Lufthansa Launches NFT Loyalty Program, Ethereum Staking Services Agree To 22% Self-Limit Rule

Here are some of the recent major developments from the world of crypto over the past few days.

German flag carrier Lufthansa has started using the Polygon Network to distribute its non-fungible token (NFT) loyalty programme.

Passengers will be able to use the programme to convert their travel into NFTs, which they can then use towards earning rewards, such as air miles, flight upgrades or airport business lounge access. Passengers will, however, become eligible for benefits only upon completing particular NFT collections.

The Lufthansa Innovation Hub, the airline’s digital innovation division, and Miles & More, its frequent flyer programme, introduced the Uptrip smartphone application on August 31, 2023.

According to a statement from the airline, users of the app can scan their boarding passes and trade them for NFT trading cards. Users must link their cryptocurrency wallets within the app in order to mint and transfer their Uptrip NFTs.

Ethereum Staking Services Agree To 22% Self-Limit Rule

In an effort to guarantee that the Ethereum network remains decentralised, at least five Ethereum liquid staking providers have either implemented or are attempting to implement a self-limit rule in which they agree not to possess more than 22 per cent of the Ethereum staking market.

Rocket Pool, StakeWise, Stader Labs, and Diva Staking, have either already committed or are striving to commit to the self-limit regulation. Another liquid staking firm, Puffer Finance, has likewise declared its dedication to the self-limit.

The idea ostensibly tries to allay worries that Ethereum staking would become more and more centralised.

When asked why the self-limit was established at 22 per cent, Superphiz said it’s because 66 per cent of validators must concur on the state of Ethereum. The 22 per cent self-limit rule would ensure that at least four major staking entities would need to collude in order for the chain to reach finalisation.

Incidentally, Superphiz had come up with the concept in May 2022 when he questioned whether a stake pool would be prepared to choose the chain’s health over its own financial interests.

Bitwise Withdraws Bitcoin, Ethereum Market Cap ETF Application

Bitwise has submitted a request to withdraw its initial August 3, 2023 filing with the US Securities and Exchange Commission (SEC) for the Bitcoin and Ethereum Market Cap Strategy Ethereum Futures Contracts (ETF).

Following Grayscale’s SEC triumph, the market mood had turned optimistic, but Bitwise seems to be covertly re-evaluating its approach.

Incidentally, Bitwise was among a number of asset managers looking to launch Bitcoin spot exchange-traded funds (ETFs) on US markets.

However, given that Bitwise’s chief investment officer Matt Hougan, recently argued for SEC approval of all ETFs in a Bloomberg interview, the timing of the withdrawal application seems odd.

Based on their respective market capitalisations, the ETF sought to invest in either Bitcoin or Ethereum futures contracts. Notably, Bitwise and ProShares also worked together to introduce a different ETF at the same time.

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