AMC Theaters To Accept Ethereum Payments

Share This Post

Share on telegram
Share on twitter
Share on reddit
Share on linkedin
Share on email
AMC announces it will accept Bitcoin and Ethereum payments, an OpenSea employee profits from insider trading, and burned gas fees on Ethereum reach more than $1 billion.

Quick Take

  • AMC’s CEO announces the chain will accept Bitcoin and Ethereum for online sales by the end 2021.
  • Nate Chastain, Head of Product at OpenSea profited on flipping NFTs based on insider knowledge.
  • Infura releases the public beta of Infura Transactions, a relayer service solution.
  • More than 300k ETH has been burned since the London fork on Ethereum.

AMC To Accept Ethereum Payments

AMC CEO Adam Aron announced on Twitter that AMC Theaters will accept Bitcoin for online ticket and concession payments by the end of this year. He also said the company expects to accept Ethereum, Litecoin and Bitcoin Cash. Since Aron’s tweet, Bitcoin is up nearly 3% and Ethereum up 7.5%. 

According to CNBC, Aron had said during an earnings call on Monday that the movie theater chain will have IT systems in place to take cryptocurrency payments by the end of 2021. Some remain skeptical about the announcement as earlier this week, false reports emerged about Walmart accepting Litecoin. AMC Entertainment is yet to release an official statement on the new form of payment for the company.

OpenSea Executive Profits From Insider Knowledge

Nate Chastain, Head of Product at OpenSea has been accused of using insider knowledge to profit from flipping NFTs on the platform. Accusations with links to secret wallets used for flipping NFTs were made on Twitter late Tuesday afternoon.

Chastain’s main Ethereum wallet, which contains the CryptoPunk NFT that he uses as his Twitter avatar, is linked to other wallets that were used to purchase numerous NFTs. The affiliated wallets reportedly purchased NFTs from multiple collections right before each collection was featured on OpenSea’s home page.

The NFTs were then resold for a profit after the collections were featured. Ultimately, the profits were routed back into Chastain’s main wallet. OpenSea has confirmed the allegations, releasing a public statement, stating “This is incredibly disappointing. We want to be clear that this behavior does not represent our values as a team. We are taking this very seriously and are conducting an immediate and thorough third party review of this incident.” Chastain’s Twitter account has remained silent since the allegations first emerged.

Infura Launches Infura Transactions

Infura announced the public beta launch of Infura Transactions on mainnet Ethereum. Infura Transactions (ITX) is relayer service for transaction delivery with simpler gas management. It also allows end users to send transactions without the requirement of having to hold ETH.

The platform works by having Dapp developers deposit ETH into what Infura calls a gas tank, a reserve of ETH used to pay for gas. When a transaction relay request is sent to Infura, the service will first check if there is sufficient balance in the gas tank, then lock a portion of funds and relay the transaction on the user’s behalf.

ITX will periodically increase the gas price and republish the transaction according to a predefined escalation schedule, in an attempt to minimize both confirmation time and the final gas price. As soon as the transaction is mined, the cost of the transaction along with an ITX fee, is subtracted from the gas tank balance. Infura is a cloud-hosted node service, infrastructure, and tooling provider funded by ConsenSys.

MakerDAO Pays Team With “Streaming” Salaries

MakerDAO has started paying its team members in “streaming” salaries using programmable cash flow project Superfluid. MakerDAO pays each member of their team on a specific and recurring period of time, with each payment being a separate transaction. The programmable smart contracts on Superfluid allow for digital assets to be moved automatically without a need for executing repeating transactions.

MakerDAO contributors are now paid in real time with a small constant stream of funds being transferred every second between wallets. Superfluid can also be run using Polygon for further scalability and lower gas costs. MakerDAO said it will reward all teams building with Superfluid at the ETHGlobal Online Hackathon (that implements DAI) with 8,000 DAI.

$1 Billion ETH Burned Since EIP-1559

More than $1 billion worth of ETH has been burned since the implementation of EIP-1559. According to watchtheburn.com, 301k ETH has been burned. OpenSea remains the biggest burner of ETH, followed by Uniswap and Axie Infinity. EIP-1559 was introduced during the London fork on August 5th. The improvement proposal changed the mechanism in which miners received fees, allowing users to better estimate how much a transaction costs. It also changes inflation on Ethereum, causing the cryptocurrency to become deflationary at times.