💥Trump propels Ethereum, Polymarket in the sights of France
Welcome to the Daily Tribune of Friday, November 08, 2024 ☕️
Hello Cointribe! 🚀
Today is Friday, November 08, 2024, and like every day from Tuesday to Saturday, we summarize the news from the last 24 hours that you shouldn’t miss!
But first…
✍️ Cartoon of the day:
A quick look at the market…
🌡️ Temperature:
Partially sunny 🌤️
24h crypto recap! ⏱
The return of Trump: A boost for Ether? 🚀
The return of Donald Trump to the White House could transform the crypto landscape in the United States, notably by favoring the rapid approval of a stake-based Ether ETF. According to Edward Wilson from Nansen, such a financial product could strengthen Ether's position, allowing investors to benefit from staking profits without the technical constraints.
This ETF, if launched, could give a similar boost to that observed for Bitcoin, whose price soared after the launch of similar ETFs. Although Europe, with its looser regulation, seems better prepared to welcome these innovations, the United States could see its crypto sector energized if the initiative succeeds. However, the path remains complex for this product, facing an American market that is not enthusiastic about spot ETFs in Ether and increased competition with Bitcoin.
DeFi tokens explode with Trump: +30% for crypto tokens 💥
Since Donald Trump's victory in the presidency, DeFi tokens have recorded impressive increases, with value jumps exceeding 30%. This rise of tokens, notably Uniswap (+35%) and Lido (+20%), seems to respond to hopes for looser regulation for the industry under a Trump administration.
This change could signify the end of the pressures exerted by the SEC, led by Gary Gensler, who had labeled DeFi tokens as "worthless governance" due to the absence of revenue redistribution for holders. In this perspective, several projects, including Aave and Uniswap, are considering reforms to their governance models to offer more intrinsic value to their tokens. The Trump presidency could thus open an era of growth for the DeFi sector, with major transformations expected in the coming years.
Ethereum unveils Mekong: a testnet to prepare the future of blockchain 🌊
Ethereum launches Mekong, a testnet designed to test future updates expected in the upcoming fork, Pectra. Much more than just a testing network, Mekong allows developers to experiment with improvements to user experience (UX) and staking while remaining in a controlled environment.
The Ethereum Foundation aims to refine the interface and security of staking operations before integrating them into the main network, thus reassuring users regarding new deposit and withdrawal mechanisms. The ephemeral Mekong testnet includes the latest Ethereum Improvement Proposals (EIP) in order to optimize the ecosystem without affecting existing test networks like Sepolia. This launch underscores Ethereum's commitment to maintaining a seamless and secure experience for users while preparing for major updates to the main network.
Controversy surrounding Polymarket: France reacts after Trump’s victory 🇫🇷
France, through its National Gaming Authority (ANJ), is considering blocking Polymarket, a crypto betting platform, following record bets related to the re-election of Donald Trump. Indeed, a French trader nicknamed "Théo" won $47 million by betting on the outcome, attracting the attention of regulators. The ANJ is closely examining this platform, which allows betting in cryptocurrencies on political events without requiring identity verification.
The ANJ plans to restrict access to Polymarket and its promotion, although these measures could be circumvented with VPNs. This debate takes place in an international context, with the United States already having initiated similar actions. The difficulty of regulating a decentralized platform raises critical questions for regulators, who are trying to balance innovation and protection of democratic processes.
Crypto of the day: Cardano (ADA)
The Cardano blockchain is recognized for its scientific approach, focused on rigorous research and peer validation to improve its security and efficiency. Its technology relies on the Ouroboros consensus protocol, a proof-of-stake (PoS) model designed to consume less energy while ensuring robust scalability.
Cardano's native crypto, ADA, is primarily used for staking, network governance, and transaction fee payments. Initially distributed during an ICO in 2017, ADA rewards holders who actively participate in the network via staking, thus offering passive returns. It is used to validate transactions on the network and to support decentralized projects built on the blockchain.
Recent performances:
Current price: €0.4469 (approx.)
Increase/decrease percentage: +13.72% (over 1 day)
Market capitalization: €15.64 billion
Rank on CoinMarketCap: #9
The Governor of the Bank of France raises the alarm: Trump’s victory, a major risk for the global economy
François Villeroy de Galhau, governor of the Bank of France, expressed his concerns about the economic impacts of Donald Trump’s re-election as President of the United States. According to him, Trump's return could intensify American protectionism, leading to inflation increases in the United States and slowing global growth. Trump’s new trade policies, including high tariffs, notably a 60% tariff on Chinese imports, could directly threaten the European economy. A study estimates that these measures could cost Europe up to $533 billion by 2029, jeopardizing ongoing recovery efforts.
In the face of these threats, Villeroy de Galhau calls on Europe to strengthen its economic autonomy and invest in its own resources to reduce dependence on the United States. He emphasizes the importance of mobilizing European savings to finance local projects and revitalize the continent’s economy. This economic autonomy is essential for Europe to withstand Trump’s protectionist policies and defend its economic sovereignty.
🔗 Read the full analysis here.
