Ethereum Completes Shanghai, Biggest Upgrade Since The Merge

Ethereum, the blockchain underpinning the second-biggest cryptocurrency ETH, successfully implemented its much anticipated ‘Shanghai’ upgrade on Wednesday.  The update, also known as ‘Shapella’, enabled validators to withdraw staked ETH for the first time, and brought Ethereum significantly closer to the completion of its multi-year transition to a full proof-of-stake network.

In a proof-of-stake system, users pledge coins as a form of guarantee to help validate new data on the blockchain in return for rewards, a process called staking. Prior to Wednesday’s update, it was not possible to withdraw staked ETH or redeem accrued rewards.

Staked ETH currently accounts for about 15% of the total supply of Ether tokens, according to crypto data platform Dune Analytics, and are worth approximately $31 billion. ETH is up 2.28% in the last 24 hours, so far defying expectations of a post-upgrade ‘wave of selling’ that would depress its price.

Speaking at a launch event streamed live on the Ethereum YouTube channel, Vitalik Buterin, the co-founder of the Ethereum blockchain commented, “We’re in a stage where the hardest and fastest parts of the Ethereum protocol’s transition are basically over. Very significant things still need to be done, but those very significant things can be safely done at a slower pace.”

Of what lies ahead on Ethereum’s roadmap, Buterin said scalability — improving the cost and energy efficiency of transactions — was the new priority. “If we don’t fix scaling before the next bull run, we know people are going to be stuck paying $500 transactions. If, on the other hand, we don’t have Verkle Trees before the next bull run, well, things might suck, but you know, it’s a much smaller problem than, you know, $500 transactions, right?” he added.

Comments

Post a Comment

Popular posts from this blog

Dogecoin Price Prediction: DOGE Surges 10% As This PEPE Derivative ICO Heads For $30M – Next Crypto To Explode?

Image
The Dogecoin price surged more 10% in the last 24 hours to trade at $0.1465 as of 11:16 p.m. EST on trading volume that jumped 20% to $2.24 billion. Dogecoin Price Indicators Show A Continued Bullish Rally The Dogecoin price has been in a sustained bullish rally since October 8, as the bulls took control of the price at the $0.099 support level, as shown on the DOGE/USDT chart Analysis on the 12-hour timeframe. The parabolic surge after a slight downtrend formed a rounding bottom pattern, which the bulls are now capitalizing on to continue pushing the price even higher. DOGE now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the sustained surge to the upside. Furthermore, the Relative Strength Index (RSI) is at 79.76, which is overbought territory. An overbought reading signals that the price has risen rapidly and may experience a short-term pullback or consolidation before continuing its upward momentum. However, in strong bullish tren...
Read more

Dogecoin would trade at this price if DOGE hits its all-time high market cap

Image
Cryptocurrency investors sometimes might overlook the economic dynamics of a coin’s supply inflation. Understanding how these economics affect cryptocurrencies is a relevant edge to have in the crypto market. In this aspect, Finbold gathered public market data from leading indexes to understand Dogecoin (DOGE) supply inflation. Interestingly, we analyzed the economic effects of this inflation by calculating DOGE’s price if Dogecoin ever hits its all-time high market cap. Any digital asset needs more demand to keep its value, facing an inflationary supply. Both supply and demand influence whether a cryptocurrency’s price rises or falls. Notably, Dogecoin had an all-time high market cap of $98.473 billion on May 8, 2021, according to TradingView ’s CRYPTOCAP index. Meanwhile, the token traded for as high as $0.7376 on the same day, as registered by CoinMarketCap . An inverse calculation suggests a circulating supply of around 133.504 billion DOGE at that time. CRYPTOCAP – DOGE daily...
Read more

Focus shifts to altcoins amid Ethereum (ETH) surge: Stacks (STX) and InQubeta (QUBE) emerge as tokens to watch

Image
Ethereum (ETH) has been making headlines for several reasons, from the experimental ERC-404 token standard to the anticipated Dencun network upgrade—the biggest since Shapella. In the crypto market, Ethereum, the leading altcoin, has been flying, recently hitting $3,400. With the alt season here, investors’ focus has now shifted to low and mid-cap coins, aiming to position themselves for massive gains. On this list are Stacks (STX) and InQubeta (QUBE), two top altcoins that are buzzing with potential, with some analysts predicting that they could be some of the best cryptos to buy now. InQubeta (QUBE): an emerging altcoin to watch InQubeta (QUBE) emerged as a subject of much interest following its surge past $10.5 million in presale—an incredible feat. This remarkable milestone sets it apart from most of the new ICOs. That isn’t all; the massive presale participation highlights investor confidence in its potential, suggesting ...
Read more