European Authorities Want Automated Software to Monitor DeFi Activity on Ethereum Blockchain

The European Commission, the EU's executive branch that proposes legislation and implements decisions, is digging deeper into decentralized finance (DeFi) – and is looking to study Ethereum (ETH) data to do so.

Timeline of Ethereum

Ethereum [ETH], on 9 October, recorded a significant increase in the number of addresses registered on the blockchain as per data from the analytics platform Santiment. There were over 135,000 Ethereum addresses registered, which was over 11% greater than the peak number that was recorded in January 2022.

Cryptocurrency Market News Live Updates and Latest News: The Global cryptocurrency market cap woke up to register another drop of 3% over the past day. It now stands at around $917 billion.

Shiba Inu has been high on the top Ethereum whales' shopping list despite the SHIB price dropping 7.8% in the last 24 hours.  The post Shiba Inu Price Dips Below Support But Ethereum Whales Are Still Buying SHIB appeared first on BeInCrypto.

Bitcoin (CRYPTO: BTC), the world's most valued cryptocurrency, traded lower, but remained slightly above the $19,000 mark this morning. The second-most valued cryptocurrency, Ethereum (CRYPTO: ETH), also traded lower, falling below the key $1,300 level on Tuesday.

A new Ethereum-based token is burning ETH at a rapid clip and has diluted in price just as quickly – but all by design. The XEN token has accounted for nearly half of Ethereum gas in a 24-hour window in recent days.

The European Commission is interested in using an automated system to monitor and track the Ethereum (ETH) network. According to a new Tenders electronics daily (TED) service notice, the EU commission is launching a proposal to study decentralized finance (DeFi) monitoring through “embedded supervision.

Ethereum (ETH) price has failed to establish above the $1360 mark, despite some groundbreaking network growth over the last few days. While long-term prospects look bright, ETH's short-term momentum lacks immediate bullish catalysts.

All eyes have been on the Ethereum network since it moved from a Proof of Work (PoW) to a proof of Stake (PoS) mechanism. Granted, the digital asset's price hasn't done as well as many had predicted it would after the upgrade but the new functions of the network remains fascinating.

A public call for tender was launched by the EU Commission last week. The call is for a study geared toward developing automated monitoring systems and compliance oversight for decentralized finance.

Amid a prolonged legal dispute between the Securities and Exchange Commission (SEC) and blockchain company Ripple over the unauthorized sale of XRP (CRYPTO: XRP) coins, crypto influencer Ben Armstrong has accused the former SEC  Director of the Division of Corporation Finance William Hinman of allegedly receiving a bribe to designate Ethereum (CRYPTO: ETH) a commodity. Armstrong, who goes by the pseudonym "BitBoy Crypto" on his YouTube channel, said, “William Hinman certainly accepted bribes.