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Binance, one of the leading cryptocurrency exchanges, has announced its plan to gradually cease support for deposits on the BNB Beacon Chain (BEP2). The sunset of the BNB Beacon Chain is expected to be completed by June 2024. Binance will no longer process deposit requests for all BEP2 tokens, except for BEP2 Binance-pegged tokens (B-tokens), starting from May 15, 2024. (Read More)
Ethereum validators will soon be able to withdraw their Ether (ETH) from the Beacon Chain, with the Shapella hard fork set to be activated on the Ethereum mainnet on April 12. Shapella will take effect at epoch 194,048, which is scheduled for 10:27 pm UTC on April 12, Ethereum core developers confirmed. The withdrawals will [...]
The post ‘Withdrawals are coming!’ — Ethereum devs confirm epoch for Shapella fork appeared first on Crypto Breaking News.
The Ethereum Foundation has officially announced the activation of the Shapella network upgrades on the Ethereum network, scheduled for April 12th at epoch 194048, at 22:27:35 UTC. The upgrade will allow validators to withdraw their stake from the Beacon Chain back to the execution layer and introduce new functionality to both the execution and consensus […]
Ethereum validators are now one step away from being able to unstake their Ether from the Beacon Chain
The Merge describes the merger of Ethereum's existing mainnet, which employs proof-of-work, and a separate proof-of-stake blockchain dubbed Beacon Chain.
Continue reading The Merge: an Introduction to Ethereum’s PoW to PoS Transition at DailyCoin.com.
Ethereum's long-awaited Merge with the Beacon Chain is complete — here's what the long-term roadmap for the continued development of the protocol looks like.
Ethereum 2.0 clients Teku and Geth released the required update v22.8.1 for all Mainnet users laying the groundwork for the Merge. The update includes the Bellatrix upgrade and Merge transition configuration. All Ethereum Mainnet users are required to upgrade before September 6, the date of Bellatrix activation on Mainnet. Sharing via a tweet on August 22 Teku […]
The Ethereum Foundation (EF) has debunked some of the misconceptions related to the upcoming merge of the Ethereum network’s Beacon Chain, saying that gas fees would not be eradicated. (Read More)
As the launching of the long-awaited Ethereum upgrade, Merge, approaches, there’s a spike in institutional investment. Ethereum products are receiving more attention from big-shot investors. Though there is no stated period for the Merge, most developers anticipate the upgrade by September 19. However, most Ethereum derivatives are getting more investment deals as the final phase details are revealed. James Butterfill, the Head of Research of CoinShares, stated that investors’ sentiment for Ethereum products is changing. Butterfill made this known in the latest edition of Digital Asset Fund Flows Weekly Report. He noted that the sudden intensity and desire from the investors is due to the Merge approach. According to the report, most institutional investors make preferential investments in Ethereum products. Hence they are pushing in more funds as they believe in the great possibility of the Ethereum network. To them, upgrading the global second largest cryptocurrency would create a more positive and profitable impact. Due to the change in sentiment, the report noted that Ethereum had seen more inflows amounting to about $16 million. This resulted in a seven-week pattern of inflows that accumulated up to $159 million. Related Reading: SOL Makes Another Shot At $44, After Two Failed Attempts This Week So, Butterfill reports that the change in the investors’ sentiment signifies more clarity with the Merge’s timing. This would create the desired transition for the Ethereum network as it moves from Proof-of-Work (PoW) to Proof-of-Stake (PoS). Ethereum blockchain has been operating with a PoW consensus mechanism for its transaction validation and security of its network. Unfortunately, this involves using the mining process that consumes more energy or electricity. But the Merge would transform the system of operation for the blockchain. First, it would start using the more energy-efficient staking process that requires the staking of ETH tokens. Plan For Ethereum Merge Has Been A Tough One The plan for the shift has been delayed for several months. But as the date for the launch approaches, Ethereum proponents are having their fun-filled season. The journey has taken several rough routes that include changes in roadmaps, ambiguous terminology, and, lastly, the recent opposition to the Merge. On the part of its founder, Vitalik Buterin, he kept announcing all the possible hard forks to the transition. This action is an excellent advantage for any PoW blockchain that may opt for a change in the future. However, some prominent personalities in the industry don’t mind a hard fork. For example, Justin Sun, the founder of Tron, pledged the listing of both ETHs and ETHw tokens on his Poloniex exchange. Also, BitMEX revealed its support for any ETHPoW fork. Once it finally happens, it will link the Ethereum mainnet and the Ethereum 2.0 Beacon Chain for a complete transition to PoS. Hence, Ethereum 2.0 would receive increased efficiency and security in its execution of transactions.’ Related Reading: Cardano Tests $0.51 Support – Can ADA Reach Safe Zone And Hit $0.67? Also, there would be a drastic reduction of carbon emission into the environment by over 99% as the network become energy efficient. This was one of the main criticisms against Ethereum as a PoW network. Featured image from Pixabay, Chart from TradingView.com
More investments continue trickling into Ethereum 2.0 deposit contract, given that the number of staked ETH is scaling the heights. (Read More)
Looming macroeconomic concerns and this week’s $1B ETH options expiry threaten to pin Ethereum price under the $1,800 support.
