Category Archives: Ethereum
Coinbase Restricts Ethereum, Solana Staking in Four US States – Decrypt
America's largest crypto exchange Coinbase today said in a statement that it stands by staking and that it will fight the service in courtbut would stop staking for new customers in California, New Jersey, South Carolina, and Wisconsin.
In a Friday statement, the San Francisco-based digital asset company that "Americans in every state deserve access to the same technology and economic opportunities as people everywhere," and therefore it would push back against certain states requiring a staking ban.
But for now, customers in the four states will be unable to stake additional assets through Coinbase while these actions are pending.
"Due to the actions taken by state regulators in California, New Jersey, South Carolina, and Wisconsin, customers in those states will be unable to stake additional assets through Coinbase while these actions are pending," the company said, adding that customers' crypto that was staked before these orders were issued remains unaffected.
The news comes after U.S. Securities and Exchange Commission last month sued Coinbase for allegedly failing to register as an exchange, clearing house, and broker despite providing investors these services.
Wall Street's biggest regulator also alleged that Coinbase offered and sold unregistered securities via its staking service.
Shortly afterwards, a multi-state task force that includes California, Illinois, Kentucky, Maryland, New Jersey, South Carolina, Vermont, Washington, Wisconsin along with Alabama filed charges against the company for violating securities laws.
Staking is the process of "locking-up" cryptocurrency to keep a blockchains network running. Those who hold proof-of-stake assetssuch as Ethereum (ETH), the second largest cryptocurrency by market capitalizationpledge it to the network by sending it to a specific blockchain address and can receive rewards for doing so.
But its a controversial issue: The SEC in February hit American crypto exchange Kraken with a $30 million fine for allegedly failing to register the offer and sale of its crypto asset staking-as-a-service program.
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Coinbase Restricts Ethereum, Solana Staking in Four US States - Decrypt
Ethereum Slides But Remains Above $1,900; 1inch Network Becomes Top Loser – Benzinga
July 18, 2023 9:38 AM | 1 min read
Bitcoin (CRYPTO: BTC) traded lower, but the cryptocurrency prices remained above the $30,000 level on Tuesday.
Ethereum (CRYPTO: ETH) also moved lower, but remained above the key $1,900 mark this morning.
Sui (CRYPTO: SUI) was the top gainer over the prior 24 hours, while 1inch Network (CRYPTO: 1INCH) turned out to be the biggest loser.
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At the time of writing, the global crypto market cap fell to $1.2 trillion, recording a 24-hour decline of 0.4%. BTC was trading lower by 0.7% at $30,008 while ETH fell by around 0.5% to $1,905 on Tuesday.
Here are the top ten crypto gainers and losers over the past 24 hours:
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Read This Next: Bank of America, Morgan Stanley And 3 Stocks To Watch Heading Into Tuesday
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Ethereum Slides But Remains Above $1,900; 1inch Network Becomes Top Loser - Benzinga
Ethereum stablecoin developer Ethena secures $6 million funding – InvestorsObserver
2023-07-17 14:18:40 ET
Ethena, a blockchain startup for Ethereum -backed stablecoins, has reportedly secured $6 million in a seed funding round.
Axios reported on Monday that the startups funding round was led by Dragonfly Capital, a leading Web3 venture firm. Other prominent investors to back Ethena in the round were crypto platforms Deribit, Bybit, Gemini, OKX, and Huobi. The stablecoin developer also received backing from BitMEX founder and former CEO Arthur Hayes.
The stablecoin industry , like much of the broader cryptocurrency market, is still largely nascent. Also importantly, the wider sector is fast learning from some of the biggest challenges and failures, one of which is the collapse of TerraUSD.
In its approach to the stablecoin space, Ethena has adopted a unique approach designed to ensure its USDe stablecoin maintains its peg. The startup employs a novel technique where it uses collateral from Ethereum derivatives. By employing perpetual swaps and a price hedging mechanism, the platform allows for the shorting of Ether and thus able to keep the USDe value stable. Maintaining that dollar parity is the key to greater adoption of the ETH-backed stablecoin.
Ethena also offers a savings bond that generates yield via staked ETH. In this case, users can deposit collateral in the form of USD, ETH, or some liquid staking tokens and use that to mint USDe and generate yield with liquid staking derivatives (LSD).
