Galaxy

Since the implementation of EIP-4844, Ethereum has seen transformative changes in its economic landscape. Over 2.2 million blobs were purchased, generating $9.3 million in revenue, with 89% of fees burned, effectively reducing ETH supply. Rollup costs have dropped by 48%, leading to a significant improvement in margins—optimistic rollup margins soared from 22.65% to 92.3%. However, this shift has also led to a considerable decrease in Ethereum's revenue and ETH burned post-Dencun, down by 69% and 84%, respectively. This underscores Ethereum's evolving role as a data availability layer, capturing less revenue as rollups gain more economic value. The surge in Layer 2 activity post-Dencun is a double-edged sword, with increased transaction counts also bringing higher failure rates, primarily due to bot activity. Our recent report by Galaxy Research Analyst Zack Pokorny delves into these dynamics, offering a comprehensive analysis of the current state and future implications. For a detailed breakdown and deeper insights, check out the full report: https://hubs.li/Q02N5KGN0

Panel discussions, an insightful workshop, and endless networking opportunities were some of the many highlights of the partnership between Proof of Talk and Galaxy. This is why we're excited to share a glimpse of our exciting collaboration with Galaxy, a leading force in the digital asset space, at Proof of Talk 2024. Hear from Galaxy’s Head of Communications, Michael Wursthorn, as he dives into their vision for the future of digital finance and shares his thoughts on the partnership with Proof of Talk! Galaxy has been a leader in bridging traditional finance with the ever-evolving digital economy. Their expertise in asset management, trading, and investment banking has not only driven innovation but has also provided invaluable insights during our event. Their presence and active participation truly elevated the discussions, especially around the intersection of finance and technology. A massive thank you to Galaxy for their support and for helping make Proof of Talk 2024 a resounding success! ⭐ #Galaxy #ProofOfTalk #PoT24

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Announcing the Node Operator Risk Standard (NORS) certification for Ethereum: The gold standard for professional ETH node operators 🌐 Developed by a working group of 13+ industry-leading companies, NORS is the world's first attested certification for staking infrastructure risk management. Why does NORS matter? ➡️ NORS certification makes institutional-grade trust for ETH staking operations achievable.  For the first time, institutions can rely on a trusted, 3rd-party-verified standard for resilient ETH staking infrastructure. ➡️ NORS aligns with AICPA audit standards followed by SOC1 and other widely adopted diligence standards, with Big-4 auditors as NORS Qualified Assessors.   This unlocks the ability for large-scale institutions to use NORS certification when conducting due diligence on ETH staking operations. ➡️ NORS covers key aspects of node operations, including slashing prevention, validator diversity, and responsible key management. The open risk control matrix sets a new benchmark for professional operational security and risk management, specific to validator infrastructure. Developed by a diverse cross-industry working group, including: Alluvial Aon Blockdaemon Chainproof Coinbase DV Labs Eigen Labs Figment Galaxy Nexus Mutual Staked + others These expert collaborators ensured NORS provides robust risk criteria. In 2023, Liquid Collective started developing open validator performance & risk standards to help define enterprise-grade active sets. Alongside the LsETH Performance SLAs, NORS Certification will be used as an input for future Liquid Collective active set participation. For more information about the Node Operator Risk Standard (NORS) certification and how to get involved, visit nors.global https://lnkd.in/e3_gKeSR 

On the latest episode of Galaxy Brains, Alex Thorn welcomes Luca Prosperi, CEO and Co-Founder of M^0 Labs. Luca dives deep into the evolving landscape of stablecoins and shares his journey from traditional finance to the forefront of cryptocurrency innovation. With stablecoins becoming increasingly pivotal in policy and innovation, Luca explains M^0’s unique approach and its role in shaping future financial systems. As the presidential election looms, understanding the implications of digital currency policy has never been more crucial. Tune in to explore how cutting-edge financial technologies are intersecting with regulatory frameworks and transforming the way we think about money and governance. Listen to the episode on your favorite platform🎧 YouTube: https://hubs.li/Q02Mx6zt0 Spotify: https://hubs.li/Q02MxfWb0 Apple Podcasts: https://hubs.li/Q02Mx3c00

Are you or someone you know interested in joining the Galaxy team? Explore these exciting opportunities: ▶ Legal/Compliance: Head of UK Compliance ▶ Advisory: Experience Analyst/Associate, Investment Banking ▶ Finance: Vice President, Treasury Apply now: https://hubs.ly/Q02Mx0Dv0

Need to catch up on the latest? Here's what we're covering this week: ⛰ Mt. Gox Distributions Are Probably Finally Over Mt. Gox transfers 1,265 BTC to Bitstamp, winding down distributions. 🚦 Harris Advisor Signals Tepid Support for Crypto Responding to a Bloomberg question about crypto, Harris advisor Brian Nelson said Harris is “going to support policies that ensure that emerging technologies and that sort of industry can continue to grow.” 🔴 Optimism Disables Fraud Proofs 2 Months After Launch On August 16, 2024, OP Labs submitted a proposal to Optimism’s governance forum that, if passed, will upgrade a series of vulnerable smart contracts powering its permissionless fraud-proof system. Check out this week's top stories for our take, and don't forget to subscribe ⤵

Galaxy Mining's Simrit Dhinsa dives into the shifting landscape of the Bitcoin mining industry, the converging forces driving tremendous demand for power capacity, and miners' strategic move towards AI and HPC integration in his latest report, "2024 Bitcoin Mining Mid-Year Report: The Rise of the Gigawatt." Don't miss this insightful perspective brought to you directly, From the Source ⬇️ Read the report: https://hubs.li/Q02MfhgB0.

🚀 We’re thrilled to share that we have secured $75M in funding to revolutionize the crypto-backed lending space! This significant raise includes a $5M equity seed round, co-led by Morgan Creek Capital Management, LLC (Mark Yusko) and Castle Island Ventures (Sean Judge), with participation from Galaxy, BitGo, and more, as well as a scalable $70M loan financing facility. This facility, funded by Galaxy, will help us meet the growing demand for crypto-backed loans on our platform — backed by #Bitcoin, #Ethereum, and #Solana, with the highest standards of security and trust. At Arch, we’re committed to providing a secure, client-focused experience that’s designed for both individuals and institutions. Thank you to our investors and the entire Arch community for believing in our vision. We’re excited for what’s ahead and can’t wait to share more updates with you soon! Thank you also to all the round participants! Nathan McCauley Aditya Nagarsheth Humla Ventures Kenetic John Fiorelli Untamed Ventures Alumni Ventures Abdulla Janahi Block0 Read the announcement by Leo Schwartz in Fortune https://lnkd.in/d8sw-Pqf

Galaxy Ventures is proud to back Arch, supporting their mission to become the leading crypto lending platform for individuals and institutions. We are also excited to have led a $70m scalable loan financing facility for Arch Lending, to enable them to scale their loan book rapidly. Arch Lending is founded on principles of asset security, concierge client service, and product excellence. Their product experience operates at the cutting edge of consumer tech UX, with a proven lending product. We’re excited to be part of Arch Lending’s journey to build the new age of crypto lending. Congratulations to Dhruv Patel, Himanshu Sahay, and the team! Learn more: https://hubs.li/Q02M9TTY0