Ndax Weekly TL;DR September 30th

Every Monday, we cover the latest developments and trends in the dynamic and ever-evolving world of cryptocurrency. From price movements, industry news and our favorite resources, we strive to provide our readers with a comprehensive overview of the crypto landscape.

Happy Monday, Ndaxers— Here’s what happened last week:

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Top Stories

EOS Network Achieves 1-Second Transaction Finality with Spring 1.0 Upgrade
Canadian Economy Records Zero Growth in August, Rate Cuts Likely Ahead of October Decision
Celestia Foundation Raises $100 Million to Boost Modular Blockchain Development
Vitalik Buterin Warns Ethereum Blob Space Nearing Capacity Limit

The EOS Network has successfully implemented its Spring 1.0 upgrade, introducing 1-second transaction finality through the new Savanna consensus algorithm. Announced on September 25, this development significantly enhances the speed, security, and reliability of the network. EOS now joins a select group of layer 1 blockchains with such rapid transaction finality. EOS Network Foundation CTO Bart Wyatt called it a major step toward decentralization, while CEO Yves La Rose emphasized its importance for enabling next-generation decentralized applications. crypto.news

Preliminary data from Statistics Canada shows the Canadian economy remained flat in August, with declines in manufacturing and transportation offsetting gains in oil and gas extraction and the public sector. This marks the third month of zero growth in six months, following a 0.2% expansion in July. Doug Porter, chief economist at the Bank of Montreal, noted that real GDP growth is tracking below potential and the central bank's desired pace. With this trend, the likelihood of more aggressive rate cuts has increased. The Bank of Canada will set its next interest rate decision on October 23, with key inflation and employment reports still pending before then. BNN Bloomberg

The Celestia Foundation has raised $100 million to support the development of its modular blockchain network, with a focus on increasing scalability and transaction throughput. The foundation's technical roadmap outlines plans to achieve 1-gigabyte blocks, aiming to match Visa’s capacity of 24,000 transactions per second. crypto.news

Ethereum co-founder Vitalik Buterin has expressed concerns about the blob count, a specialized data storage area introduced in the Dencun upgrade, which is currently about 75% full. He noted that the ecosystem is “uncomfortably close to a ceiling” and advocated increasing the target blob count from three to four per block, with a maximum of eight, to better support layer-2 protocols. To implement these changes, Buterin emphasized the significance of Ethereum Improvement Proposal (EIP)-7623, which aims to adjust call data costs and reduce maximum block sizes, allowing for more blobs per transaction. The upcoming Prague upgrade may address these issues, with discussions underway to split the upgrade into two segments for faster implementation. Cointelegraph

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News Nuggets

Avalanche Launches $40M Grant to Support Layer-1 Blockchain Development Cointelegraph
$1.1B TIA Token Unlock Set to Drive October's Crypto Releases to Nearly $2B Cointelegraph
SEC Delays Ethereum ETF Options Decision Until November crypto.news
Caroline Ellison Receives Two-Year Sentence for Involvement in FTX Crypto Scandal crypto.news
China Retains Dominance in Bitcoin Mining Despite Ongoing Crypto Ban CryptoSlate
SEC Chair Gensler Affirms Bitcoin’s Commodity Status While Criticizing Industry Non-Compliance CryptoSlate
Hong Kong Aligns Crypto OTC Derivatives Reporting with European Standards crypto.news
Hacker behind $2M Bedrock exploit offered job to help secure protocol Cointelegraph

As of 09-30-2024 at 8:45 AM EST

Market Summary
Over the last seven days, the global cryptocurrency market cap has gradually increased to approximately CA$3.05 trillion from CA$3 trillion.
Bitcoin's market dominance stands at 55.9%, while Ethereum's share is 14%.
Performance
Over the past 24 hours, the price of BTC has fluctuated between CA$88,976 and CA$85,540, with a market cap of CA$1.7 trillion. At Ndax, the weekly movers are PEPE, which saw a 33% increase in the last seven days, reaching a market cap of CA$6.1 billion, and SHIB, which experienced a 26% rise, with a market cap of CA$14.6 billion. (At the time of writing)

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The team at Ndax

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