The Daily Update: Ethereum Consensus Redesign Proposal, German Bitcoin Sale Regret, and More

Justin Drake Proposes “Beam Chain” for Ethereum Consensus Layer Overhaul

Ethereum Foundation researcher Justin Drake introduced a new proposal called "Beam Chain" at Devcon, aiming to revamp Ethereum’s consensus layer with a focus on speed, security, and efficiency. Key changes in Beam Chain include faster block times, smaller validator stake requirements (reduced from 32 ETH to 1 ETH), and staking caps. The upgrade would integrate advanced SNARK cryptographic proofs to make Ethereum’s consensus layer "post-quantum secure." Drake emphasized that community consensus is essential, with a specification phase possibly starting next year, followed by testing through 2027.

German Government Misses Out on $1.6 Billion After Selling Bitcoin Early

Germany could have gained an additional $1.6 billion if it had held onto 50,000 BTC sold four months ago at $57,600 per BTC. The price of Bitcoin has since surged due to a broader pro-crypto sentiment spurred by President-elect Trump’s recent victory. Bitcoin rallied to new highs, with its value rising 56% since the sale. The U.S. government also missed out on gains, having sold 195,091 BTC for around $366.5 million, now worth close to $17 billion.

Lisk Ethereum Layer 2 Launches on Mainnet with Airdrop Announcement

Lisk has rolled out its Ethereum Layer 2 mainnet, built using Optimism’s OP Stack as part of the Superchain ecosystem. Lisk’s launch includes an airdrop starting on Nov. 21, distributing 10 million LSK tokens over the next four months to users who complete platform tasks. This integration allows Lisk holders to utilize Ethereum’s ecosystem, tapping into DeFi liquidity on platforms like Uniswap.

Coinbase Debuts COIN50 Index with Perpetual Futures Trading Option

Coinbase has launched the COIN50 index, representing the top 50 assets by market cap on its platform. BTC, ETH, SOL, XRP, and DOGE make up significant portions of the index. Users outside the U.S., UK, and Canada can trade COIN50 as a perpetual futures contract with up to 20x leverage. COIN50 offers amplified exposure to the crypto market’s movements and is part of Coinbase’s latest foray into index-based products.

Dogecoin’s Market Cap Spikes Above $63 Billion Amid 51% Price Surge

Dogecoin surged 51% in a single day, briefly pushing its market cap past $63 billion. The rally was partly driven by speculation that Elon Musk's involvement in the pro-crypto Trump administration could influence the price of DOGE. Analysts noted a potential future for Dogecoin as part of government efficiency initiatives, humorously dubbed the “Department of Government Efficiency (DOGE)” under the incoming administration.

Upcoming Events

• U.S. CPI Inflation Figures: Expected at 7 a.m. ET Wednesday, with estimates for MoM at 0.2% and Core CPI at 0.3%.

• Speeches by FOMC Members: Neel Kashkari and John Williams will speak at 8:30 a.m. and 9:30 a.m., respectively.

• Devcon Continues in Bangkok, Thailand