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ETH 2.0 Contract reaches ATH of 8.8 million ETH. Total value amounts to $34 Billion. ETH 2.0 Contract estimates a
The post has appeared first on thenewscrypto.com
Ethereum co-founder Vitalik Buterin and blockchain researcher Konstantopoulos made a new research paper. It suggests that after "the Merge" or when Ethereum shifts from Proof of Work (POW) to Proof of Stake (POS), the recently discussed possibility of miners running custom clients (with existence not established with certainty) to accept bribes to execute Ethereum reorgs and extract harmful MEV would become “extremely unlikely”.
https://twitter.com/VitalikButerin/status/1417487184467275781The paper titled “Ethereum Reorgs After The Merge” got published on July 20. It describes the various "finality" parameters for different consensus mechanisms. It also highlights the danger of Ethereum reorgs and delves into the miner's likelihood of doing that. Additionally, it explains why the Merge is the preferred solution. A complete activation of Proof of Stake (POS) is the blockchain's best bet to combat such issues.
https://cryptoticker.io/en/reddit-goes-arbitrum-l2/ Bitcoin and EthereumEthereum and Bitcoin rely on the "longest chain" to define the fork choice rule. The determination of the chain to follow when multiple valid chains exist. Reorg means that a block that was previously part of the chain is discarded in favor of a competing block. Now, short reorgs are common in the Proof of Work (POW) consensus mechanism and typically arise from latency. Different participants in the network see different valid blocks at the same time and have to define the valid ones.
There's little doubt that "intentional" Ethereum reorgs are detrimental to the health of the blockchain network. They can increase node operation costs, cause user experience to degrade by requiring more confirmations for certainty, introducing transaction context uncertainty by introducing execution vulnerabilities - degraded DeFi trade results, and increased vulnerability to 51% attacks.
Ethereum reorgs become "solved" or made "highly unlikely" by the Ethereum shift to Proof of Stake (POS) implementation Gasper. It'll introduce two roles during block production. First, the validators proposing the block, and second, attesters determining the valid block or giving weight to it. Here's why it makes reorgs unfeasible.
The opportunity to propose a block arises every 12 sec. A random committee of ~1/32 validators gets selected, where one is a proposer and the rest are the attesters. Hence, any concentration of "malicious attesters" is extremely unlikely, since an attacker has to concentrate validators greatly and employ difficult hard coordination to have such an opportunity.
Vitalik and Konstantopoulos assert that "Today, the Beacon Chain has ~196k validators, meaning every slot has a committee with a size of ~6125. As a result, even single-block reorgs are extremely difficult, because an attacker controlling only a few validators has no way to beat the honest majority of thousands of attesters. Reorg-attacking successfully requires solving the hard coordination problem of getting a large portion of validators onboard at the same time". Ethereum reorgs might become a problem closer to the Merge, which is why the Merge should be sped up, and the ability to deploy emergency merge should be developed to tackle any misadventure from the miners.
Ethereum reorg© Cryptoticker
The post Ethereum Reorgs “Extremely Unlikely” After POS Merge: Research Paper appeared first on CryptoTicker.
Over 1 million ETH, worth $2.1 billion, has been withdrawn from Ethereum's Beacon Chain within the first four days of the Shapella hard fork, with nearly 87% of active validators now able to withdraw their staked Ether. Despite initial community uncertainty about the impact of Shapella on ETH's price, the first four days have resulted in close to a 10% rise, with much of the withdrawn stake being reinvested in the Beacon Chain for interest compounding purposes. (Read More)
Since the Shapella hard fork on April 12, Ether has seen a price gain of nearly 10%.
During the Execution Layer Meeting streamed on March 16, 2023, Ethereum developers announced that the blockchain is scheduled to upgrade on April 12, in 27 days. The upgrade, known as the Shanghai-Capella upgrade or Shapella, will include the implementation of Beacon chain push withdrawals. This will enable Ethereum network validators to support withdrawal operations following [...]
The post Ethereum Upgrade to Implement Beacon Chain Withdrawals Scheduled for April 12 appeared first on Crypto Breaking News.
Following the Shapella hard fork on April 12, 2023, approximately 332,368 ether, valued at around $699 million, has been withdrawn. Despite these withdrawals, liquid staking protocols like Lido, Rocketpool, and others have experienced an increase in ether deposits over the last 30 days. Since March 14, a total of 281,498 ether worth $592 million have [...]
The post Liquid Staking Protocols See Increase in Monthly ETH Deposits Despite Withdrawals Post-Shapella Hard Fork appeared first on Crypto Breaking News.
BNB Beacon Chain mainnet is set to undergo the "ZhangHeng" hard fork around July 19, which will bring new upgrades aimed at improving security.
Ethereum researcher Justin Drake said the Beacon Chain has become the strongest foundation blockchains have ever seen.
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