Category Archives: Ethereum
Consensys Urges The SEC To Recognize Ethereum’s Advanced Safeguards – TradingView
Key points:
Consensys, a leading blockchain software technology company, has asked the U.S. Securities and Exchange Commission (SEC) to recognize the advanced safeguards inherent in Ethereums design. The company proposed this in response to the SECs request for comments on the potential approval of Ethereum ETF applications.
In line with the applications, the SEC asked whether Ethereums Proof of Stake (PoS) raises unique concerns of fraud and manipulation that the agency should consider. Responding to the question, Consensys noted such concerns are wholly without merit.
The blockchain company published a letter explaining how Ethereums PoS implementation meets and exceeds the security of Bitcoins Proof of Work (PoW). According to Consensys, Bitcoins PoW underlies Bitcoin-based ETFs that the SEC has already approved for trading.
In the comment letter, Consensys noted that the Ethereum PoS has strong built-in anti-fraud and anti-manipulation mechanisms. The company highlighted how this implementation surpasses Bitcoins PoW consensus model by being more resistant to tampering.
Some of Consensys highlights include Ethereums faster block finality and the blockchains distributed and randomized validation process that prevents pronounced stakeholder control. Consensys highlighted other Ethereum properties, like the total cost of attack, slashing penalties, and increased security alongside environmental benefits, as elements for Ethereums prevention mechanism against fraud and manipulation.
Furthermore, Consensys noted that the blockchains decentralized community and transparency enhance its security protection. The blockchain company emphasized the advanced safeguards inherent in Ethereums design. It cited that such safeguards will meet and exceed the exemplary security and resilience safeguards underlying Bitcoin-based ETPs already approved by the SEC.
Consensys publicized plans to onboard billions of users to web3. The blockchain firm is furthering this mission through public advocacy on the pending Ethereum ETF approval. Hence, the comment letter is a step towards driving progress and providing relevant information to the public.
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Consensys Urges The SEC To Recognize Ethereum's Advanced Safeguards - TradingView
Ethereum ‘BlobScriptions’ lift off and it’s taking Blob fees with it – Cointelegraph
A viral new method for minting data to the Ethereum blockchain dubbed BlobScriptions is pushing up the price of Blob fees the amount required for a blob to be included in an Ethereum block.
BlobScriptions were introduced on March 27 by a protocol called Ethscriptions, allowing users to inscribe data from JPEGs to text directly onto blobs, which were introduced to the Ethereum network as part of the networks Dencun upgrade on March 13.
Less than five hours after the introduction of BlobScriptions, the gas fees for Blobs soared as high as 585 gwei equivalent to roughly $18, according todatafrom Ultrasound.money.
This was a far cry from the average gas price for minting data on a blob before BlobScriptions, which averaged around one wei, equivalent to a tiny fraction of $0.01.
However, Blob fees have since fallen considerably from its newly notched high. At the time of publication, blob fees are running at 35.8 gwei, equivalent to $1.20, per Coinbrain conversion data.
Meanwhile, users have made over 4,500 inscriptions on blobs since the introduction of BlobScriptions, according to Dune Analytics data.
In a March 27 post to X, Ethscriptions founder Tom Lehman who goes by the alias Middlemarch noted the spiking cost of blobspace, and urged users to mint BlobScriptions via the official blobscription protocol.
Much in a similar way to the early days of Bitcoin Ordinals, Ethereum users are opting to mint small pieces of text and seemingly random assortments of images to blobs, with the most recent activity on blobscription.io showing hundreds of new images added in the last few hours.
Notably, blob data is only stored on Ethereum nodes for around 18 days meaning that after that period, BlobScriptions data will be removed from the network. However, Lehman added that the Ethscriptions indexer would store the data indefinitely.
Related: Starknet targets increased throughput, lower fees with parallel transactions in 2024
Blobs were introduced by way of EIP-4844 a core data-saving feature of Ethereums Dencun upgrade which was focused primarily on reducing transaction costs on layer-2 networks by a significant margin.
Transaction fees on Ethereum L2s fell drastically following the Dencun upgrade, with swap fees on Arbitrum plunging from around $1.25 to below $0.02, while Polygon fees fell by a similar amount.
As a way of lauding the decreased fees that came with blobs, one developer Ethereum managed to mint the entire script of the Bee Movie on an Ethereum blob less than 15 minutes after the upgrade went live all for less than $13 in ETH gas fees.
