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The Ethereum network has made the switch from proof-of-work mining to proof-of-stake mining. The transition was completed successfully on September 15, 2022. Additionally, the blockchain went through some major changes as validators replaced miners. Recently, the much-awaited Shapella upgrade went live, allowing these speakers to withdraw their staked Ethereum 2.0. Additionally, with numerous developments on the Ethereum blockchain, let us learn about ETH a bit more. Ethereum in a nutshell Vitalik Buterin built the decentralized blockchain platform Ethereum in 2015, along with the Ethereum Foundation, to support the development and execution of smart contracts and decentralized applications (dApps). Additionally, it has developed to become one of the biggest and most popular cryptocurrencies in the world. Ethereum is distinguished from Bitcoin by its programmability. Also read: Ben Armstrong Sues Ex-Colleagues Over Alleged Stolen Lamborghini The blockchain has gr...

The decentralized social media platform has continued to thrive since it launched in the second week of August and has hit multiple new highs despite critics predicting its downfall. Decentralized social media platform Friend.tech based on Coinbase’s layer-2 protocol Base has touched new heights in terms of revenue growth and total value locked on its platform.  According to data from Dune Analytics, Friend.tech revenue has surged to 10,663 ETH and its TVL grew to over 30,000 ETH on Oct. 2. The recent boom in its revenue and trading activity comes amid a decline in hype from its early days of launch. As a decentralized social network platform launched in August 2023, Friend.tech enables users to swap "keys" associated to X accounts (formerly Twitter) belonging to their friends or influencers. These keys give users access to private in-app chatrooms and content only available from the corresponding X user. Users can buy shares in their friends and influencers on the platform...

Ethereum developers have re launch ed the Holesky testnet after its initial rollout on Sep. 15 failed due to significant network misconfigurations. Data from Holesky’s dashboard showed a steady block production including client activity from entities like Google Cloud, Lighthouse, and Teku. Holesky, the largest test network launched on Ethereum since the Merge, was successfully released on Sep. 28. At press time, the testnet ran smoothly and was not stalled by issues reported by developers after the first attempt. Additionally, sentiment from a YouTube livestream organized by a developer known as EthStaker suggested that Ethereum builders are satisfied with Holesky’s launch. “Not going to have to build a third one,” one developer said on the call. Holesky is positioned as a key component of Ethereum’s testnet ecosystems where builders simulate important updates like proto-danksharding to slash transaction costs and run trials for decentralized applications (dapps). Apart f...

Ethereum has fallen short of expectations in terms of network activity following the much-anticipated Shanghai upgrade implemented in April. While the crypto community had high hopes for this upgrade, it appears that the results have left many disappointed, according to JPMorgan . JUST IN: JPMorgan says Ethereum has been disappointing since its Shanghai upgrade. — Watcher.Guru (@WatcherGuru) September 22, 2023 Network Activity Declines Despite Energy Efficiency The transition from proof-of-work to proof-of-stake, known as the Merge , was expected to revolutionize Ethereum. The upgrade was aimed at drastically reducing its energy consumption. In fact, it succeeded in reducing energy usage by over 99%. However, despite this remarkable achievement, the Ethereum network has not seen the surge in activity that was anticipated. Also read: US Government Indicts Senator Bob Menendez For Bribery JPMorgan analysts, led by Nikolaos Panigirtzoglou, expressed their concer...

Polygon Labs has suggested that the Celo blockchain community utilize its Chain Development Kit (CDK) for their upcoming Layer 2 transition on Ethereum. This proposal surfaces after Celo’s core team, cLabs, revealed an alternative idea involving a transition from Layer 1 to an Ethereum-based Layer 2 using software from OP Labs named OP Stack. Sandeep Nailwal, Polygon’s co-founder, voiced his proposal on Celo’s governance forum, stating, “We propose the Celo Ecosystem to employ the Polygon CDK for its L2 migration. The CDK is an open-source toolset that facilitates developers in constructing ZK-powered L2s for Ethereum. Its beauty lies in the ease with which it allows L1s to transition to Ethereum L2s, coupled with an emphasis on modularity.” Polygon’s CDK, a product of Polygon Labs, is rooted in open-source principles. It’s tailored for the creation of Layer 2s, which utilize zero-knowledge rollup technology, inheriting Ethereum’s robust security via ZK pr...

MakerDAO CEO on Solana Blockchain It all started after Christensen announced plans to re-implement MakerDAO on a new blockchain identified as NewChain. According to the Decentralized Finance (DeFi) giant, this blockchain could be forked from the Solana (SOL) blockchain. In effect, this would mean that MakerDAO will be moving away from the Ethereum-based architecture which it currently utilizes. advertisement Explaining further, the MakerDAO CEO claimed that the Solana codebase is the “most promising” to explore for NewChain due to its technical quality and optimization, resilience of the Solana ecosystem following the “FTX blowup,” and past examples of successful forks of the protocol, like the Pyth Network. In response to this potential development, Yakovenko acknowledged that MakerDAO’s move is impressive, citing that it is a win for open source. At the same time, he warned that it should not be perceived as an endorsement of ...

