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Ethereum engineers roll out staking withdrawal devnet

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Ethereum engineers roll out staking withdrawal devnet

Summary:

  • The devnet was built to trial withdrawal mechanisms for staked Ether post-merge.
  • Multiple Ethereum clients like Lodestar and Teku will interact with the devnet, said ETH developer Marius Van Der Wijden.
  • Devs plan to ship support for staked ETH withdrawals with an update dubbed “Shanghai”.

An Ethereum devnet built to trial validator withdrawals for staked Ether (ETH) was announced today by Marius Van Der Wijden, a core ETH developer. Developers released the staging area to work out the bugs and finalize the mechanism validators will use to withdraw their staked ETH from Ethereum’s proof-of-stake (PoS) network.

Part of the requirements for migrating to PoS included pooling ETH and locking these Ether tokens. Ethereum World News reported that around 10% of ETH’s circulating supply was staked as of May 30.

However, the PoS upgrade better known as The Merge did not feature support for validator staked ETH withdrawal. Shortly after the successful PoS transition in September, developers announced the “Shanghai” update and said the post-merge upgrade will include a withdrawal function for staked ETH.

Per Wijden’s tweet, multiple clients will tap the devnet including Prsym, Lighthouse, and Geth. These clients develop validator software for Ethereum’s network. 

Update: prysm now updated and happily following the canonical chain

— MariusVanDerWijden (@vdWijden) November 23, 2022

Ethereum’s Shanghai update

Developers previously said that the Shanghai update should go live sometime in the second half of 2023. In addition to staked ETH withdrawals, devs also hope to ship features like “solo staking”, allowing entities to operate standalone validator nodes. 

The current model leverages a handful of entities like Binance and Coinbase for staking deposits on ETH PoS. However, this dynamic suffered critique due to centralization risks and concerns. Features like solo staking and withdrawals could address these concerns and bolster decentralization within ETH’s PoS validator ecosystem.

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Ethereum

Binance Makes Multi-Billion Dollar Transfers Following FTX’s Collapse

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Binance Makes Multi-Billion Dollar Transfers Following FTX’s Collapse
  • Binance has made transfers worth several billion dollars since the downfall of FTX.
  • Many of these transactions are associated with proof of reserves demonstrations undertaken by centralized exchanges.
  • A recent transaction of $2 billion caught the attention of on-chain whale watchers.
  • Changpeng Zhao has stated that the transaction was to prove ownership of the wallet. 
  • The exchange has clarified that more of these large transactions will take place to verify the ownership to auditors. 

The downfall of FTX has paved the way for the world’s largest crypto exchange to cement its position as the most popular exchange. Binance has been actively involved in the aftermath of FTX’s collapse, from indirectly triggering the bank run on the Bahamas-based exchange, to leading the way in establishing greater transparency in the industry by publishing proof of reserves. 

$2 billion transferred by Binance

Blockchain intelligence firm Arkham Intelligence published a Twitter thread that took a closer look at the billions of dollars that Binance has moved around over the past few days. The report was prompted after on-chain whale watchers alerted crypto Twitter about a massive transfer by the exchange that involved 127,351 BTC worth a little over $2 billion. 

The transfer was seen as a bad sign by many on Twitter given the current crypto climate. Binance had recently published its proof of reserve (PoR) and users on Twitter speculated that the transfer was actually the exchange reversing funds upon completion of the PoR. CEO Changpeng soon clarified that the massive transaction was in fact part of the PoR, but not how it was being perceived. 

“The auditor require us to send a specific amount to ourselves to show we control the wallet. And the rest goes to a Change Address, which is a new address. In this case, the Input tx is big, and so is the Change.” CZ tweeted. 

Binance previously published its PoR, but some still remain skeptical because the exchange has not provided any details about its liabilities, in addition to there being no evident segregation between its own assets and customers’ funds. 

Arkham Intelligence also shed light on some of Binance’s other recent transfers. For instance, the $1 billion BUSD transfer by the exchange which was supposedly for the Industry Recovery Fund launched by CZ. Binance also received close to $1 billion from Tether as part of its chain swap from Solana to Ethereum. 