Magazine: 5 dangers to beware when apeing into Solana memecoins
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Ethereum 'BlobScriptions' lift off and it's taking Blob fees with it - Cointelegraph
Unlocking New Territories: Ethereum (ETH) and Cardano (ADA) Users Discover the Charms of Koala Coin (KLC) – NewsBTC
After a famous crypto investors tweet predicting the 2024 bull run, Ethereum (ETH) and Cardano (ADA) enthusiasts are flocking to Koala Coins (KLC) presale, now in its first stage and priced at $0.014. Seize this opportunity to be part of Koala Coins (KLC) promising journey, where the FOMO is real and the potential is boundless.
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Investing in the Koala Coin (KLC) universe means engaging in transactions that echo the essence of Internet culture and cooperative camaraderie. Each Koala Coin (KLC) token is not just a digital asset; its your ticket to a world where financial freedom meets fun. Act now and avoid FOMO!
Ethereum (ETH), the smart contract behemoth, currently stands at $3,630, illustrating a 7-day upshot of 4% after a profit-taking dip. With a 30-day gain of 22%, Ethereum (ETH) demonstrates unbridled growth potential. Its robust technology and widespread adoption make Ethereum (ETH) a reliable port for investors.
Amidst this backdrop, Ethereum (ETH) users are eyeing Koala Coin (KLC), attracted by its community-driven approach and meme-infused charm. As Ethereum (ETH) continues to innovate and expand its ecosystem, the playful yet promising nature of Koala Coin (KLC) offers a refreshing juxtaposition, inviting Ethereum (ETH) enthusiasts to diversify their crypto portfolios.
Cardano (ADA) currently trades at $0.66 and is experiencing a slight upturn of 2% over the past week on the back of a 30-day performance of 12%, signaling an optimistic market outlook.
The Cardano (ADA) community, renowned for its dedication to technical superiority in blockchain solutions, finds the whimsical yet ambitious nature of Koala Coin (KLC) compelling. As Cardano (ADA) continues to forge paths in mission-critical applications, Koala Coins (KLC) emphasis on community and joy offers an intriguing contrast, presenting Cardano (ADA) users with a unique opportunity to explore the lighter side of crypto.
In the fast-paced world of cryptocurrency, where Ethereum (ETH) and Cardano (ADA) set the stage for innovation, Koala Coin (KLC) emerges as the beacon of novelty and camaraderie. This is your golden moment to pivot towards a token that promises substantial growth and an unparalleled community spirit.
Fortune favors the brave: the time to act is now, as Koala Coin (KLC) stands poised to eclipse traditional giants with its infectious charm and potential for explosive growth. The fear of missing out on this unique blend of meme culture and financial opportunity is palpable make your move before its too late.
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Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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Ethereum Price Forecast: $4k Rebound before Bitcoin Halving? – crypto.news
Ethereum price surged to $3,663 on March 26, up 20% from the monthly low recorded on March 19: market data shows investors have taken on a more optimistic outlook ahead of the Bitcoin halving.
Ethereum came within whiskers of dipping below $3,000 last week after the post Dencun Upgrade sell-off. But with the Bitcoin (BTC) halving drawing nearer, on-chain data shows a significant change ETH investors disposition.
After the wholesale sell-offs that heralded the Dencun upgrade, delays around the widely anticipated Ethereum ETFs, ETH price is now back in recovery phase with 20% gains on the weekly chart.
On-chain data trends suggest that the positive shift in ETH market momentum can be attributed to investors making strategic moves to front-run possible impacts of the Bitcoin halving scheduled for April 20.
Notably, since the Bitcoin halving countdown hit the 30-day mark on March 19, Ethereum investors have switched into a more conservative trading approach.
Cryptoquants exchange reserves metric tracks the number of coins currently deposited in crypto exchange hosted wallets and trading platforms. It serves as a proxy for tracking investors tendency to sell or seek profit-taking opportunities in the short term or otherwise.
As of March 19, investors held a total of 14.2 million ETH coins across various exchanges and trading platforms. But that figure has now declined by 200,000 ETH over the past week.
Persistent declines in exchange reserves can be a prime indicator that traders are looking to hold out and may be reluctant to sell, conditional on timeframe and/or market conditions.
The correlation between this shift in the 30-day Bitcoin halving countdown suggests that the landmark network event could be a key driver behind this shift in Ethereum investors disposition.
However, regardless of the catalyst, a decline in exchange reserves often impacts the underlying assets price positively.
Firstly, valued at the current prices, it essentially means that within the past week over $740 million worth of ETH coins have been transferred out of the immediate market supply into long-term cold storage options or staking contracts.
If demand remains steady and supply keeps shrinking, it puts upward pressure on prices. And unsurprisingly, ETH price has already surged 20% since the exchange outflows began on March 19.
