Visa announced on Monday it acquired a member of one of the most valuable non-fungible token collections within crypto, called a “CryptoPunk.” CryptoPunks are 24x24 pixel art images depicting eccentric cartoon characters with mixed traits and accessories.
Kim noted that Visa’s purchase of an NFT “wasn’t so much an investment decision as … really [an experiment] with NFTs wanting to learn more about how they work.”
Even so, market participants responded to the news by making investments in NFTs of their own. $100 million in trading volume took place in the 24 hours following Visa’s announcement, Edgington said.
The duo also discussed a recent issue with the Ethereum 2.0 Beacon Chain that caused network participation rates to drop a few percentage points and some validators to miss out on rewards.
The root cause of the issue originated with validator operations by staking as a service Lido. Due to a misconfiguration of their validator software client, Lido was producing orphan blocks that had ripple effects on validators across the network. Orphan blocks refer to blocks proposed by validators that are not included in the blockchain.
Edgington noted that the issue has since been resolved and participation rates are back to 99% from their recent lows between 96%-98%.
Joining Kim and Edgington for their final episode, CoinDesk Research’s Teddy Oosterbaan discusses a recent debate in the Ethereum community about the governance process for raising Ethereum’s block gas limit.
To learn more about the significance of gas limits on Ethereum and the controversial project seeking to improve governance around changing the gas limit, listen to the full episode of “Mapping Out Eth 2.0.”