Top 5 crypto Market Weekly News Update
  1. Ethereum developers intend to implement Shanghai hard fork in March 2023

On the basis of discussion at the 151st Ethereum core developers meeting held on 8 Dec., an announcement has been made that the network’s next upgrade, Shanghai hard fork, is set to release in March 2023. This upgrade will include a code called EIP 4895 that will enable Beacon Chain staked ether withdrawals.

Moreover, developers are also aiming to launch the Ethereum Improvement Protocol (EIP) 4844 upgrade till May or June 2023, this upgrade will introduce proto-danksharding to the network. At the present time, layer-2 technologies like Optimistic Rollups can move Ethereum computation and network storage off-chain to enhance scalability by 10x to 100x. According to developers’ prediction introducing large portable bundles that can contain cheaper data in Ethereum transactions can improve the capacity of rollups by up to 100x. 

  1. Nigeria bans ATM cash withdrawal and set a limit to encourage the CBDC use

To expand the “cash-less Nigeria” strategy the country attempted to force the use of Nigeria’s central bank digital currency (CBDC) and set a limit on ATM cash withdrawals. Nigeria was one of the first nations around the globe to launch a CBDC.

According to the directives set by the bank people and businesses can withdraw up to $45 (20,000 Nigerian nairas) per day and the withdrawal limit per week is set at  $225 (100,000 nairas) from ATMs. If withdrawal crosses the limit that has been set individuals will be hit with a 5% fee and businesses will pay a 10% fee. The maximum cash withdrawal limit via point-of-sale terminals is also restricted at $45 (20,000 nairas) per day. 

  1. Flipkart and Polygon become partners to set up a blockchain E-commerce center of excellence 

Polygon has partnered up with one of the most popular e-commerce business firm, Flipkart to design a blockchain e-commerce Center of Excellence (CoE), it will strengthen Web3 development & metaverse commerce use cases in India. 

This innovation will prove helpful for Flipkart as it can research and develop new E-commerce services in the metaverse and Web 3.0 space, according to firm it can bring a huge difference in changing the narrative of E-commerce and leverage them greatly from Polygon’s expertise and technical know-how to onboard more users to commerce in the metaverse. Thus, Flipkart is exploring ways of using Web 3.0 to enhance shopping experiences for millions of users.

  1. Coca-cola and launch NFTs inspired by the 2022 FIFA World Cup

Coca-cola and have joined forces to unveil a line of NFTs based on the ongoing global spectacle in Qatar, FIFA world cup 2022. 

The collection, created in collaboration with digital artist GMUNK, is known as “Piece of Magic”.  This creation will be available for the fans on the NFT platform from May 1 to July 31, 2022.

Worldwide users will have the access to the NFTs based on the popular heatmaps. International fans of FIFA can also buy these digital collectibles.

 If you want to access this NFT collection you just have to register an account on the NFT platform and visit Coca-Cola’s fan zone page to mint a token.

  1. Spain’s central bank launch experiment with wholesale CBDCs

The Central Bank of Spain , is all set to release a wholesale Central Bank Digital Currency (CBDC) project. The experimental program begins testing and seeking collaboration proposals from local finance and technology institutions.

BDE announced that this project is not related to ongoing efforts by the European Union on the research of the digital euro. It mainly focuses on three main areas that look to simulate the movement of funds and analyze the pros and cons of introducing a wholesale CBDC experiment with the liquidation of financial assets. 

Financial institutions that are seeking to become a part of the program have to fulfill the conditions set by the bank and disclose the “economic means” they’re willing to commit. Institutions can apply for the proposal till January 31st, 2023.