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Ethereum

BlockFi declares bankruptcy, files Chapter 11

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BlockFi declares bankruptcy, files Chapter 11

Summary:

  • Crypto lender BlockFi declared bankruptcy on Monday after exposure to FTX.
  • The company had some 100,000 creditors and around $256 million in cash when chapter 11 was filed.
  • FTX backed the lender with a $250 million loan following Three Arrows Capital exposure.

Cryptocurrency lender BlockFi filed for chapter 11 bankruptcy on Monday following exposure to troubled crypto exchange FTX, the exchange founded by Sam Bankman-Fried. 

BlockFi held $256.9 million in cash when it filed for bankruptcy. The company also has around $1 billion in assets and liabilities alike. Per details of the filing, the lender boasts over 100,000 creditors including FTX US and the Securities and Exchange (SEC). 

The crypto lender reported $275 million in unsecured claims tied to FTX US. Notably, Sam Bankman-Fried’s exchange loaned $250 million to BlockFi back in June. At the time, BlockFi faced liquidity concerns after exposure to insolvent crypto hedge fund Three Arrows Capital (3AC).

Also, the lender owes $30 million to the SEC as part of a settlement agreement from February 2022. The largest creditor was Ankura Trust Company LLC with a $729 million claim.

BlockFi joined the chat

Celsius, FTX, Voyager, and now BlockFi all filed for bankruptcy in 2022 as the bear market unsettled crypto CeFi players. Hackers exploited loopholes in DeFi smart contract code, stealing billions from protocols, cross-chain bridges, and other decentralized finance solutions. Reports said October was the worst month for crypto hacks so far.

Nevertheless, the decentralized technology that backs digital assets jumped forward in leaps and bounds. Ethereum, the second largest blockchain behind Bitcoin, successfully deployed a major technological upgrade.

Blackrock and Google tapped crypto for services and offerings as well, signaling institutional interest.

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Amazon Taps The Russo Brothers For TV Series About The FTX Saga

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Amazon Taps The Russo Brothers For TV Series About The FTX Saga
  • Amazon is set to release an eight-part series based on the collapse of FTX.
  • The streaming giant has teamed up with the Russo brothers and David Weil for the production of this series.
  • The Russo brothers have described the FTX scandal as one of the most brazen frauds ever committed. 
  • Apple is also working on a movie based on Sam Bankman-Fried’s activities in the run-up to FTX’s implosion.

Streaming giant Amazon has partnered up with famed directors Anthony Russo and Joseph Russo, also known as the Russo brothers, to release an eight-part TV series based on the spectacular collapse of Bahamas-based crypto exchange FTX.

Amazon will begin production in spring 2023

According to a report by Variety, the streaming firm has teamed up with AGBO, the production company of the Russo brothers who are known for their involvement with several Marvel movies. David Weil is set to be the executive producer of the show, in addition to writing the pilot. The show will go into production in spring 2023 and will be based on “insider reporting” by journalists who covered the downfall of what was once the world’s second-largest crypto exchange. 

This is one of the most brazen frauds ever committed; It crosses many sectors – celebrity, politics, academia, tech, criminality, sex, drugs, and the future of modern finance. At the center of it all sits an extremely mysterious figure with complex and potentially dangerous motivations. We want to understand why.” the Russo brothers said.

Amazon is reportedly trying to get the famed duo to direct the series as well. 

Apple is nearing a deal for book rights on SBF & FTX

Fellow streaming firm Apple is also looking to get a piece of the FTX pie. According to a report by Deadline, Apple is about to close a deal for the book rights to Michael Lewis’ story about the fall of Sam Bankman-Fried and his crypto empire. 

Michael Lewis is known for several books that were adapted into popular movies like Moneyball and The Big Short. Lewis had been following Bankman-Fried for six months before his exchange imploded, taking down several companies with it. The deal is reportedly in the mid-seven figures range and is expected to be adapted into a feature film. 

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