A “Miner” Setback — September 29

Chart of the Day

Global investors were fleeing from risk assets on Tuesday as the debt-ceiling fight in Washington reached an impasse. The S&P 500 dipped 2% as concerns over the U.S. hurtling towards a government shutdown heightened, following the rejection of a debt-ceiling suspension by the Senate. Fears over the looming twin fiscal disasters sparked warnings of a stock market crash, with Rich Dad Poor Dad author Robert Kiyosaki advising investors to “get gold, silver, bitcoin and ethereum”. A good piece of advice on an average day — except that the crypto market just saw a 4% pullback in the past 24 hours, with Layer 1 Blockchain platforms diving head first. On the bright side, not every notable cryptocurrency took it hard this round. UNI saw a 4.35% gain amid broader market pessimism, while Polygon has managed to eclipse Ethereum L1 in daily active address for the first time, in spite of the 1% price dip, showing signs of accelerated adoption. 

Talk of the Town

A “miner” inconvenience occurred during the Skulptuur collection auction on Art Blocks as the platform fell victim to a “block reorg” — a temporarily confirmed block being replaced by another block. The incident left some Art Blocks buyers bewildered after failing to receive pieces that they believed to have secured. Some reckon that this is an episode of miners on the Ethereum network exploiting their verification power for profit. With crypto art and collectible markets gaining significant traction, the MEV issue is again pushed to the forefront, which deserves more attention from the dev teams.