Bitcoin and altcoins perked up today, but is this rally nothing more than an oversold bounce? When the markets are trending, traders should be active if they want to earn money. On the other hand, in a ranging market, it is better to wait on the sidelines with patience, or else traders may lose money due to choppy random moves in either direction. Bitcoin’s (BTC) sideways price action since the sharp fall on Aug. 17 shows that the bulls and the bears are unsure about the next directional move. Therefore, it is better to wait for the breakout to happen before waging large bets. Daily cryptocurrency market performance. Source: Coin360 In the short term, institutional traders also seem to be taking a cautious approach. A CoinShares report showed an outflow of $55 million from digital asset investment products for the week of Sept. 13. What are the important support and resistance levels that need to be crossed for a trending move to start in Bitcoin and altcoins? Let’s study the charts ...

Vitalik Buterin is a co-founder of Ethereum, the second-largest cryptocurrency by market capitalization. During the recent market downtrend, numerous individuals transferred funds within the cryptocurrency ecosystem. Notably, Buterin moved a substantial amount of Ethereum [ ETH ] recently. On-chain data revealed that Buterin orchestrated a transfer of 600 ETH , which held a value of approximately $1 million. The ETH was moved in a single transaction to the cryptocurrency exchange Coinbase. JUST IN: #Ethereum founder Vitalik Buterin transfers 600 $ ETH ($1,000,000) to Coinbase. — Watcher.Guru (@WatcherGuru) August 21, 2023 Buterin’s move comes amidst a recent market slump The nature of Buterin’s recent transaction is not yet known. Some speculation indicates he could be selling, leading certain people to point out this as the start of a dumping season. Also read: Logan Paul’s CryptoZoo Investors Still Waiting on Refunds 8 Months Lat...

CME reported nearly half of its crypto volume year to date came from non-U.S. trading hours and around 11% from the Asia Pacific region. Derivatives marketplace CME Group is launching Bitcoin (BTC) and Ether (ETH) reference rates for the Asia Pacific region, in another sign of growing institutional interest in crypto from Asia. On Aug. 16, derivatives marketplace CME Group said it’s partnered with crypto indices provider CF Benchmarks and on Sept. 11 to launch the two Asia Pacific-focused crypto reference rates. Reference rates are used as a credible source of a cryptocurrency’s price and are used — in CME’s case — to price settlements of crypto futures contracts. CME Group said from Sept. 11, Asia-based crypto institutions and investors will get two reference rates that will track BTC and ETH, which will be published once a day at 4 pm Hong Kong time. CME Group has existing reference rates for the two cryptocurrencies, but they are published at times more suitable to investors in...

ETH’s technical and on-chain indicators point toward further downside, but there is a silver lining. Ether’s price fell this week, and several data points are beginning to suggest that further downside could be in store.  On July 24, Ether (ETH) experienced a drop close to its monthly low, reaching $1,825 amid Bitcoin’s (BTC) negative price action, as uncertainty loomed over macroeconomic conditions and a potential whale sell-off. Several on-chain and technical indicators point to further downside in ETH prices. However, the extent of this downward movement could be limited, considering the profit levels of existing holders and the decrease in ETH’s liquid supply. ETH on-chain analysis suggests more downside Since the beginning of 2023, Ethereum’s network value-to-transaction value (NVT) metric has indicated that the asset may have been overpriced. Glassnode’s NVT signal gauges the relative value of the Ethereum network by comparing the market price to the volume of on-chain trans...

Also Read: Binance Announces Bitcoin Wallet Migration, Triggers On-Chain Transfers advertisement The new Ethereum proposal deals with assessing the need to increase the max effective balance of Ethereum validators from 32 ETH. The developers argue that this move could potentially have multiple operational benefits as the blockchain goes through future updates. What is Max Effective Balance The Max Effective Balance is a parameter that sets a hard cap on the effective balance of any individual validator. One of the many advantages resulting from having this parameter being low is that the need for having a huge number of validators shows the infrastructure is decentralized. The developers said, “As of June 6, 2023, there are over 600,000 active validators 1 with an additional 90,000 in the activation queue. While having many validators signals decentralization, the Max Effective Balance artificially inflates the validator set size by forcing large sta...

While the perceived loss can be said to be mild, it becomes significant when we factor in the fact that ETH has been on a bullish run earlier in the day. The selloff is currently encroaching with total trading volume in the past 24 hours coming in at $7 billion per data from CoinGape price chart. advertisement The bearish sentiment Ethereum is exhibiting today might stem from the mention it got as a favored digital currency in the released Hinman Emails. As reported by Coingape, the Emails show an indication that the United States Securities and Exchange Commission ( SEC ) favored Ethereum over other digital currencies. The SEC through the Hinman Speech tagged Ethereum as a non- SEC urity even though it was launched through the process of an Initial Coin Offering (ICO) like XRP . The question now lies in why the markets regulator named Ethereum alongside Bitcoin (BTC) but left out XRP in its classification of what was a SEC urity at the time. Will These Disco...