in Australia

More than 25% of Australian crypto users will leverage digital assets to buy their Christmas presents. The information comes from a survey conducted by Crypto.com among 2,020 Australians in the 18 to 59 age group. What is even more encouraging for the crypto market is that 53% of those planning to buy crypto gifts will buy assets like BTC or ETH. Around 43% are planning to buy crypto merchandise, while around 42% are planning to go for coin vouchers. 35% will go for crypto books.  Around one-third of the surveyed population is inclined towards NFTs.