So fees on the mainnet continue to be a problem. I'm sick of paying $5-6 for fees. Today I got a warning about congestion and that fee estimates couldn't be relied upon. I was thinking of moving all my coins over to Arbitrum or Optimisim which I've used successfully many times before. Arbitrum is widely…
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With 11 megalopolises and three currencies, Guangdong, Hong Kong and Macao make up a region that is ripe for CBDC research.
The proposal would have allowed Uniswap’s governing body to receive a percentage of the fees that currently go to liquidity providers.
Lido, the liquidity staking protocol that supports staking, is now under some of the Ethereum community members’ crosshair. There are fears that the platform is centralizing Ethereum and could make the blockchain fragile. As of June 1, Lido is the largest decentralized finance protocol. DeFiLlama data shows that the platform manages $13.2 billion in staked assets. At this level, Lido has nearly twice the total value locked (TVL) as in MakerDAO, one of the original decentralized money markets in the sphere. MakerDAO has $6.29 billion in TVL and only serves Ethereum. Lido Is Ethereum’s Weak Point? Concern from critics is not only about the dominance of Lido in terms of TVL but the number of validators using the protocol. According to on-chain data, over 19 million Ethereum has been staked in the Beacon Chain, that is, the proof-of-stake network. However, out of this amount, 6 million Ethereum has been staked through Lido. This translates to roughly 36% of all staked Ethereum passing through the liquidity staking protocol. Moreover, parallel data shows that 32% of all Ethereum validators use Lido infrastructure. In Ethereum’s proof-of-stake system, validators are needed to verify transactions and secure the network against external attacks. Related Reading: Litecoin Attempts To Revitalize The Crypto Market With Bullish Breakout The distribution of validators, who now don’t have to run energy-consuming and expensive rigs, is critical for decentralizing the Ethereum network. Global distribution of Ethereum validators would translate to a robust platform where users and operators of protocols, presently managing over $26 billion of assets, don’t have to worry about a majority attack. It is this level of centralization that is emerging in Lido that some Ethereum community members are concerned could destabilize the network. In the past, Prysm, a client operator, lost a significant portion of its market share when it was discovered that over 66% of all Ethereum proof-of-work nodes were using their software. Could this same intervention be require to suppress Lido’s expansion? According to the critics, the current community is lacking in educational material and initiative to address problems as they emerge. Thus far, with 32% of all validators using LidoDAO infrastructure, it is more than twice the limit Vitalik Buterin, the co-founder of Ethereum, had recommended for every entity wishing to host the network’s validators. LDO Prices Could Drop With centralization questions emerging, LidoDAO could be forced to decentralized, even by breaking down into multiple entities. However, for LDO holders, any action to break up the protocol’s dominance could have a drastic effect on prices. Related Reading: The $24,000 BTC Bullseye: Is Bitcoin Headed For A Summer Swoon? As of June 1, LDO, the governance token of LDO, is one of the top performers. From December 2022 lows, LDO has rallied 125% to spot rates, as more ETH holders opted to stake through Lido Finance infrastructure to earn annual rewards from the Ethereum proof-of-stake network. Feature Image From Canva, Chart From TradingView
Silvergate Capital Corporation and its crypto-friendly bank will have 10 days to submit a self-liquidation plan in compliance with California and federal requirements.
Another day and another anniversary of a media channel and outlet that once called Bitcoin a fad and got just proven as wrong as possibly. This time it is the New York Times, yes, the same media network that had in 1903 predicted that it would take over 10 million years for airplanes to develop.…
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Deposits on mobile payment apps may not be insured by the FDIC, and customers may not know whether their money is insured or not.
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Cryptocurrency exchange Gate.io has recently been facing rumors of insolvency following the arrest of Multichain CEO Zhaojun and concerns about the Multichain treasury being backed by 30%. These rumors have led to increased withdrawals from the exchange, with a net outflow of $131 million in the last 24 hours alone. To put this into perspective, the 7-day net outflow from Gate.io is $144.8 million, per data compiled by Nansen. Related Reading: The $24,000 BTC Bullseye: Is Bitcoin Headed For A Summer Swoon? Gate.io Denies Liquidity Issues The rumors about Gate.io’s insolvency stem from a tweet alleging a connection between the exchange and Multichain following the arrest of Multichain CEO Zhaojun. The tweet claimed that Gate.io was facing insolvency due to its involvement with Multichain and the potential impact of Zhaojun’s arrest on the Multichain treasury. Despite these rumors, Gate.io has disputed insolvency claims and reassured its users that all funds are safe. The cryptocurrency exchange has recently stated to address rumors about its operations and withdrawals. Gate.io has reassured users that its operations are sound, withdrawals are working properly, and there are no problems with rumored operations or withdrawals. Furthermore, Gate.io emphasizes its commitment to providing users with safe, fast, and reliable virtual asset services and encourages users to be cautious of any unsolicited calls or messages claiming to be from Gate.io. The exchange currently holds $2.4 billion in assets, including 18% in Gate.io’s native token GT, 15% in Ethereum (ETH), 15% in Bitcoin (BTC), and other cryptocurrencies. Despite these reassurances, the increase in withdrawals from Gate.io highlights the impact that rumors and speculation can have on the crypto market, particularly in times of uncertainty. However, Gate.io has stated that it has no direct connection to Multichain and that Zhaojun’s arrest does not affect its operations. The exchange has also emphasized that all funds are held in cold storage, providing an additional layer of security for user assets. Binance CEO CZ Issues Warning Binance CEO CZ has recently advised investors to Secure Asset Fund for User (SAFU) after citing a tweet from Multichain, which reported multiple issues with their protocol due to unforeseeable circumstances. The tweet stated that the team had done everything possible to maintain the protocol running but could not contact CEO Zhaojun and obtain the necessary server access for maintenance. The tweet also mentioned an issue with the scanning node network of Router5, which affected the normal cross-chain service of some chains. To protect users’ interests, the corresponding cross-chain service for the affected chain was suspended on the User Interface (UI). This issue was also reported to have occurred on Router2 the week prior. Related Reading: Litecoin Attempts To Revitalize The Crypto Market With Bullish Breakout The timing of CZ’s advice to SAFU and the issues reported by Multichain has led to speculation that this may be an early warning to investors about the potential dangers associated with Gate.io. However, it is important to note that CZ did not explicitly mention Gate.io in his tweet, and there is no direct connection between Gate.io and Multichain. Featured image from Unsplash, chart from TradingView.com
Boson sampling was once considered a problem looking for a solution. Now, it might be the bridge that brings quantum computing to the blockchain.
