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Seeking Alpha 2023-05-08 03:45:00

Ethereum's Hard Fork Draws More Stakers But Raises Regulatory Stakes

Summary The bigger story in the month, in our opinion, was Ethereum’s “Shapella” hard fork which enabled full withdrawals from the Ethereum staking smart contract and created a long-term competitor to U.S. T-bills with an equivalent yield but a declining supply. Because Ethereum is not really a business, we identify revenue as an activity where tokens are used in Ethereum’s core business - the provision of immutable, decentralized computing through the sale of blockspace. Metaverse tokens continued to underperform compared to ETH in April, with APE’s price down 5% and MANA and SAND prices down 7% and 8%, respectively.

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