Hence, if more existing ETH investors keep up the conservative outlook, the Ethereum price recovery phase could further accelerate in the days ahead.
Drawing insights from the $730 million decline in ETH market supply, Ethereum price appears poised for a breakout towards $4,000 ahead of the Bitcoin halving.
IntoTheBlocks In/Out of the Money chart also affirms this positive stance. ETH currently faces a major resistance cluster from 854,150 addresses that acquired 981,710 ETH at the maximum price of $3,758.
But the IOMAP chart below shows that 76.9% of all investors that bought ETH within the 20% boundaries of the current prices are in profitable positions.
Without any major macro pressures, the majority of them could be reluctant to sell, leaving the door open to a $4,000 rebound as predicted.
However, in the event of another market downturn, the bulls will likely set-up to defend the $3,500 psychological support.
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Ethereum Price Forecast: $4k Rebound before Bitcoin Halving? - crypto.news
Bitcoin & Ethereum Have $15B Worth of Options That Expire Today – Watcher Guru
A development that could bring upward volatility to the assets market, both Bitcoin (BTC) and Ethereum (ETH) have $15 billion worth of options that are set to expire on Friday, March 29th. Indeed, options exchange Deribit is set to sell Bitcoin options worth $9.5 billion. Alternatively, they will also settle Ether options worth $5.7 billion.
The expiry of BTC and ETH options that take place quarterly could be set to infuse the market with bullish price movement, according to experts. Moreover, those options are officially set to expire at 08:00 UTC.
JUST IN: $15,100,000,000 worth of #Bitcoin& Ethereum options expire today.
Also Read: Cryptocurrency: 3 Coins That Could Hit ATH After Bitcoin Halving
The digital asset market has been one of the most interesting in the financial sector thus far in 2024. Bitcoin has seen its price skyrocket amid the approval of Spot ETFs in January. Ultimately, the asset reached an all-time high of $73,000 this month.
On the other hand, Ethereum has been front and center as the next likely asset to receive Spot ETF approval in the United States. However, it is also the subject of a reported legal campaign by the US Securities and Exchanges Commission (SEC) as it seeks to dispute the asset security status.
Also Read: Fidelity Files for Spot Ethereum ETF With Staking
Those developments further solidify the two assets as leaders in the sector. Now, they will be facing another interesting reality, as both Bitcoin and Ethereum have $15 billion in options expiring today.
Specifically, the leading cryptocurrency options exchange on the planet, Deribit, notes the quarterly settlement of options contracts. For Bitcoin, it will see $9.5 billion expire. That figure is also 62% of total open interest. The rest is constituted by Ethereum, which will see $5.7 billion worth of options contracts expire.
Speaking to Coindesk, Luuk Strijers, chief commercial officer of Deribit, discussed the options. specifically, he noted that most of the options will expire in the money. Subseuqnlety, there could be renewed upward pressure that is distributed into the market.
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Bitcoin & Ethereum Have $15B Worth of Options That Expire Today - Watcher Guru
Grayscale Ethereum Classic Trust (ETC) (OTCMKTS:ETCG) Sees Significant Increase in Short Interest – Defense World
Grayscale Ethereum Classic Trust (ETC) (OTCMKTS:ETCG Get Free Report) was the target of a large increase in short interest during the month of March. As of March 15th, there was short interest totalling 20,600 shares, an increase of 164.1% from the February 29th total of 7,800 shares. Based on an average daily volume of 460,500 shares, the short-interest ratio is presently 0.0 days.
Shares of ETCG opened at $16.89 on Friday. Grayscale Ethereum Classic Trust has a 52 week low of $4.71 and a 52 week high of $19.35. The stock has a fifty day moving average of $13.67 and a 200-day moving average of $10.92.
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The Bitgert Coin Phenomenon: A Worthy Competitor to Ethereum – NewsBTC
Bitgert is making waves across the cryptocurrency industry due to the huge growth its experiencing. Its fast gaining momentum in this space due to the price progress it has achieved in recent years.
With over 100% growth in the last few months, speculations have been made regarding its future. It has been tipped by many investors to become a top coin, giving other major coins, like Ethereum, a run for their money.
Chances are high that this happens due to the solid structure on which Bitgert is built.
Bitgert operates via a mechanism called the Deflationary mechanism. This means that for every transaction conducted, a part of the transaction is burnt. This aggressive burning structure is one of the triggers to the continuous pump in the coins value.
