Bitcoin feels like the tool from yesterday, according to Andrew Kies, co-founder and chairman of Ether Machines.
He told CNBC’s Squawk Show on July 21, “I have an iPhone more than a landline phone.”
Key went on to say that Bitcoin owns Zero and that he is immersing all his belief in Ethereum. The move places him in a small group of crypto advocates defending Ethereum without holding Bitcoin.
Ethereum Company Supports Genius Law
Based on the report, Keys says that genius acts will become a game plan for growth. The Act, approved on July 18th, clears the path of a US-based Stablecoin publisher by setting up Guardrails for audits, reserves and licenses.
Currently, over 50% of all Stablecoins run on Ethereum’s Smart-Contract network. If Stablecoin volume hits a predicted sign, its share will bring a big fee profit for both validators and Dapps.
Smart-Contract Network attracts institutional flows
According to Keys, institutional players flock to Ethereum for tokenization of settlements and real-world. He compared Ethereum’s Stablecoin Grip to Google’s search advantage. It points out that Google has around 90% of all searches.
He said banks and funds would be easier to handle tokens like cash on a network built for programmable money. That view reflects Tomley, the strategist of Fundstrats. However, Lee still holds Bitcoin as well as Ethereum.
SPAC list raises big money
Based on the filing, the ether machine has been listed under Nasdaq’s ticker ETHM in collaboration with SPAC Firm Dynamix Corporation.
Keys has put his own funds in $645 million as an anchor investment. The total company aims to raise $1.5 billion to support ETH’s Treasury Department, staking operations and debt strategies. Investors such as 10T Holdings, Pantera Capital and Electricity Capital have already signed.
Competition with Layer 2 and other chains
According to on-chain data, some activities have shifted to layer 2 networks such as Arbitrum and Optimism. Rival blockchains such as Solana and Avalanche also host some of the Stablecoin market and NFT transactions. That trend could potentially distract transaction fees from Ethereum Mainnet, and curb some of the expected profits.
Based on market chatter, some analysts are worried about the cliffs in the flow of SPAC trading. The closure of ETHM’s merger will depend on shareholder redemption and SEC reviews.
There are also regulatory risks to staking services that the SEC may consider as unregistered securities. Gas fake spikes during periods of heavy use can also block new users.
Unsplash featured images, TradingView charts
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