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Block 1: Essential news
MARA lends bitcoins
MARA, leader in Bitcoin mining, is now lending part of its BTC reserves to generate short-term returns. As of December 31, 2024, 7,377 BTC (16.4% of its reserves) have been used for loans to trusted third parties to earn returns. In 2024, MARA purchased 22,065 BTC at an average price of $87,205 through the issuance of two convertible bond offerings and mined 9,457 BTC, bringing its total reserves to 44,893 BTC, or $4.4 billion at current prices. These initiatives are designed to offset operating costs after the Ethereum ETFs (ETHs ) recorded record net inflows of $2.08 billion, doubling the previous month's flows. This rebound marks a turnaround after a timid start since their launch in July. BlackRock's iShares Ethereum Trust (ETHA) led the trend with $1.4 billion in inflows, followed by Fidelity ($752 million) and Grayscale ($274 million). Donald Trump's election seems to have catalyzed this interest, with positive flows intensifying as early as November. Spot Ethereum ETFs close 2024 with a total of $2.6 billion in cumulative net inflows. By 2025, the crypto ETF offering could expand to include products mixing bitcoin and ether, as well as LTC, XRP and SOL ETFs.
Switzerland: a strategic bitcoin reserve coming soon?
An initiative to create a strategic Bitcoin (BTC) reserve in Switzerland has been proposed. The project, spearheaded by Bitcoin think-tank 2B4CH and backed by cryptosphere supporters such as Gim Zanganeh, vice-president of energy and mining at Tether, requires 100,000 signatures by June 2026 to trigger a national referendum. If passed, the Swiss National Bank (SNB) would be forced to reserve a constitutionally enshrined portion of its holdings in gold and bitcoin. Switzerland, already cryptocurrency-friendly, sees initiatives like Lugano's and local banks embracing BTC.
Canada: would Poilievre turn the country into a pro-crypto nation?
Pierre Poilievre, the Conservative candidate dubbed the "Canadian Trump", is the favorite to succeed Justin Trudeau, who has announced his resignation after 10 years as Prime Minister. Pro-crypto, he had already declared in 2022 that Canadians should be able to use currencies like bitcoin in the face of the devaluation of the Canadian dollar. Backed by Elon Musk and Michael Saylor, Poilievre is attracting attention for his pro-cryptocurrency approach. However, Canada faces regulatory challenges that have prompted players like Binance to leave the country.
Block 2: Crypto Analysis of the Week
Ether: the resurgence of a crypto giant
Ether spent much of 2024 lagging behind its cryptosphere peers. But in December, it finally joined the rally triggered by bitcoin's meteoric rise, crossing the $4,000 mark. Despite this, its price remains below its all-time high of $4,900 reached in 2021.
In 2024, ether gained 53%, a far cry from bitcoin's 113%. Yet ether's recent performance shows promising signs. Since the US presidential election, ether has gained just as much as bitcoin at +42%. But 2025 could well give ETH a boost.
Ethereum: between Dencun and Pectra, a revolution in the making
In March 2024, Ethereum rolled out the Dencun update. The aim? To drastically reduce transaction costs for Layer 2 (L2) solutions. A major step forward, to be sure, but the real revolution is on the horizon with the Pectra update.
Scheduled for early 2025, Pectra merges two updates initially planned separately: Prague, dedicated to the execution layer, and Electra, focused on the consensus layer of the Ethereum blockchain. This merger promises to transform Ethereum into an even more flexible, high-performance platform tailored to the needs of its users.
Pectra is not a simple improvement, but a real bouquet of innovations. Among the Ethereum Improvement Proposals (EIPs) that will be integrated, here are the most noteworthy:
EIP-2537: Faster, cheaper digital signatures: This EIP optimizes operations related to BLS12-381 digital signatures, a type of advanced cryptography used by Ethereum validators to secure the network. Thanks to precompilation - a technical optimization that reduces complex upstream calculations - these operations become much faster and cheaper. This enables validators to operate more efficiently, making their role more accessible and less costly.