This pump is noticed in the level of rise since the coins launch, marking over a 30,000% difference. Despite the launch, its market cap is still moderate, giving it a chance to pump even higher than it has achieved.
Several analysts have predicted it will outperform several top tokens soon.
Bitgert has shown some level of similarities with Ethereum in so many ways. Its compatibility with Ethereum Virtual Machine allows it to carry out blockchain contracts and supports Defi alongside NFTs. The structure with which Bitgert is built is centered on giving users the utmost blockchain experience, just as Ethereum is built. Both coins are also known to be of quality with massive potential in the future. It will be interesting to see what the future holds for both.
It is safe to say that Ethereum laid the foundation of smart contracts in the blockchain industry. However, it lacks in certain areas, which Bitgert has proven better at.
In terms of scalability, Bitgert has an edge with its zero gas fee compared to Ethereum and its high gas fee. This has made many investors opt for a better option and increased the performance of Bitgert.
Ethereum can not match the swift pace of carrying out transactions on Bitgert. This has drastically improved investors experience, making it easier to carry out transactions.
Bitgert is experiencing a flowing uptrend compared to Ethereum, which moves slower compared to Bitgert, making it quite evident as to why Bitgert is a better option.
Bitgert is clearly showing better potential than Ethereum. Comparisons on their individual market cap clearly show Bitgert has higher chances of going far beyond the moon, giving investors an excellent chance to make good returns. However, investors must carry out necessary research to gain better insight into the best option to follow.
To know more about Bitgert, Visit https://bitgert.com
Disclaimer:This is a paid release. The statements, views and opinions expressed in this column are solely those of the content provider and do not necessarily represent those of NewsBTC. NewsBTC does not guarantee the accuracy or timeliness of information available in such content. Do your research and invest at your own risk.
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The Bitgert Coin Phenomenon: A Worthy Competitor to Ethereum - NewsBTC
Ethereum reaches 1M validators, community thinks it’s ‘too much’ – Cointelegraph
The Ethereum network recently hit the one million validator milestone, with 32 million Ether (ETH)currently staked, valued at approximately $114 billion based on current market prices.
On March 28, the Dune Analytics dashboard created by Hildobby to track Ethereum staking progress showed that the network achieved a validator count of one million, with the 32 million ETH staked accounting for 26% of the total supply.
The data also showed that around 30% of the ETH is staked using the Ethereum staking pool Lido, a liquid staking platform for proof-of-stake (PoS) cryptocurrencies.
Staking pools like Lido remain popular because they allow users with a smaller amount of ETH to pool their assets and participate.
Validators ensure the security of a blockchain by monitoring the network for any malicious transactions, such as double-spending, which is essentially spending the same currencies twice.
In Ethereum, validators participate in proposing and validating transactions within the network. Those who wish to participate in this process are required to stake 32 ETH. In return, they get a small portion of ETH as a reward.
While the number of validators could translate into higher security for a blockchain, some community members think too many validators could pose a problem.
Venture investor and Ethereum advocate Evan Van Ness said theres arguably already too much staked. Gabriel Weide, who runs a staking pool, believes that too many validators can eventually lead to failed transactions.
Meanwhile, Peter Kim, the head of engineering at Coinbase Wallet, said that while the number of validators is impressive, its artificially inflated by the 32 ETH cap. However, he suggested this may change soon.
Related: Vitalik Buterin on fix for Ethereum centralization: Make running nodes easier
As the number of validators continues to rise, Ethereum co-founder Vitalik Buterin proposed a way to improve the networks decentralization. On March 27, Buterin published a blog post proposing to penalize validators in proportion to their average failure rate.
If many validators fail in a given slot, each failures penalties will be higher. Such an approach could potentially reduce the advantage of large ETH stakers over smaller ones, according to Buterin.
Magazine: ETH a security? Celsius clawbacks, SBF says sentence too harsh: Hodlers Digest, March 17-23
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Ethereum reaches 1M validators, community thinks it's 'too much' - Cointelegraph
Ethereum futures open interest at all-time high Bullish or bearish? – Cointelegraph
Ether (ETH) has been grappling with the $3,600 level for the past three days, yet it seems traders may have overlooked the fact that the ETH price has soared by 58.8% since February. While some market participants attribute the limited upside to uncertainty surrounding the likelihood of a spot Ether exchange-traded fund (ETF) being approved in the U.S., others contend that the surge in Ether futures open interest indicates strong demand from institutional investors.
The debate continues over the implications of the indictment by the United States Justice Department against the cryptocurrency exchange KuCoin. On one hand, the indictment is viewed as a negative for the industry due to the resulting tighter regulatory landscape. However, some argue that this event actually improves the prospects for the approval of a spot Ether ETF by May 25, the date by which the U.S. Securities and Exchange Commission (SEC) is expected to issue its final decision.
