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Ethereum Update Moves On To Goelri And Sepolia Testnets After A Successful Merge On Ropsten

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Ethereum Update Moves On To Goelri And Sepolia Testnets After A Successful Merge On Ropsten

Summary:

  • The Merge on the Ropston testnet on Wednesday was largely successful as the pace picks up for Ethereum 2.0.
  • A few bugs remain with client pairs and validating block proposals, but ETH developers assured that fixes are on the way.
  • Developers also asked the community to help spot and report any bugs.
  • Goerli And Sepolia Testnets are the next stages before The Merge ships to Ethereum’s mainnet later this year.
  • ETH’s price remains under $2,000 despite the upcoming switch to a Proof-of-Stake consensus mechanism.

Ethereum’s transition from a Proof-of-Work mechanism to a Proof-of-Stake consensus is another step closer after The Merge on Ropsten took place on Wednesday. The test was largely successful although a few bugs were spotted. 

According to a core developer on Twitter, a few clients experienced timeouts during block production and failed to validate transactions. Fixes for the issue are already in the works, per tweets reposted by Tim Beiko.

ETH developers also asked the community to contribute to the process by keeping an eye out for bugs while tests and monitoring continue on Ropsten. 

We’re going to monitor the chain over the next few weeks to make sure no client pairs go out of sync. We’d hope that community members raise alarms if they see dapps/tooling not work as expected! Sync nodes in weird ways to find bugs! Send txs!

Help with #TestingTheMerge

— parithosh | 🐼👉👈🐼 (@parithosh_j) June 8, 2022

Ropsten is one of the oldest testnets on the Ethereum network and The Merge simulation on the testnet represents a significant moment as developers move closer to a mainnet launch. During the test, Ropsten’s code and code from the Beacon chain were combined to determine if block production and validation would run smoothly during the transition.

The Beacon chain is a sister chain that runs parallel to the main Ethereum network and leverages the optimized PoS consensus layer.

Moving forward, The Merge is scheduled to happen on two key public testnets ahead of the mainnet launch expected to happen between August and October 2022. Tests on Goerli and Sepolia are scheduled to happen within the next few weeks.

Other testnets like Kiln will shut down by end of the year, per Tim Beiko’s tweet. 

With Ropsten now on PoS, friendly reminder that many testnets will be shut down by EOY:

– Kiln: shut down soon after mainnet merge ❌

– Rinkeby: won’t be merged, shut down by EOY ❌

– Ropsten: merged today, shut down by EOY ❌

Goerli & Sepolia will be maintained post-merge 😁

— Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) June 8, 2022

Ethereum (ETH) Trading Under $2K Despite Successful Merge On Key Testnet

Notably, ETH is below $2,000 regardless of the progress made towards actualizing a watershed moment in Ethereum’s history. In an interview with Blockworks, Geode Finance CEO Simon Furlong opined that users and investors might not fully understand the implications The Merge could have for Ethereum as an asset. 

Ethereum Update Moves On To Goelri And Sepolia Testnets After A Successful Merge On Ropsten 10
ETH Daily Chart (Source: TradingView)

The switch to PoS is expected to drastically cut down the network’s enemy consumption and finally mitigate high gas fees, a critical issue closely associated with ETH’s chain. 

Also, the network’s transaction capacity should shoot up exponentially to match or exceed the throughput boasted by other PoS blockchains like Solana. 

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CoinFlex Will Issue $47M Worth of “Recovery Tokens” After Withdrawal Freeze

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CoinFlex Will Issue $47M Worth of “Recovery Tokens” After Withdrawal Freeze
  • CoinFLeX will issue recovery tokens to help fund customers’ withdrawals.
  • The exchange had run into trouble after one individual’s accounts went into negative equity, resulting in the halting of withdrawals.
  • It will issue $47 million worth of the Recovery Value USD (rvUSD) tokens.

Futures crypto exchange CoinFLEX will issue recovery tokens called Recovery Value USD (rvUSD) as a solution to enable withdrawals again. The platform has suspended withdrawals as a result of market volatility, with some users even having a negative balance as a result.

$47 million of the rvUSD will be issued, and CoinFLEX hopes that this will help clear the outstanding debt from that one individual who had a negative balance. A whitepaper covers the details of the token, and there are several caveats to become an investor. The minimum subscription is 100,000 USDC.

The exchange aims to reopen withdrawals by June 30, but this will be subject to receiving funds for the rvUSD issuance. CoinFLEX says that it has been speaking to large buyers and “believes there is significant interest in the terms presented.”

CoinFLEX also said that it plans to implement transparency measures going forward. Additionally, it will work on a new model of futures in direct response to the recent incident. Regarding the transparency, CoinFLEX said,

“The notional (USD) value of every account’s futures positions will be made publicly available via an external auditing firm that will attest to these futures positions every hour. We will also make available the margin (collateral) backing these positions in USD value and break down the collateral by type 1 (stablecoins), type 2 (highly liquid coins), and type 3 (low liquidity coins).”

Crypto Community Not Too Convinced About rvUSD

The crypto community’s response to CoinFLEX’s rescue method has been ambivalent. FatMan, who has been known for his analysis of the Terra incident, called the move “amazingly degen.”

He summarizes the whole incident as the platform offering the individual a $47 million uncollateralized loan, turning his debt into a token while offering 20% APY on it. In other words, they are using this token to fund other customers’ withdrawals.