They are features that could strengthen Ethenas position in the LSDFi sector of the wider decentralised finance (DeFi) industry. LSDFi unlocks new yield opportunities for LSD tokens.
The post Ethereum stablecoin developer Ethena secures $6 million funding appeared first on Invezz .
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Ethereum stablecoin developer Ethena secures $6 million funding - InvestorsObserver
Ethereum scaling protocols drive zero-knowledge proof use: Finance Redefined – Cointelegraph
Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights a newsletter crafted to bring you the most significant developments from the past week.
This week, Finance Redefined looks at the growing popularity of zero-knowledge proof-based scalable solutions. Zero-knowledge rollups (ZK-rollups) technology has gained a lot of traction over the past year thanks to its increased use in the Ethereum ecosystem.
Bug bounties are seen as a great reward system for white hat hackers to weed out bugs in the DeFi ecosystem, which often fall prey to exploits. However, recent analysis suggests these programs have mixed results.
After a series of exploits on the Multichain protocol over the past couple of weeks, the founder of Connext proposed a Sovereign Bridged Token standard to prevent future issues and exploits.
Algorands decentralized lending protocol is set to wind down by year-end as developers claimed building a borrowing and lending protocol is no longer a viable path for the protocol.
The top 100 DeFi tokens had another mixed week in terms of price action, followed by a late surge on July 13, aided by the partial verdict for Ripple in its fight against the United States Securities and Exchange Commission (SEC), leading to an 84% surge in the XRP (XRP) price.
Ethereum scaling protocols dominate the use of ZK-rollups, with major launches, new research and healthy competition among the key highlights in a sector report published by ZKValidator.
The node infrastructure operators State of ZK Q2 report reflects on significant events across the ZK ecosystem, with notable launches of ZK-powered layer 2s highlighting the use of the technology for scaling in comparison with other market segments.
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Algofi, the borrowing and lending protocol built on the decentralized finance blockchain Algorand, will soon shut down.
According to a July 11 announcement, developers belief in the strength of Algorands technology and novel consensus algorithm has not wavered, however, the Algofi platform will wind down soon.
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Bug bounties are programs organizations offer to incentivize security researchers or ethical or white hat hackers to find and report vulnerabilities in their software, websites or systems. Bug bounties aim to improve overall security by identifying and fixing potential weaknesses before malicious actors can exploit them.
Organizations that implement bug bounty programs typically establish guidelines and rules outlining the scope of the program, eligible targets and the types of vulnerabilities they are interested in. Depending on the severity and impact of the discovered vulnerability, they may also define the rewards offered for valid bug submissions, ranging from small amounts of money to significant cash prizes.
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Arbitrum-based decentralized finance (DeFi) protocol Rodeo Finance was exploited for $1.53 million on July 11. The DeFi protocol was exploited using a code vulnerability in its Oracle, leading to a loss of over 810 Ether (ETH). Rodeo Finance was earlier exploited on July 5 for around $89,000 due to a vulnerability in its mintProtocolReserves function.
According to data shared by blockchain analytic firm PeckShield, the exploiter later bridged the stolen funds from Arbitrum to Ethereum and swapped 285 ETH for unshETH. The exploiter then deposited the ETH on Eth2 staking. Finally, the exploiter routed the stolen ETH using the popular mixer service Tornado Cash, which exploiters often use as an exit route to obscure the transactions footprint.
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A July 7 Ethereum improvement proposal (EIP) seeks to standardize how tokens are bridged between networks. The Sovereign Bridged Token standard, or EIP-7281, allows token issuers to create canonical bridges across multiple networks.
The proposal was co-authored by Arjun Bhuptani, founder of the Connext bridging protocol. In a July 7 social media post, Bhuptani claimed the protocol would help prevent issues like the July 6 Multichain incident, which some experts have described as a hack.
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DeFis total market value saw a bullish surge after three bearish weeks. Data from Cointelegraph Markets Pro and TradingView shows that DeFis top 100 tokens by market capitalization had a bullish week, with most tokens trading in the green. The total value locked in DeFi protocols remained below $50 billion.