EIP-2935: Storing hashes for better data verification: This change involves saving the digital fingerprints (or hashes) of previous blocks in specific storage locations. This facilitates data verification on Ethereum, especially for validators who work without storing all information locally (stateless execution). The result: greater efficiency and improved network reliability.
EIP-7002: More flexibility for validators with partial withdrawals: Currently, validators can only withdraw their stashed funds under certain strict conditions. This EIP introduces the possibility for them to trigger partial or complete withdrawals directly via their execution layer withdrawal credentials. This enables more flexible management of funds, favoring restaking (reinvesting funds) and integration with staking pools.
EIP-7251: Reduce the number of validators thanks to higher balances: Today, each validator has to stage 32 ETH, which leads to a multiplication of validators to secure the network. This EIP increases the maximum balance of a validator to 2048 ETH, reducing the total number of validators required. This simplifies network management and reduces the computing load.
EIP-7594: Faster transactions on Layer 2 solutions: Thanks to a technique called Peer Data Availability Sampling (PeerDAS), this EIP improves the way Layer 2 solutions, such as Arbitrum or Optimism, handle data. This increases their ability to process transactions quickly and efficiently, making Ethereum-based applications smoother and more affordable.
EIP-7702: Temporarily transform your wallets into smart contracts: This EIP introduces a new type of transaction that enables an Externally Owned Account (EOA), such as a classic wallet, to temporarily behave as a smart contract. In practice, this means that users will be able to access advanced functionalities (such as conditional payments or complex interactions) without needing to create a dedicated smart contract. This considerably enhances the user experience.
EIP-7692: An overhaul for more efficient contracts: This EIP, which brings together 11 other enhancements (Meta EIPs), thoroughly overhauls the object format in the Ethereum Virtual Machine (EVM). The new format makes the deployment and execution of smart contracts faster and less resource-intensive.
A more powerful and accessible Ethereum
In short, with Pectra, Ethereum will open up to a wider range of applications and needs:
Standard accounts will become programmable, offering smart contract-like functionalities. Layer 2 solutions will become even more affordable and powerful. Smart contracts will become more efficient. Validators will have greater flexibility to manage their operations.
These improvements put Ethereum in a strong position to cope with growing adoption, integrate more effectively with other networks and offer innovations that consolidate its leading role in the on-chain ecosystem.
And after Pectra?
Attention is already turning to the Osaka update, planned for after Pectra, which could incorporate the long-awaited Verkle trees. What are Verkle trees? Verkle trees are advanced data structures designed to replace the current Merkle tree system. Their aim is to considerably improve data management on Ethereum, particularly for validators. Here's why it could revolutionize the network:
Validators without massive storage: With Verkle trees, validators will no longer need to store huge amounts of data locally to participate in the network. We're talking stateless clients, capable of operating with virtually zero disk space. Clearly, validator nodes will be able to synchronize with the network almost instantaneously, greatly simplifying their use.
Optimized staking experience: By eliminating the need for massive storage, Verkle trees make staking easier for individual validators (or solo stakers). This could attract more participants, making the network more decentralized and resilient.
Greater efficiency for the whole network: By reducing the amount of data each node has to manage, Verkle trees lighten the overall load on the network, improving both its speed and scalability. This is an important step towards making Ethereum a platform ready for mass adoption.
As Vitalik Buterin says: "Verkle trees will enable a much better solo staking experience, with lighter and faster validation nodes."
Ethereum isn't built in a day, but with each update it gets a little closer to its ultimate ambition: to become the universal and sustainable platform for on-chain innovation.
Block 3: Gainers & losers
Crypto chart (Click to enlarge)
Block 4: This week's reasings
The great cryptocurrency crash (The Atlantic)
Memecoin's shenanigans have only just begun (Wired)
Bitcoin miners hoard tokens to cope with falling profits (Financial Times)
