Crypto Featured News News

Initiation of the Shadow Fork on the Shanghai Mainnet of Ethereum

Ethereum’s core developers revealed on Monday that the first mainnet shadow fork had been successfully deployed in order to test the readiness of ETH staking withdrawal capabilities, a feature planned to arrive in March.


By simulating the effects of a fork on the mainnet, developers can check for bugs in the system’s design and make adjustments before the real thing is implemented. The Shanghai upgrade, which will bring staked ETH withdrawals to the Ethereum ecosystem, was tested on Monday, providing a sneak peek at what’s to come.


After Ethereum’s landmark merging in September, which switched the network to a proof-of-stake method, Shanghai will be the first big update since then. As a result of the integration, users can now stake ETH with the network in order to validate on-chain transactions. This has allowed them to earn incentives from newly created ETH.


Since December 2020, users have risked about $26.5 billion USD in ETH in hopes of receiving these payouts. However, users won’t be able to withdraw their newly-minted ETH or their initial ETH deposits until Shanghai is live.


On Monday, Ethereum core engineer Marius Van Der Wijden revealed on Twitter that, despite a few initial hiccups that have since been fixed, the first ETH withdrawal mainnet shadow split had begun successfully.


This suggests that Ethereum is on track to release ETH withdrawal functionality within the next five to eight weeks.


The network’s core developers have been working hard to meet that deadline, even if it means delaying development on other enhancements.


Proto-danksharding, a streamlined data sampling technique that would make layer-2 transactions on Ethereum substantially cheaper and faster, and EOF, a long-overdue update to the Ethereum Virtual Machine, was also rumored to be included in Shanghai (EVM).


Dogecoin Hits 3-Week High As Crypto Markets Flips Green

most widely used meme currency.


Dogecoin (DOGE) is the second-best performing asset among the top 10 cryptocurrencies as of today’s price increase of 7.8%.


By press time, the erratic meme coin has dropped to $0.0778 from a 3-week high of $0.0787, according to CoinGecko. In the past seven days, DOGE has also gained more than 10%, wiping off the losses it endured throughout December.


Dogecoin, the ninth-largest cryptocurrency in the market by market capitalization, trails Cardano (ADA), which has increased by 11.4% during the same period in terms of daily gains.


The most recent price movement also coincides with a surge in optimism in the broader crypto market, with the price of Bitcoin (BTC) returning to levels above $17,000 on Sunday for the first time since mid-December.


Solana (SOL) has experienced a significant price increase of about 20% during the day and as much as 64% in a week and is one of the day’s other notable top gainers.


Uniswap (UNI) and Binance Coin (BNB), whose prices increased by 7.3% and 6.3%, respectively, and Litecoin (LTC), which has increased in value by 7.6% during the past 24 hours.


Ethereum (ETH), the second-largest cryptocurrency in the world by market cap, is up 4.6% today and is currently trading above $1,323 for the first time in four weeks.


Investors are also eagerly anticipating the Consumer Price Index (CPI) report, which will be announced on Thursday at 8:30 a.m. ET.


The Federal Open Market Committee (FOMC) meeting, which closes on February 1, is preceded by the CPI report, which provides specifics on the inflation situation for December. The extent of the Federal Reserve’s ensuing interest rate rise will be determined in part by the findings of this study.



Lido DAO Surges 35 Percent In The Last Week, BitDAO Gains 22 Percent; Why

In the seven days before the closing of trade on Friday afternoon in Asia, Lido DAO (LDO) increased 34.5%, as Ethereum’s imminent March upgrade is anticipated to address present risks in ETH, or Ether staking. BitDAO gained 22% thanks to its buyback program, which drew customers looking for more transparency.


According to data from CoinMarketCap, Lido DAO (LDO) dropped 4% the previous day to US$1.29 at 5 p.m. in Hong Kong, while BitDAO (BIT) fell 0.42% to US$0.41.


The DAO, or decentralized autonomous organization, is a blockchain-based organization without a central authority that grants token holders the power to participate in its administration, including the creation and management of cryptocurrencies. The governance tokens for Lido and BitDAO are LDO and BIT, respectively.


By tying Lido Staked ETH (stETH) to the value of the assets that stakers have locked in the smart contract, Lido DAO gives indirect liquidity and extra benefits to ETH holders. According to DefiLlama, the staking service is presently the second-largest decentralized finance (DeFi) protocol, with a total value locked at US$6.15 billion.


The recent announcement of the Shanghai hard fork date by Ethereum developers is likely the cause of LDO’s price increase. The upgrade, anticipated to happen before March, would give Ether stakers access to the proof-of-stake Beacon Chain, which was previously off-limits to them.


In a video interview with Forkast, Paik Hoon-jong, the chief operating officer of South Korean blockchain finance company DA: Ground, said, “The risk of not knowing when customers can withdraw their [staked] assets is a source of price discount.” The statement, according to Paik, “resolved a lot of anxiety over ETH 2.0,” and the relaxation led many investors to investigate ETH-related goods and services like Lido.



