Chart of the Day
The post-EIP 1559 future looks bright for ETH hodlers indeed. With supply leaving exchanges and liquidity being locked in smart contracts, the sustained deflationary model that EIP 1559 brings about will likely contribute to a supply squeeze that will in turn propel the price of ETH to new heights. In fact, this is already happening — just a few hours ago, the price of ETH pumped to a new all-time high of $4,650. Other Layer 1 solutions will stand to benefit from this too. ETH’s supply/demand tussle, if sustained, would greatly pump up the gas fees, causing on-chain activities to cascade into alternative Layer 1 networks. SOL, the native token of the Layer 1 blockchain network Solana, is one such benefactor of Ethereum’s supply squeeze. SOL has just smashed past its previous highs, flipping Cardano’s ADA in the process. As it stands, SOL is now the fifth-largest cryptocurrency by market cap.
Talk of the Town
The Chicago Mercantile Exchange (CME) recently announced that Ethereum micro futures contracts will launch on their platform on Dec. 6, 2021. This new product is designed to provide traders with more flexibility, where they will be able to bet on contracts that are worth one-tenth of an ETH. Before this, traders could only bet on CME’s ETH futures contracts that are priced at 50 ETH per contract. CME currently has over 20 micro products, including the BTC micro futures product that was launched all the way back in May.
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