- The thirteenth Ethereum shadow fork upgrade has been finally deployed on the mainnet
- A shadow fork is simply a test fork run by the devs to check whether the network is equipped to handle the network alterations that the final upgrade will essentially be deploying on the network
Nethermind, Ethereum-based research, and development company has announced that the final Ethereum shadow fork, which ultimately prepares the ETH mainnet to welcome the upcoming merge, has finally been deployed on the mainnet.
Final Shadow Fork Goes Live On Ethereum Mainnet.
The final Ethereum shadow fork popularly addressed as the thirteenth fork has been successfully deployed on an Ethereum magnet. The following fork update is a duplicated form of the upcoming merge upgrade which essentially carries all the essential data changes and information that Ethereum will be equipped with, once the real merge goes live on the blockchain.
A shadow fork simply tests the interaction of the upgrades with the blockchain and whether the network is responding positively to the tested version or not.
In simpler terms, a shadow fork is kind of a test run of all the technical changes that the merge will essentially deploy on Ethereum when it goes live on September 13. In crypto terminology, a shadow fork refers to an “intentional forking of a blockchain mainnet/devnet to test synchronization assumptions in preparing for a network upgrade.”
With the thirteenth hard fork being successfully deployed and merged with the network’s beacon chain, Ethereum has now stepped one step closer to the scheduled merge event due to be held on September 13.
With the deployment of the shadow fork, the devs have also addressed the missing block issue that the network had earlier encountered while deploying Ethereum’s Bellatrix upgrade on September 6.
It was earlier reported that the deployment of the Bellatrix update had met with some initial hiccups. The issue was later identified and was caused due to several ETH node operators failing to upgrade their clients which resulted in the spiking of the Ethereum missed block rate. However, that issue has also been resolved.
A successful shadow fork deployment is a key milestone for Ethereum as it demonstrates the fact that the network is well equipped to meet the intense alterations that the blockchain will undergo once the final merge goes live on the network.
Ethereum, the second largest cryptocurrency by market cap is due to receive one of its biggest network upgrades on September 13. Dubbed “the merge,” the update will essentially help Ethereum shift its consensus from its earlier proof of work mechanism to proof of stake. The said transformation will assist the blockchain in becoming more sustainable and energy efficient while slashing its energy consumption by nearly 60-80%.
Indian Crypto Exchange WazirX Lays Off 40% Of Its Staff Citing The Ongoing Crypto Winter: Report
- Indian cryptocurrency exchange WazirX has reportedly laid off 40% of its staff, Coindesk report adds
- In a statement shared with the crypto news outlet, the exchange cites the prolonged crypto winter as its reason for slashing its workforce by 40%.
Per a Coindesk report, Indian cryptocurrency exchange WazirX has slashed its workforce by 40%, citing the ongoing crypto market phase.
WazirX Cuts 40% of Its Workforce
In a statement shared with Coindesk, WazirX, one of the leading cryptocurrency exchanges in India, has decided to lay off 40% of its staff, citing extreme crypto winter conditions. The company has reportedly laid off 50–70 people, three people familiar with the matter told Coindesk.
The statement later adds that these employees will be paid for additional 45 days, and after that, the workers are not expected to attend the company anymore.
WazirX, which is dubbed as one of the leading cryptocurrency exchanges in India, has cited the prolonged crypto winter as its primary reason, leading the firm to slash its workforce by almost 40%.
“The crypto market has been in the grip of a bear market because of the current global economic slowdown. The Indian crypto industry has had its unique problems concerning taxes, regulations, and banking access. This has led to a dramatic fall in volumes on all Indian crypto exchanges. ” The statement reportedly added
The firm further stated that it prioritises consumer protection and its decision to lay off 40% of its staff has been taken to “weather the ongoing crypto winter phase.”
