Withinย a discussion at Bitcoinย (BTC) 2023, Jameson Lopp, co- founder and chief technology officer at Casa, a Bitcoinย (BTC) wallet provider, shared insights into the growing desire between individuals to have complete autonomy over their Ethereumย (ETH) assets.
Lopp emphasized Casaโs obligation to accommodate Ethereumย (ETH) support in response to the expanding community of users seeking such solutions.
Casa Explores Ethereumย (ETH) Support and Secure Self-Custody Solutions
Events like the collapse of FTXย Tradingย Ltd in 2022 have brought attention to the importance of securely storing Ethereumย (ETH) and its associated cryptoย tokens, including cryptoย stablecoins. Lopp shared that Casa had encountered clients who suffered losses because they lacked a distributed cold-storage setup, resulting in the disappearance of cryptoย stablecoins and other assets.
1) Today @CasaHODL is happyย to reveal an expansion in our self-sovereignty as a service offering. Weโre bringing our best-in-class user experience to cold storage for Ethereumย (ETH) holders.
โ Jameson Lopp (@lopp) November 30, 2022
Asย aย result to this challenge, Casa made the decision to reveal Ethereumย (ETH) support in December. Regardlessย of facing criticism from Bitcoinย (BTC) enthusiasts on social media, the company wentย ahead with the intendย to meet the demands of its clients.
Lopp recognized that numerous individuals perceive self-custody as daunting owingย to the perceived intricacy of the security protocols involved. Despiteย theย factย that theย preliminary steps of creating a wallet and initiating digitalย currency transfers are relatively uncomplicated, the adoption and implementation of adequate security measures can present difficulties for individuals.
He reassured users that Casaโs software incorporates best practices directly into the product, enabling users to follow clear instructions and minimizing the danger of catastrophic losses resulting from human error.
Lopp characterized Casaโs offering as a โrigorous cold-storage system with distributed keys,โ originally intended for affluent individuals who were prepared to invest $10,000 per year for custody services. Nevertheless, Casa has broadened its product lineup to encompass a free version that provides limited functionalities, with the objective of attractiveย to a wider spectrum of users.
The concept of self-custody in the digitalย currency space traces its roots back to the 1st Bitcoinย (BTC) wallet, BitcoinQT, developed by Satoshi Nakamoto. Regardlessย of theย expansion of the cryptocurrency user base, numerous individuals still opt to store their assets on centralized exchanges, disregarding warnings from specialists about the associated risks.
To address this situation, wallet providers are actively exploring new technologies that simplify the process of self-custody. By offering user-friendly solutions, they intendย to promoteย ย more individuals to take control of their digitalย currency assets and reduce their reliance on centralized platforms.
Ethereumย (ETH) Staking Trends โ Shapella Success, Growing Staked Assets, and Yield Potential
Theย pastย few Shapella upgrade of Ethereumย (ETH) has sparked considerable interest between both institutional and retail investors owingย to its groundbreaking feature allowing the withdrawal of staked Ethereumย (ETH) tokens.
Regardlessย of initial concerns of a potential sell-off, the impact on price was relatively subdued, and the network experienced a gradual decrease in exit activity duringย severalย weeks. Itโsย worthย notingย that, the total amount of staked Ethereumย (ETH) has now surged to an unprecedented level of 20.8 Million cryptoย tokens, with Lido Protocol emerging as the leading contributor with a substantial deposit of 6.2 Million tokens.
Inย theย caseย of staking, Ethereumโs current ratio stands at 17.45%, indicating the proportion of eligible supply that is staked. Nonetheless, in comparison to certain competing proof-of-stake (PoS) chains boasting staking ratios surpassing 60%, Ethereumโs ratio appears relatively modest. This observation indicates the untapped potential for wholeย lotย of growth in staking participation within the Ethereumย (ETH) network.
In theย following year, the staking ratio could potentially double, driven by the strong inflow of financialย resources into liquid staking projects such as Lido and Rocket Pool. Furthermore, centralized exchanges, including Giottus, now offer staking services with attractive annual percentage yields (APY) ranging from 5 percent to 7%, whichย canย potentially attract retail investors.
Alongย with theย capacity for financialย resources appreciation, staked Ethereumย (ETH) provides an attractive yield compared to traditional bank deposits. As interest prices are expected to decline in the near term, Ethereumย (ETH) staking emerges as a viable alternative for earning attractive bonus while benefiting from theย expansion potential of the investment itself.
Ethereumย (ETH) shares its earnings with validators, and recent phenomena like the memecoin frenzy resulted in validators gaining over 20,000 Ethereumย (ETH) in the pastย week alone.
The success of Ethereumย (ETH) staking platforms has not gone unnoticed, as evidenced by the wholeย lotย of profits in the cryptoย tokens of top platforms like Lido DAO (LDO) and Rocket Pool (RPL), even in a sideways market. The growing interest in the market is further illustrated by Asymmetry Financeโs recent $3 Million raise to expand its market share.
Nonetheless, concerns linger regarding potential regulatory crackdowns. The Unitedย States Securities and Exchange Commission (SEC) recently penalized Kraken with a $30 Million fine for offering staking services without proper registration.
Coinbaseย Cryptoย exchange, another major player, has temporarily paused withdrawals of staked Ethereumย (ETH), leading to apprehension between investors. It isย crucialย to consider these regulatory dangers alongside short-term macroeconomic dangers when deciding to stake ETH.
For those who believe in Ethereumย (ETH) and its ecologicalย system, investing in the investment or building an ETH-heavy portfolio couldย be a consideration. Staking Ethereumย (ETH) can provide stable bonus while waiting for the investment to appreciate in value over the coming years. Still, it is essential to stay mindful of both short-term economic factors and regulatory developments, which have become a frequent occurrence in the cryptocurrency landscape.
As the Ethereumย (ETH) network persistsย to evolve and attract more participants, monitoring these trends and understanding theย capacity implications will be critical for investors and enthusiasts alike.
Ethereumย (ETH) Struggles with Crucial Resistance at $1,840 Level โ What Should Investors Expect?
Asย ofย now, Ethereumย (ETH) is encountering numerous hurdles near the critical $1,840 resistance level against the Unitedย States Dollar. The price remains below $1,810 and the 100-hourly Simple Moving Average, indicating a challenging situation.
On the hourly chart of ETH/USD, a wholeย lotย of bearish tendency line is taking shape, with resistance near $1,805. To regain positiveย tendency momentum, Ethereumย (ETH) hasย toย surpass the barriers at $1,825 and $1,840.
Regardlessย of struggling to break through resistance levels at $1,840 and $1,850, Ethereumย (ETH) remains in a consolidation phase, similar to Bitcoin. It has managed to stay over the $1,785 levelย ofย support, with a recent low of $1,791.
Asย ofย now, Ethereumย (ETH) is gradually recovering and moving upward, surpassing the 23.6 percent Fibonacci retracement level. Immediate resistance is expected near the tendency line zone, followed by $1,810 and the 100-hourly Simple Moving Average.
If these barriers are overcome, Ethereumย (ETH) may experience a potential boost towards $1,920 and $2,000. Nonetheless, failure to breach the $1,810 resistance could result in a further downward movement towards support levels at $1,785, $1,770, and possibly $1,720 and $1,700.
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