Ernest & Young (EY) announced via a press release yesterday that it would be utilising Polygon’s protocol and framework to deploy its own EY blockchain solutions onto Ethereum. EY said that they are looking to adopt Polygon’s scaling solutions to boost transaction volumes, providing “predictable costs” and settlement for enterprise customers.

Solana and SOL-tracking products continue to attract the interest of Institutional traders, with SOL products accounting for 86.6% of institutional inflows to digital asset investment products last week. 

Interactive Brokers, a leading online brokerage firm, is teaming up with regulated blockchain infrastructure platform Paxos to enable the trading and custody of Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Airdrops have become a mainstream and widely used fixture in crypto, often used to attract and add new users to an ecosystem, or reward them for interacting with a protocol. But what are the real-world results of these airdrops?

Top stories in the Crypto Roundup today:

• Big Four Consulting Firm EY to Work With Polygon
• SOL-Tracking Products Continue To Attract Institutional Investors
• Interactive Brokers Partner With Paxos
• Flipside Crypto: How Many Addresses Are Receiving Airdrops?

Big Four Consulting Firm EY to Work On Polygon

Ernest & Young (EY) announced via a press release yesterday that they would be utilising Polygon’s protocol and framework to deploy its own blockchain solutions onto Ethereum. EY said that they are looking to adopt Polygon’s scaling solutions to boost transaction volumes, providing “predictable costs'' and settlement for enterprise customers.

The Ethereum network has been riddled with congestion issues and high transaction fees. The implementation of scaling solutions, such as Polygon, have been praised for their ability to process transactions in a quicker and more efficient manner. 

“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet,” said Paul Brody, EY’s global blockchain leader in the announcement. “We discovered our shared priorities around open systems and networks and the Ethereum ecosystem would make collaboration in this area much easier.”

Layer two solutions are quickly growing in popularity, with Arbitrum, another layer two solution, rising from $24.5 million total value locked at the start of this month to around $2.2 billion on Monday.

SOL-Tracking Products Continue To Attract Institutional Investors

Solana and SOL-tracking products continue to attract the interest of Institutional traders, with SOL products accounting for 86.6% of institutional inflows to digital asset products last week. 

According to Coinshares’ latest Digital Asset Fund Flows Weekly, SOL investment products saw inflows of $49.4 million between the 6th and 10th of September, a 275% week-on-week rise. 

This boom in institutional interest coincides with SOL gaining 36% over a similar period. The report mentions that: “A combination of price appreciation and inflows now brings Solana’s assets under management to $97 million, the 5th largest of all investment products.”

This marks the fourth consecutive week of digital asset product inflows, with demand for Ethereum and altcoins exceeding that for Bitcoin-based products.

Interactive Brokers Partner With Paxos

Interactive Brokers, a leading online brokerage firm, is teaming up with regulated blockchain infrastructure platform Paxos to enable the trading and custody of Bitcoin, Ethereum, Litecoin and Bitcoin Cash. These assets will be accessible alongside traditional ones, all accessible via a single interface. 

This service is currently only available to U.S. residents, although Interactive Brokers said they also plan to launch crypto trading for those outside the U.S.

Earlier this year, Paxos acquired approval for a bank charter from the Office of the Comptroller of the Currency, allowing it to expand its custody offerings to firms like Interactive Brokers. Paxos Crypto Brokerage’s API enables trading, custody and liquidity, while Interactive Brokers maintains the client base.

CEO Milan Galik stated: “As financial markets evolve, sophisticated individual and institutional investors are increasingly seeking out allocations to digital currencies as a means of achieving their financial objectives,” Galik's said. “In giving our clients access to cryptocurrency trading, we recognize the need to meet the growing investor demand to trade cryptocurrency alongside other asset classes in a convenient and low-cost way.”

Flipside Crypto: How Many Addresses Are Receiving Airdrops?

Airdrops have become a mainstream and widely used fixture in crypto, often used to attract and add new users to an ecosystem, or reward them for interacting with a protocol. But what are the real-world results of these airdrops? 

As we can see in this submission from user @jr3225, during the MIR Genesis airdrop, which took place in December of last year, users claimed nearly 9 million of the 9.15 million total rewards available. And, as @jr3225 notes, “while 12,698 UNI addresses have claimed MIR via airdrops, only 1009 LUNA stakers have claimed MIR via airdrops.”

Although UNI addresses outweighed the total LUNA addresses by a factor of roughly 12x. LUNA stakers have claimed about 8.91 million MIR while UNI holders have only claimed roughly 2.79 million MIR.

State of the Crypto by Top Tier Exchange Volume

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