Thanks for reading our summary of this weeks most impactful DeFi developments. Join us next Friday for more stories, insights and education regarding this dynamically advancing space.
Collect this article as an NFT to preserve this moment in history and show your support for independent journalism in the crypto space.
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Ethereum scaling protocols drive zero-knowledge proof use: Finance Redefined - Cointelegraph
Why Bitcoin, Ethereum, and Dogecoin All Popped on the Ripple … – The Motley Fool
What happened
The crypto market was on fire on Thursday afternoon after a judge ruled that Ripple (XRP 2.79%) is not a security (in most cases).
The U.S. Securities and Exchange Commission (SEC) has been in a battle against cryptocurrencies this year, but the first case to actually make it to court and nearly to trial is the SEC's suit against Ripple, which was filed in December 2020. There are still questions about how this applies to other tokens and whether the ruling will hold up, but for now, it's a huge win for the industry.
Altcoins are popping the most today, but the big tokens are making nice gains as well. Bitcoin (BTC -1.42%) is up 4.7% in the last 24 hours as of 4 p.m. ET, Ethereum (ETH -0.97%) has risen 7.1%, and Dogecoin (DOGE -2.16%) is up 7%.
The judge's ruling concluded that Ripple was a security when it was sold to institutional investors, who they said were speculating on an asset that they would then sell. But it was not a security on the secondary market because a buyer or seller on the secondary market had no way of knowing who was getting their money.
It's hard to say that this fully clarifies what is and isn't a security in the crypto industry, and it's likely the ruling will be appealed, but for now, the secondary sale of cryptocurrencies appears to be legal. This should help the ongoing trading of existing tokens, and Bitcoin, Ethereum, and Dogecoin are clear leaders from a market capitalization standpoint.
While the secondary trading of cryptocurrencies is legal -- according to this ruling -- the initial sales to institutional investors may not be. That question will go to trial, but that will include hedge funds and venture funds that bought these assets. And it's not even clear how that trial will turn out.
Crypto investors have been looking for some kind of clarity in the U.S. and clearly jumped on it today. However, this is only a district court ruling, and it's the first of many potential rulings. The SEC continues to go after Coinbase (COIN -0.91%), in particular, and dozens of tokens are involved in that case.
I do think this will push both the courts and lawmakers to act to bring even more clarity to the market. Taking loss after loss in court isn't a good look, and almost everyone in the industry is pushing for clarity about what is and isn't a security in the digital world.
This clarity could be good for the value of Bitcoin and Dogecoin, which right now are viewed largely as stores of value or speculative assets, which seem to pass regulatory muster, at least in the secondary market. Ethereum may benefit both from secondary trading and clarity over what can be built with NFTs or other blockchain tools.
At least for today, the crypto market is cheering a judge's ruling, but with the ups and downs we have seen the last few years, the cheering might not last for very long.
Travis Hoium has positions in Coinbase Global and Ethereum. The Motley Fool has positions in and recommends Bitcoin, Coinbase Global, and Ethereum. The Motley Fool recommends XRP. The Motley Fool has a disclosure policy.
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Why Bitcoin, Ethereum, and Dogecoin All Popped on the Ripple ... - The Motley Fool
$EPEP: The Most Memeable Memecoin FLIPPED, Launches on Ethereum Chain, Gaining Momentum – Yahoo Finance
$EPEP
CALIFORNIA CITY, CA, July 14, 2023 (GLOBE NEWSWIRE) -- The crypto world is about to experience a wave of memetic brilliance as $EPEP, the most memeable memecoin in existence, makes its grand entrance on the Ethereum blockchain. With the launch of $EPEP and the ongoing momentum it has garnered, the much-anticipated #TheFlippening is finally here.
Driven by the creative force of internet culture, $EPEP embodies the essence of memes, humour, and the revolutionary power of decentralized finance. It has quickly captivated the attention of crypto enthusiasts, meme lovers, and savvy investors, catapulting the memecoin to new heights of popularity and notoriety.
Key Features of $EPEP:
Meme Magic on the Ethereum Chain:$EPEP harnesses the power of Ethereum, one of the leading blockchain networks renowned for its security, scalability, and robust smart contract capabilities. By launching on Ethereum, $EPEP ensures a reliable and trusted environment for its memecoin community.