A complaint filed on March 26 by the U.S. Commodity Futures Trading Commission (CFTC) against KuCoin for illegal trading activities notably identified Bitcoin (BTC), Ether, and Litecoin (LTC) as digital assets that are commodities, falling firmly under the CFTCs jurisdiction. This stance appears to directly challenge the SECs assertions that Ether could be considered a security.
BlackRock CEO Larry Fink remarked in a March 27 interview on FOX Business that listing an Ether ETF could still be feasible even if the asset is classified as a security by regulators, as reported by Unchained Crypto. Meanwhile, in a March 27 update on the X social network, Bloomberg senior ETF analyst James Seyffart reiterated his prediction of a denial in May, noting that the CFTC has recognized Ether as a commodity since at least February 2021, when they allowed CME Ethereum futures to begin trading.
The growth of the Ether futures market is undoubtedly a positive development, as increased liquidity, particularly in the regulated Chicago Mercantile Exchange (CME) market, facilitates participation by hedge funds and large asset managers. However, the fact that aggregate Ether futures open interest achieved a new record high on March 28 should not be immediately interpreted as a bullish indicator.
It is important to note that Binance leads the pack, amassing $4.55 billion in ETH futures market positions, with Bybit trailing at $2.4 billion. Meanwhile, the open interest in CME Ether futures currently sits at $1.3 billion. Thus, attributing the recent surge solely to institutional investor interest would be oversimplifying the matter.
Moreover, in every derivatives market, the volume of long positions, those wagering on a price increase, invariably equals the volume of short positions, those betting on a decline. However, the demand for leverage can serve as an indicator of the market's bullish or bearish sentiment.
Perpetual contracts, or inverse swaps, include a rate that adjusts based on the demand imbalance for leverage. A positive funding rate indicates increased demand for bullish leverage positions, whereas a negative rate suggests a preference for bearish positions.
Recent data indicates a rise in the demand for leveraged long positions in ETH, with the current funding rate at 0.04%, or roughly 0.8% on a weekly basis. Typically, rates above 1.2% per week signal excessive optimism, suggesting that traders are presently moderately bullish.
To gauge professional traders sentiment more accurately, one should examine data from the Ether options market. The 25% delta skew provides insight into whether arbitrage desks and market makers are charging more for upward or downward protection. Specifically, a skew metric above 7% suggests expectations of a price decline, whereas excitement in the market usually results in a negative skew below -7%.
Related: Covered call options strategy, explained
The Ether option delta skew indicates balanced pricing between call and put options, aligning with a neutral market stance. However, a comparison with data from March 21, when the ETH skew metric showed signs of optimism, suggests that traders are now less optimistic about Ether's potential to surpass the $3,800 mark.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Ethereum futures open interest at all-time high Bullish or bearish? - Cointelegraph
Ethereum blobs pushed to utilization limit due to inscriptions – crypto.news
Ethereums network is strained as blob transaction demand surges, pushing capacity to its limits due to the popularity of inscriptions.
Blobs are a feature that was introduced following the Ethereum networks Dencun upgrade earlier this month.
The upgrade, which aimed to reduce the cost of Layer 2 transactions by substituting the traditional calldata method with blob transactions, has evidently succeeded in its objective. It has made transactions cheaper for end users by enabling Layer 2 solutions like Arbitrum, Optimism, Base, and Linea to utilize blobs for posting transactions.
Reports indicate that the rate of blob transactions on Ethereum has surged, exceeding the networks set capacity, demonstrating the immediate impact of the Dencun upgrade. Adding inscriptions on blobs inspired by Bitcoin Ordinals allows users to embed unique fungible and non-fungible artifacts within these transactions.
The function has introduced a new dimension of utility for blobs, even though they are ephemeral and are removed from the network after 18 days. However, full archival nodes can retain this data indefinitely.
A recent analysis from Dune Analytics reveals a notable trend: 40% of blob transactions are now related to inscriptions. The study shows a significant utilization rate, demonstrating the highest usage among various Ethereum (ETH) L2 solutions.
Currently, the network faces a blob contention, with blobs operating at a 100% utilization rate. The situation is further compounded by a considerable backlog in the mempool, where 160 blobs await processing. Given Ethereums current capacity to include only up to six blobs per block, the backlog is roughly 40 times higher than the network can accommodate in a single block.
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Ethereum blobs pushed to utilization limit due to inscriptions - crypto.news