This may sound like something too good to be true — and that might very well be the case. Such unusual and potentially risky strategies will invite the attention of regulators like the United States Securities and Exchange Commission (SEC). That is the fear that some investors have, but it remains to be seen if this will actually play out that way.

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Crypto.com Removes 13 Crypto Tokens From Its Earn Program Including Shiba Inu, Dogecoin and Tezos

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Crypto.com Removes 13 Crypto Tokens From Its Earn Program Including Shiba Inu, Dogecoin and Tezos
  • Crypto.com has removed 13 crypto tokens ,including Shiba Inu, Dogecoin and Tezos from its Earn program. 
  • The exchange has added Fantom, Ziliqa and Near to its Earn portfolio. 

Crypto.com, a leading cryptocurrency exchange, has decided to remove 13 cryptocurrencies from its Earn program. The exchange took to Twitter to share the update adding that it will be removing Doge, Shiba Inu, Tezos, and more from the program and will be adding Zilliqa, Fantom and Near to its Earn portfolio. 

Crypto.Com Has Removed 13 Cryptocurrencies From Its Earn Program

Crypto Earn is an initiative started by crypto.com to help users allocate their preferred crypto into the program to start accruing rewards. This would eventually help users expand their crypto assets by accumulating additional rewards in multiple cryptocurrencies. 

However, in an updated blog published earlier today, the exchange has decided to remove 13 crypto coins from its earn program including Doge, Shib, XTZ, MKR, EOS, OMG, FLOW, KNand C, ICX, COMP, BIFI, ONG, GAS, STRAX, and BNT. However, the exchange will also be adding three new tokens to its earn portfolio, i.e Zilliqa, Near, and Fantom. Per the updated blog post, users will be able to earn 5% rewards on FTM, and 6% rewards on ZIL and NEAR. 

“Effective from 27 June 2022, 10:00 UTC, we will be adding new tokens to Crypto Earn. Users can now enjoy rewards rates of up to 5% p.a. for FTM, and 6% p.a. for ZIL and NEAR.”

Crypto Community Reacts To Crypto.com’s Removal Of 13 Tokens. 

The response to crypto.com’s decision to remove 13 crypto tokens was mixed with multiple users expressing their discontentment on Twitter. Some users opined how the current crypto staking percentages are similar to the modern-day banking rates. 

Reduction of interest rates on stable coins again… no point holding them in your app. Get similar interest in a bank

— will (@WJB2201) June 27, 2022

While others responded that they were particularly unhappy about the exchange’s decision to remove Doge and Shib from its platform.

Why no more Shiba and Doge staking?

Are you trying to get people to leave your platform?

That was the reason I even started a CDC account!

— M42boost (@m42boost) June 27, 2022

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Ethereum’s Merge to Reduce Demand for GPUs, says Morgan Stanley

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Ethereum’s Merge to Reduce Demand for GPUs, says Morgan Stanley

Summary:

  • According to a Morgan Stanley analyst, demand for GPUs should reduce with Ethereum transitioning into a proof-of-stake network.
  • The crypto drawdown has further reduced the profitability of Ethereum mining.
  • However, the Ethereum mining community could venture into alternatives such as Ethereum Cash and Ravencoin.

Ethereum’s transition from a proof-of-work algorithm to proof-of-stake through the Merge of the Beacon Chain with the ETH mainnet could reduce demand for GPUs.

According to a research note by Morgan Stanley’s equity strategist Sheena Shah, the less energy-intensive proof-of-stake will reduce demand for GPU miners. In addition, the crypto drawdown in the markets has also resulted in reduced profits for Ethereum miners, further eliminating the need for GPUs. The note said:

and Ethereum currently require powerful computers for the mining process and consume a lot of energy which governments and regulators are increasingly concerned over. If Ethereum moves to using Proof-of-Stake (PoS) it will eliminate the need for miners (reducing demand for GPUs) and drastically reduce energy requirements.

Ethereum Miners Could Find Alternatives in Ethereum Classic and Ravecoin – Bloomberg.

However, in another analysis by Bloomberg in mid-June, it was forecasted that Ethereum miners would probably keep mining till the Merge occurs later this year. Furthermore, some miners considered transitioning their Ethereum miners to mine Ethereum Classic or Revencoin.

The team at Ethereum Classic has already started enticing existing Ethereum miners by requesting that they plan their migration to ETC before the Merge occurs. They further emphasized that Ethereum Classic was more than able to handle the abandoned Ethash hashrate. They explained:

This Merge event will disenfranchise the largest EVM’s Proof of Work mining ecosystem. Ethereum Classic is well positioned to absorb much of this abandoned Ethash hashrate.

However, Ethash miners might not realize that Ethereum Classic operates a modified version of Ethash called ETChash.

The Ethereum Classic team also pointed out that the Thanos Upgrade in November 2020 slowed the hashrate of the DAG. This, in turn, ‘has allowed GPU miners to operate their equipment longer on ETChash than Ethash.’ They added:

New ETChash miners will find comfort in knowing that Ethereum Classic made a long-term commitment to Proof of Work consensus through the network’s Die Hard Upgrade in 2018.

If you’re new to the ETC mining ecosystem, you’ve found a long-term home on Ethereum Classic. A battle-tested network where you can properly plan your mining business’ capital and operational expenditures around a predictable monetary policy and stable network that is widely integrated throughout the cryptoverse.

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