3 Under-The-Rader Ethereum Updates from Monday
The space continues to move rapidly, and we’re witnessing the ossification of Ethereum as a programmable money system.
There were three developments yesterday that caught my eye.
Visa Settles First Transaction on Ethereum Blockchain
Visa recently announced they would be integrating with Ethereum to settle various ERC-20 tokens. Yesterday they claimed to have transacted in USDC, a US-Dollar pegged stablecoin, which is build on top of Ethereum.
They’ll be batch settling sets of transactions on the Ethereum blockchain.
For example: They will internally manage individual transactions, but group up the transactions and submit them to the Ethereum blockchain for final settlement on-chain.
$V could be a great TradFi investment if they continue to embrace a role to integrate with Ethereum as a sidechain for retail transactions.
Dharma Protocol Releases SDK to Onramp Fiat to ANY Ethereum Protocol
We’re getting more integrations to allow inflows of fiat currency directly into DeFi products. The current state of getting money into Defi looks something like:
Set up Coinbase & Link to Your Bank Account
Buy ETH in Coinbase
Send ETH to your Metamask or other Wallet
Go to Uniswap to Buy your Token of choice.
With this development, users should be able to skip all four steps and buy Uniswap/Aave/Compound tokens directly from your bank account. See the video in this tweet below. Huge.
ZkSync (20k TPS sidechain) Sets Timeline for Mainnet Launch
ZkSync has probably the most secure sidechain approach, which should allow for DeFi protocols to provide cheap and fast transactions that eventually settle on the Ethereum blockchain.
Think $0.05 transaction costs.
They have solidified their roadmap:
Public testnet: May 2021.
Mainnet: targeting August 2021.
2021 is still looking to be a year of massive growth across all crypto, and I’m foreseeing Ethereum and the DeFi subset continuing to lead growth in the space..