Unleashing Memetic Creativity:As the most memeable memecoin, $EPEP unleashes a whirlwind of memetic creativity. Its vibrant community of Memelords and enthusiasts continuously produces and shares hilarious, relatable, and viral memes featuring the iconic Flipped Pepe character. The memetic culture surrounding $EPEP has become a driving force behind its momentum, fueling organic growth and engagement.
Riding the Momentum:Since its launch on the Ethereum chain, $EPEP has gained significant momentum in the crypto space. Its unique blend of humour, decentralized finance, and innovative blockchain technology has attracted a growing number of investors and supporters. The community's passion, coupled with a strategic marketing approach, has helped propel $EPEP to new levels of success.
Embracing #TheFlippening:The hashtag #TheFlippening has become synonymous with $EPEP's rise and the paradigm shift it represents. This rallying cry symbolizes the ongoing revolution of flipping the script, challenging traditional norms, and redefining the landscape of cryptocurrencies. As $EPEP gains traction, it marks the beginning of a new era, where memetic creativity and financial opportunities converge.
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$EPEP's recent launch on the Ethereum chain has positioned it as a formidable player in the crypto market. Its memetic appeal, combined with the robustness and security of Ethereum, has attracted a loyal and enthusiastic community that continues to drive its growth and adoption.
For more information about $EPEP and to stay updated on the projects latest developments, please visit the official resources:
Website:https://epep.gg/Twitter:http://t.me/hteniocepePTelegram:http://twitter.com/FlippedPepe
About $EPEP:
$EPEP is the most memeable memecoin in existence, representing the epitome of memetic creativity and decentralized finance. Launched on the Ethereum chain, $EPEP has gained remarkable momentum in the crypto space, driven by its passionate community and the power of memetic culture.
Disclaimer: The information provided in this press release is not a solicitation for investment, or intended as investment advice, financial advice, or trading advice. It is strongly recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.
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This Week in Coins: XRP Leads Alt Week as Solana, Cardano and Polygon Outperform Bitcoin and Ethereum – Decrypt
Illustration by Mitchell Preffer for Decrypt.
It was a week of altcoin rallies after Ripples courtroom victory against the SEC, and details of an upcoming Polygon 2.0 rollout shifted attention away from the two market leaders.
Bitcoin (BTC) still gained in value, a modest 3%, and currently changes hands at $30,287, according to CoinGecko.
On Monday, reports hit the press that the British multinational bank Standard Chartered predicted that Bitcoin will hit $120,000 before 2025. It wasnt quite enough to boost the price of the worlds biggest cryptocurrency by market capitalization this week, though.
Ethereum (ETH) fared substantially better, though not in the same league as the altcoins. It rose 6.6% to trade at $2,001 at the start of the weekend$1,932 as of this writing. On Thursday, Ethereum hit $2,000 for the first time since May.
While the latest CPI report, released on Wednesday, indicates that U.S. inflation is going down in line with expectations, it wasnt quite enough to send investors toward the two most popular cryptocurrencies.
The first substantial bit of altcoin news broke on Tuesday when Polygon (MATIC) began to surge following an uptick in network growth.
On Thursday, Polygon published a technical proposal for Polygon 2.0 and proposed the launch of a new native token for the network: POL tokena kind of upgrade to MATIC.
Clearly, it was already a good week for Polygon holders, but things got even better on Thursday when a judge presiding over the Ripple vs SEC case ruled in favor of Ripple.
Judge Analisa Torres ruled that XRP "is not necessarily a security on its face and programmatic sales of XRP to the public did not break securities laws, but some $728 million worth of institutional sales of XRP did qualify as securities offerings because they were sold to buyers who expected to profit in a common enterprise.
The news didnt just boost XRP, it also caused Polygon, Solana (SOL) and Cardano (ADA) to blow up by double digit percentages on Thursday. Cryptos total market cap surged 6% in the hours following to hit $1.3 trillion on Friday.
At the start of the weekend, all four altcoins were up by double digit percentages over the last seven days. XRP leads with an eye-popping 66% spike in price and currently trades at $0.72194.
Solana blew up 33% and now trades at $27.44, Polygon rose 24% before settling to $0.8061 and Cardano added 22%, now $0.3299.