Lido Surpasses MakerDAO And Now Contains Highest TVL in DeFi

Since Ethereum switched to proof-of-stake, a Nansen in December noticed that demand for Ether staking solutions had increased.


Lido Finance, a liquid staking system, has profited the most from the September Ethereum merger since its total value locked (TVL) is currently ranked first among other decentralized finance (DeFi) protocols.


Compared to MakerDAO’s $5.89 billion and AAVE’s $3.7 billion in TVL, Lido’s liquid staking protocol currently commands $5.9 billion in TVL, according to statistics from DeFiLlama.


As of January 2, $5.8 billion worth of ether was staked, according to the Lido Finance website. In the meantime, Solana had about $23.2 million in stakes. In Polygon, $43.9 million, Polkadot cost $11 million, and Kusama cost $2.2 million.


Users can access liquid Ether staking with Lido’s technique without committing to the customary 32 ETH requirement.


Since Ethereum switched to proof-of-stake, staking solutions like these have been in great demand, according to blockchain data analytics from Nansen in December.


The Merge’s introduction of staked ETH as a yield-bearing instrument completely native to cryptocurrencies was noted in its report, and it has since outperformed other collateralized yield-bearing offerings.


Because Lido transmits received ether to the staking protocol, its fee revenue is proportionate to Ethereum Proof-of-stake (PoS) revenues.

In November 2022, Lido said that since October 2022, it had been bringing in $1 million per day in fees.


According to a Messari announcement in September 2022, the MakerDAO, which oversees the Maker protocol, had its revenue fall to just over $4 million in Q3, an 86% decrease from the previous quarter. The decline was attributed to a lack of liquidations and weak loan demand.


According to Nansen, in September, Lido controlled 31% of the ETH that was staked among DeFi during that same month, which is a considerable proportion when compared to big cryptocurrency exchanges Coinbase and Kraken, which each owned 15% and 8.5%.




Crypto Featured News

Twitter Updates its Search Feature with BTC and ETH Economic Variables

Twitter, a social media site, has introduced a new cryptocurrency tool that enables users to look up the price of Bitcoin and Ether by just putting their names or tickers into the search tab.


The new feature, which is an enhancement over “$Cashtags,” was introduced on 21st December by the Twitter Business account.


The account stated that consumers will be able to see a clickable link that brings them to search results that now contain the pricing graphs for those symbols whenever one tweets the symbol of a significant stock, exchange-traded fund, or cryptocurrency with $ in front of it.


It also mentioned that you might see the price graph by simply typing in the ticker symbol, whether for stock or cryptocurrency.


BTC and ETH are the only two cryptocurrencies with price charts at the time of writing. Musk’s favorite, Dogecoin, tickers down $0.07, and other popular cryptocurrencies did not cut.


However, Twitter Business anticipates improving user experience and extending its coverage of symbols “in the coming weeks.”


In addition to displaying the price chart, Cointelegraph discovered that several permutations of Bitcoin, including “$Bitcoin,” “Bitcoin price,” and “BTC price,” also function for Ethereum.


The lower left-hand corner of the price charts also contains a link with “View on Robinhood,” indicating that the retail trading platform and Twitter have collaborated on this integration.


Users are then taken to the ETH price chart on Robinhood, which includes a link that reads “Sign Up to Buy Ethereum” below it. For Bitcoin, the same links are offered as well.


Rumors that Twitter would develop its native cryptocurrency called “Twitter Coin” to be used for platform payments started circulating earlier this month.


The reports started on 4th December, roughly a week after Musk previewed cryptocurrency-based payments on Twitter.


Previous Bear Low Cycle Ether Trendline Finally Breaks

The bear market in ether (ETH) is estimated to strengthen in light of the fact that digital money has plunged under significant help. Ether, the second-biggest digital money by market esteem, fell 17% last month, breaking a rising trendline and interfacing June and October lows. The trendline was supposed to put a story under ether, taking into account its drawn-out rendition compares with significant market bottoms enrolled in Walk 2020 and December 2016, as per the log-scaled week-after-week graph given by TradingView.


Hence, the drawback break of the trendline is keeping Decentral Park Capital’s portfolio supervisor Lewis Harland alert around evening time. “Nobody is discussing this – ether has flipped a multi-bear cycle trendline support into opposition,” Lewis Harland, a portfolio chief at Decentral Park Capital, told CoinDesk, adding the breakdown “looks horrendous.”


A trendline is a straight line interfacing at least two sticker costs, for the most part, swing highs or lows, to outline the heading of the market pattern. A rising trendline demonstrates the easy way out is to the higher side. In this manner, a breakdown of the rising trendline is viewed as an early advance notice of a looming negative pattern change. Merchants frequently expand the climbing trendline into the past to check whether it relates to significant defining moments. On the off chance that it does, as for ETH’s situation, the trendline and its possible infringement are thought of as significant.


