Daily Digest 11/10

Insight on the biggest stories of the day.

Coinbase Profits Drop 75% in Q3 Despite Dogecoin, SHIB Listings

• Coinbase reported their earnings report yesterday and they earned $406 million in this past quarter. While that is still an amazing number and even a 500% increase from Q3 of last year it was a big decrease quarter-over-quarter.

• Last quarter Coinbase saw a net income of $1.6 billion; however, in Coinbase’s defense trading volume has decreased across the entire crypto market. Square also reported a loss of 23% in its BTC revenue from last quarter.

• Coinbase has added a lot of tokens to its platform to increase trading volume and meet users interests as they have done by adding DOGE and SHIB in the past couple of months. "We don't know precisely which assets customers are going to adopt, so our strategy is one that supports all legal assets," said Haas.

• While this earning report has dropped Coinbase stock price by 13% so far this morning we can also justify the drop in trading volume by thinking about how the volume the quarter before was unprecedented. Over the next couple of quarters it will be interesting to see if it continues to drop or if we see it level off. Either way Coinbase will be fine in the long run.

University of Cambridge to launch decentralized carbon credit marketplace on the Tezos blockchain

• A major issue that has been brought up plenty of times is that cryptocurrency platforms are producing an enormous amount of carbon dioxide. For example minting three NFTs on ETH would produce 915 lbs of CO2.

• Tezos is now partnering with the University of Cambridge to help combat this by creating a decentralized marketplace where users will be able to purchase carbon credits. This is in an effort by the Department of Computer Science at Cambridge to support the adoption of nature conservation efforts.

• Tezos has been known for its eco-friendly approach as they are able to mint NFTS at fractions of the CO2 emissions of other major blockchains. In a tweet from Tezos they claim they are able to mint an NFT while producing .00054 lbs of CO2.

• “ Current accreditation systems that measure and report the value of carbon and related benefits like biodiversity conservation and poverty reduction rendered by NbS are costly, slow, and inaccurate. These systems have undermined trust in NbS carbon credits. What is needed is a decentralized marketplace where purchasers of carbon credits can confidently and directly fund trusted nature-based projects. And that’s the gap the Centre is aiming to fill.”

Bitcoin Jumps to New All-Time High as Inflation Spikes to 6.2% in October

• The October CPI showed that inflation increased 6.2% through October which is the highest recorded increase in the last three decades. This has led to an increase in investors looking for hedges against inflation which has pushed gold up and BTC to a new all time high.

• Once this report was released the price of BTC shot up to its new high of $69,000. For a long time supporters of Bitcoin have praised how it is a hedge against inflation and now they finally have proved their point.

• Across the board we have been paying a premium for everything from food to gas. A large coffee at Dunkin is now running at $4.75 a pop when last year it was $3.19.

• We did just go through an entire year of money printing and the idea was that once corona had ended and the people would take that money and put it back into the economy. Once the big cities start winding down restrictions we may see this rate go down. It will also be important to see how and when the supply chain issue comes to an end because that is one of the main factors in why the price of anything is up significantly.

• Ethereum Name Service is a popular domain creation platform that allows you to have basically customize your wallet address so it is not a long confusing string of numbers and letters. For example people would be able to send crypto to “JohnDoe.ETH” as long as the domain has not already been claimed.

• Yesterday ENS air dropped every holder of a domain ENS tokens as they are making the move into becoming a DAO. Based on how long you had the address and how active you were with it making transactions determined how many tokens you received. Some on Twitter were calling it the NFT stimulus check because they received so much from the drop.

• In total there have been 12,526,103 ENS tokens claimed and there will be a total supply of 100 million. So far that 12.5 million only accounts for about 50% of the total amount of tokens that are able to be claimed.