Other particularly noteworthy rallies this week include Stellars XLM, up 47% and now trades at $0.1316, Chainlink (LINK) added 14% to settle at $6.96, and Lido DAO (LDO) rallied 26% to trade at $2.37 as of this writing.
There were no major losses among the top thirty cryptocurrencies.
Coinbase, Kraken and Crypto.com all announced they would all be relisting XRP after the momentous court ruling.
Finally, regulators across the world are continuing to grapple with the growing crypto industry.
On Monday, two high-level European Union institutions, the European Banking Authority and the European Securities and Markets Authority, both released new guidelines in the runup to the implementation of Markets in Crypto Assets (MiCA), a comprehensive framework for governing the industry across all the blocs 27 member states.
MiCA comes into force on 30 June 2024.
And on Tuesday, South Korea's Financial Services Commission (FSC) announced the implementation of rules, effective from January 2024, requiring crypto firms to submit detailed crypto disclosures in their financial statements.
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Ethereum Address Creation Spikes, Adoption On The Rise? – NewsBTC
On-chain data shows that the Ethereum network has been observing high address creation recently, a sign that adoption could be going up.
According to data from the on-chain analytics firm Santiment, ETHs network growth has now hit its highest level in around four months. The network growth here refers to a metric that keeps track of the total amount of new addresses that are being created on the Ethereum blockchain.
When the value of this metric is high, it means that a large amount of new addresses are coming online on the network. New addresses may be considered analogous to new users joining the chain, so this kind of trend can be a sign that the cryptocurrency is observing high adoption at the moment.
On the other hand, low values of the indicator can imply not many new investors are coming to the network as there arent many new ETH addresses being created. Such a trend can be a sign that the asset isnt looking very attractive to the general public currently.
Now, here is a chart that shows the trend in the Ethereum network growth over the last few months:
As displayed in the above graph, the Ethereum network growth has been observing a rise recently. This would suggest that addresses are being created at increasingly faster rates right now.
Generally, adoption picks up during periods of high price volatility as the investors usually find such price action exciting, and so, the network growth indicator can register a spike.
Recently, however, the assets price has been mostly moving sideways below the $1,900 level, making it interesting that the indicator has been going up nonetheless. Perhaps the general investors saw the rally that lead up to this period of consolidation and now think that it may pick up again eventually.
During the past week alone, the metric has seen a combined value of 550,800, meaning that 550,800 new addresses have just been created on the Ethereum network in this period.
Usually, adoption can have a constructive effect on the cryptocurrencys price, as it shows increasing interest in the asset, which is generally also accompanied by an influx of more capital into the coin.
Though, the impact from such a growth in the network doesnt usually immediately appear; the effect on the cryptocurrencys market cap may be visible in the long term.
Still, the adoption accelerating while the rally has slowed down to a crawl can be a positive for those hoping to see the price surge restart, as it at least means that interest in the asset hasnt died down yet.
At the time of writing, Ethereum is trading around $1,800, down 1% in the last week.
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net
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Ethereum Address Creation Spikes, Adoption On The Rise? - NewsBTC
Ethereum news: rising fees because of a token – The Cryptonomist
Breaking news: the day before yesterday the average cost per transaction on the Ethereum blockchain rose to almost $15.
Only three days earlier it was $4, and yesterday it was at $10 already.
What generated this spike?
According to some, what generated this significant and sudden increase in fees was an airdrop on XEN.
To be precise, the cause would be the VMPX token.
In reality, it appears that this was an attempt at fraud.
Indeed, a tweet had been posted on the official VMPX Twitter profile, which was later removed, announcing an airdrop of VMPX tokens.
No such airdrop took place, but many people who wanted to receive VMPX tokens raised fees as high as $317 per transaction.
The VMPX token landed on the crypto markets only in early May, and since then it has already lost 80% of its value.
In fact, on the very day it was launched, it went from $0.25 to $0.38 in just a few hours, immediately setting an all-time high.
It later dropped to $0.14 within just three days, then plummeted to $0.05 in late May.
In early June it bottomed out below $0.04, but just before the middle of the month it began a brief climb back up to $0.18.
Following this rebound, however, it collapsed again, eventually falling back below $0.08.