A logarithmic scale diagram plots values between two focuses as per the percent change instead of the outright change and is reasonable for information with tremendous worth uniqueness. For example, ether has gone from being esteemed in two digits in Walk 2020 to four digits at press time. Graph experts use log-scaled diagrams to examine long-haul patterns.


March 2023 Is Set For The Release Of Staked Ethers By Developers Of Ethereum

Not entirely set in stone on Thursday that the organization’s next hard fork, called “Shanghai,” will have an objective delivery time period of Walk 2023. This redesign will incorporate a code known as EIP 4895 that will permit Signal Chain marked ether (ETH) withdrawals.


Designers likewise consented to address the execution of the “EVM Item Organization” (EOF) in Shanghai, which is an assortment of EIPs that basically redesign the Ethereum Virtual Machine, the climate where Ethereum can execute brilliant agreements. Those Ethereum Improvement Recommendations (EIPs) are EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450.


In the event that EOF appears to be too muddled to even think about executing by the following All Center Designers call made arrangements for Jan. 5, engineers concurred that they will push back EOF to the fall, so they don’t defer marked ETH withdrawals.


Engineers likewise consented to a second hard fork at some point in the fall of 2023 that would address another huge scaling update – proto-danksharding, otherwise called EIP 4844. EIP 4844 would make Ethereum more versatile through sharding, a strategy that separates the organization into “shards” as a method for expanding its ability and cutting down gas expenses.


The two forks will give designers sufficient opportunity to zero in on each issue and mitigate pressure for the people who have their ETH (and any accumulated prizes) secured in the Reference point Chain marking a shrewd agreement.


Crypto Twitter Urges Restraint as a Joke about Weth’s Bankruptcy Goes Viral

Bitcoin bull Martin Köppelmann, a co-founder of Gnosis, and Anthony Sassano were one group to later clarify that the FUD of Wrapped Ethereum was an internal prank.


Influencers were compelled to clarify that wrapped ethereum’s “insolvency” is a weekend inside joke was just a “shitpost” after some community members mistook it for the truth.


On November 26, false claims claiming that it appears that the wETH insolvency FUD first gained traction when it became known that wETH isn’t backed Ether by 1/1 and is bankrupt first surfaced.


One of the first to share the joke was “cygar,” a contributor to the ERC-721A token standard who works on the blockchain, who later admitted that it was a “shitpost” to check who was reading his stuff.


Anthony Sassano, an Ethereum bull and The Daily Gwei, host similarly parodied the wETH joke on November 27.


However, after reading the comments, He felt compelled to explain that the initial post was a “shitpost/meme.”


Martin Köppelmann, a co-founder of Gnosis, also joined in on the joke, warned his 38,800 Twitter followers on November 27.


Following the WETH disclosure ETH was no longer fully backed that “we might observe a banking collapse on validating WETH shortly.”


A few hours later, he expressed his hope that the joke “did not create too much misunderstanding,” and he included a link to a post where the trick was explained to those unaware.


Bitcoin And Ether Are Exempt From Financial Regulation, A Belgian Regulator Declares

A growing number of inquiries on cryptocurrency regulation and when to consider it as security are being rebuffed by officials.


Bitcoin (BTC) cryptocurrency and ether (ETH) cryptocurrency, two anonymous cryptocurrencies, are not stocks, according to a statement released on Thursday by Belgium’s Markets Authority and Financial Services.


The government claimed that it was receiving more inquiries concerning the legal status of cryptocurrencies and intended to clarify the most commonly encountered murky areas, such as whether or not web content can be considered securities.


Ripple Laboratories should also have licensed its cryptocurrencies XRP, according to the Exchange Commission and Securities in places like the U.S., where disputes over when cryptocurrency is secure have resulted in legal action.


The regulations state that transportable instruments with an operator are likely to be considered securities, much like how they were outlined in a July consultation. This implies that they must adhere to European law defined as MiFID, which compels financiers to be transparent and to prevent conflicts of interest, and they have to create an honest brochure of information for possible investors. Bitcoin will not really count because it has no issuer, though.


According to FSMA, the Belgian regulation is “technological agnostic,” i.e., whether an asset employs a blockchain or a more conventional method shouldn’t affect whether it is classified as a financial product or security.


The guidance stated that even if certain regulations do not apply, crypto firms must nonetheless follow anti-money laundering measures. In the future years, a new EU rule called the MiCA (Markets in Crypto Assets) regulatory oversight will go into effect, requiring new cryptocurrency value propositions to prepare a white paper akin to a stock prospectus.


Professionals are not permitted to offer retail customers securities based on cryptocurrencies under 2014-enacted Belgian regulations.