“As India’s No. 1 exchange, our priority is to be financially stable and to continue serving our customers,” the company said. To achieve this, we’ve had to reduce our staff to weather the crypto winter. This situation is similar to the trying times the industry faced in 2018. At that time, we doubled down and built our innovative P2P engine. The crypto industry operates in cycles, and the bear market is inevitably followed by a spectacular bull market. We will continue to focus on our customers’ needs and continue to build. “We are confident that we will come out stronger when the bull market arrives,” the statement later adds
With WazirX slashing its workforce by 40%, the firm has joined the growing league of cryptocurrency exchanges that have recently decided to lay off their employees to stay afloat during the ongoing crypto winter phase. Crypto exchange Coinbase had earlier cut back on its workforce, citing the prolonged crypto winter. Similarly, exchanges like Bybit, Gemini, BitPanda, BlockFi, and Robinhood have also slashed their workforce to sustain the ongoing bearish crypto market phase.
Cardano’s Founder Charles Hoskinson Picks On Solana’s Recent Network Outage On Twitter
- Cardano founder Charles Hoskinson was seen making fun of Solana’s recent network outage.
- Solana went through another crypto network meltdown today, leading Hoskinson to mock its recent network performance.
The founder of Cardano cryptocurrency, Charles Hoskinson, took to Twitter to share a funny crypto meme that mocked Solana’s recent network outage.
Charles Hoskinson Trolls Solana’s Recent Network Outage
Solana, dubbed as a potential Ethereum killer, experienced another network outage today that ended up disrupting the network’s day-to-day transactional output. The blockchain took to Twitter to announce that its developers are currently examining the potential causes of the outage, leading the crypto community to share an array of opinions on Solana’s frequent network upheavals.
Charles Hoskinson, the founder of Cardano cryptocurrency, was also noted mocking Solana’s recent network outage. The ADA founder retweeted Solana’s network disruption tweet by sharing a crypto meme, picking on the chain’s constant network meltdowns.
Hoskinson’s tweet was met with a hint of criticism on crypto Twitter. Several users were quick to point out Hoskinson’s habit of making fun of other blockchain platforms. Some of the users also urged the Cardano founder to stop picking on other blockchain platforms when they encounter occasional network issues.
Solana Encounters Another Network Outage Today
Solana experienced another network outage today, resulting in the blockchain’s disrupted transactional volume. The Solana team took to Twitter to announce the network outage issue, adding that the blockchain is temporarily unable to process transactions.
This isn’t the first time Solana has experienced significant network downtime issues. The blockchain has reported multiple network outages throughout 2022, leading investors to question the blockchain’s structure and functionalities.
However, at press time, the network has resolved its network outage problem and is currently up and running again.
Uniswap Labs To Raise Venture Capital at $1B Valuation
- Uniswap Labs is gearing up to raise over $100 million in a new round of funding as it expands into new products and services.
- The decentralized exchange commands 64% of all DEX volumes, according to DeFi Llama.
- Uni’s new funding is indicative of the company’s ambitious plans
Uniswap Labs is gearing up to raise over $100 million in a new round of funding as it expands into new products and services, according to four sources familiar with the matter as reported by TechCrunch, and continues to gain mindshare among traders.
The company is currently seeking investors including Polychain and one of Singapore’s sovereign funds to raise an equity round of $100 million to $200 million at a valuation of about $1 billion.
The deliberations of the round haven’t reached final stages, so terms of the deal may change, sources cautioned.
Uni’s new funding is indicative of the company’s ambitious plans to expand its offerings. The decentralized exchange commands 64% of all DEX volumes, according to DeFi Llama. And the exchange protocol’s token has a market cap of nearly $5 billion despite the market downturn. (During the peak bull cycle last year, Uni’s market cap exceeded $22.5 billion.)
In recent months, Uniswap Labs has shared plans to add “several new products.” One of the new offerings will allow customers to trade NFTs on Uniswap from a number of marketplaces, Uniswap Labs COO Mary-Catherine Lader told Decrypt.
Lader told TechCrunch in an earlier interview that their mission is “to unlock universal ownership and exchange.” If you can embed the ability to swap value and have people join the community and exchange value with your project, or your company or organization — that’s a powerful way to allow more people to engage in this ownership.
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