VMPX is a meme token using the BRC-20 format, i.e. it is an Ordinals on the Bitcoin blockchain.
By contrast, the fake airdrop that had been announced on XEN was regarding its ERC-20 version on the Ethereum blockchain.
It had made headlines just before mid-May when the BRC-20 memecoin trend had broken out.
Right around that time, fees on Bitcoins blockchain exploded.
Taking the average daily cost per single transaction as a reference, they rose above $30 on 8 May, up from $2.9 at the beginning of the month and $3.1 on the 14th.
VMPX was launched on 9 May.
It is worth noting that at the end of April the average fees on Bitcoin on-chain transactions were less than $1, and now they are at about $1.5.
Thus memecoins like VMPX had already raised fees in May on Bitcoins blockchain.
Something similar is also happening in recent days on the Ethereum blockchain, although the spike was lower ($14).
It is worth mentioning that on the Ethereum blockchain there was also a spike in the average cost per transaction in early May to $27.
The difference is that the May spikes were due to actual token launches, while the one the day before yesterday was probably also due to a scam attempt.
Blockchains have a maximum limit of transactions beyond which they can no longer handle them all.
Transactions that are not handled end up in a kind of queue that is generally disposed of more or less quickly over time.
Since transactions with higher fees are processed first, those who need to jump the queue are actually forced to pay much higher fees than average. Therefore, when the queue is long, the cost of fees actually increases.
The solution would be to bypass the queue completely, simply by not recording transactions on the blockchain. This is actually done by the Lightning Network (LN), which is the main layer-2 of Bitcoin.
LN has no real upper limit on the number of transactions that can be recorded, because anyone can create a node and manage as many as they want.
On Ethereum such off-chain solutions are not yet widely used, because people prefer to use sidechains or otherwise solutions that favor on-chain registration of all transactions.
It is worth mentioning, however, that the maximum limit of transactions that Ethereums blockchain can support is far higher than that of Bitcoin.
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Ethereum news: rising fees because of a token - The Cryptonomist
As Ethereum NFTs grow, heres what you should consider – AMBCrypto News
Ethereum [ETH] NFTs were having a hard time for quite a few months as the number of mints plummeted. However, the scenario witnessed a trend reversal since last month as the numbers rose. Not only that, but user activity also registered an uptick as per the latest data.
Read Ethereums [ETH] Price Prediction 2023-24
While this happened, ETH was able to once again cross the $1,900 mark. But the uptrend did not last long, as its price once again settled under that mark. Should investors expect ETHs price to rise in the coming days?
A recent tweet posted by Nansen revealed that the number of ETH NFTs minted were declining. In fact, it reached its lowest level in May 2023 since June 2021. Not only that, but IntoTheBlocks tweet also pointed out a similar declining trend in terms of NFT sales, as they reached 50,000.
However, things have finally started to change, as pointed out by Nansens tweet, as the number of mints increased by 48% in June.
Last month, there were over 750 ETH NFTs minted. As per CRYPTOSLAMs data, the number of NFT buyers and sellers also went up by 20% in the last 30 days. Surprisingly, a look at Santiments data painted a different picture.
After spiking in June, both Ethereums number of NFT trade counts and trade volume in USD declined.
Amidst these updates, ETH once again faced a price correction, as after crossing $1,900, it again settled under that mark. According to CoinMarketCap, ETHs price declined by nearly 3% in the last seven days.
At the time of writing, Ethereum was trading at $1,860.19 with a market capitalization of over $223 billion. Are there any chances of ETH once again crossing $1,900 anytime soon? A look at its on-chain metrics gave a few answers.
As per CryptoQuant, ETHs exchange reserve was increasing, suggesting that it was under selling pressure. Its Coinbase Premium was also red, meaning that US-based investors were selling on that exchange.
Is your portfolio green? Check out theEthereum Profit Calculator
Santiments chart revealed that Ethereums MVRV Ratio was also down, further increasing the chances of a continued downtrend. Fewer new addresses were created last week to transfer ETH, as evident from the dip in its network growth.
However, the good news was that Ethereums Open Interest was declining. A drop in the metric suggested that the ongoing price trend might soon end.
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As Ethereum NFTs grow, heres what you should consider - AMBCrypto News