Coinbase Set to Profit Big with Ethereum Shanghai Upgrade: JPMorgan Analyst
Ethereum Shanghai upgrade is coming in March, centralized exchanges led by Coinbase are providing staking services not willing to store private keys. According to JPMorgan analysts, the upcoming Shanghai upgrade, which will make over 16,097,225 staked Ethers available for withdrawal, will be a huge boost to Coinbase operations. Notably, Ethereum stakes have not been withdrawing their Ethers since 2020.
“Staking in Ethereum forced holders to lock up their Ether indefinitely, which we have viewed as a big dis-incentive to stake ETH historically,” JPMorgan analysts noted in a letter to investors. “We think the Shanghai Fork could usher in a new era of staking for Coinbase.”
Coinbase is heavily reliant on trading fees to make quarterly earnings aside from the digital assets on its balance sheet. The introduction of staking programs significantly diversifies the company’s revenue collection avenues. With Ethereum being the second largest digital asset – about $28.15 billion in total value locked (TVL) – the exchange is keen to tap into the network’s future.
“In Q3, we launched Institutional staking for Ethereum globally and while adoption is still in its early days, we are optimistic about the long-term opportunity. In addition, we offered users additional utility for their staked Ethereum through our wrapped cbETH product. This product allows users who own Ethereum to “wrap” it, allowing them to continue to earn yield on their assets via staking, while also being able to buy or sell that asset,” Coinbase noted in 2022 third-quarter earnings results.
Coinbase launched Cardano (ADA) and Solana (SOL) staking during the first quarter and second quarter of 2022 respectively. Notably, the crypto exchange generated approximately 11% of its 22Q3 revenue from staking, compared to 6.2% during the same period the year before.
Massive ETH Dump After Shanghai Upgrade?
The world’s second largest cryptocurrency, Ethereum has performed exceptionally well since December 2022. Also the bulls are holding up well with the lead altcoin from the time when Ethereum has surpassed the 50 and 100-day moving average. Ethereum had even stepped into short-term consolidation moving towards $1.6K level before making a pull back.
At the time of writing, Ethereum is changing hands at $1,576 after a surge of 1.13% over the last 24hrs.
Meanwhile, Ethereum’s Shanghai upgrade is one of the most awaited upgrades in the crypto space. Before the announcement of this upgrade, On Sept 15, 2022, the network had a merge where it switched from proof-of-work to proof-of-stake. During this time, there was a condition that a minimum of 32 ETH had to be staked and cannot be withdrawn until the next upgrade.
Ethereum Shanghai To Allow Withdrawal Of Staked ETH
Now, with the Shanghai hard fork which is scheduled for March 2023, those staked Ethereums can be withdrawn. However, as per the reports, the upgrade is expected to push investors towards dumping those withdrawn ETH. If that happens, there will be a huge sell off witnessed.
On the contrary, it all depends on the number of validators moving out at a particular time. Also if a validator decides to move out, he must undergo two stages such as exit que and the withdrawal period. Hence, there are very less chances that Ethereum price will face a dump.
Moreover, the exact situation can be known only once the hard fork is launched and withdrawal is live. This suggests that investors and traders will have to wait until the time arrives and move ahead very cautiously
What To Expect From Ethereum’s Shangai Upgrade? How Will It Impact the ETH Price
The Ethereum ecosystem is working on upgrades to improve scalability, security, and sustainability. Last year, it successfully transitioned to the proof-of-stake (PoS) consensus mechanism through the Merge event. Now, it is preparing for the next major updates through the Shanghai Upgrade, which will include the highly anticipated feature that allows the withdrawal of staked Ethers.
The Ethereum network has become a well-known smart contract ecosystem, but it faces competition from other blockchain networks like Solana (SOL) and Cardano (ADA) which are sometimes referred to as “Eth killers.”
To prevent top DeFi projects from migrating to these competitor chains, Ethereum’s developers are introducing critical upgrades. About a year ago, Eth developer Tim Beiko listed potential items to be included in the Shanghai Upgrade. While the list includes about 12 items, Beiko noted that only a few will make it to the final list.
Ethereum Market Outlook Post Shanghai Upgrade
The Ethereum network has the largest decentralized financial (DeFi) market in the crypto industry, with a total value locked (TVL) of approximately $23.78 billion, according to DeFi aggregate data from Defillama. In comparison, the TVL in the entire crypto market is around $39.76 billion, making Ethereum the dominant player in DeFi.
However, it is expected that a significant amount of these locked Ethers will be liquidated after the Shanghai upgrade in March of this year, leading to a drop in the TVL in the Ethereum ecosystem. Additionally, other proof-of-stake chains offer higher annual percentage rates (APRs) than Ethereum, which has an average APR of 4.9% with 15,845,519 Ethers staked by 495,172 validators.
The Shanghai upgrade, like the Merge event before it, is not likely to have a major impact on the price of Ethereum (ETH). However, global regulators are closely monitoring the crypto market following the collapse of FTX and Alameda, which may affect investor confidence. It is possible that the Ethereum market will return to pre-FTX levels as confidence recovers.
Here’s How The Ethereum’s Shanghai Upgrade Enhanced Liquid Staking
The Ethereum community is anticipating the next significant upgrade to the network, called the Shanghai Upgrade, following the Ethereum event known as The Merge that took place last year.
What Benefits Did The Update Yield?
This update will implement Ethereum Improvement Proposal (EIP) 4895, which allows for the withdrawal of ETH that has been staked on the Beacon Chain. This is beneficial for liquid staking platforms, which involve temporarily locking up funds in order to collect incentives while maintaining access to them.
According to the DeFi Investor, investors are likely to choose liquid staking options after the Shanghai upgrade, and profits for liquid staking providers are expected to increase once the ability to withdraw staked ETH becomes available.
Derivatives of liquid staking may also be employed in decentralized finance (DeFi) without loss of staking income. One example is Lido Finance, which offers to stake in ETH and LDO, both of which provide yields, although Lido does deduct 10% of staking earnings for its Decentralized Autonomous Organization (DAO). The price of LDO has increased by over 45% in the past week.
Ethereum developers have also agreed on a second hard fork, set to take place in autumn 2023, which will address proto-danksharding, also known as EIP 4844.
Sharding is a mechanism that breaks up the network into shards in order to expand its capacity and reduce gas prices and would be used by EIP 4844 to make Ethereum more scalable.
Elon Musk To Work With Vitalik On Dogecoin Upgrade, DOGE Price Spikes!
Since the start of the year, Dogecoin, the largest memecoin by market capitalization, has had a pretty bad run. Naturally, that is because of the prolonged bear run. However, David Gokhshtein has brought back attention to Dogecoin and it is now surging.
David, the founder of Gokhshtein Media, believes that the cryptocurrency community may see a partnership between the CEO of Twitter, Elon Musk, and Ethereum co-founder, Vitalik Buterin of Ethereum to upgrade Dogecoin (DOGE).
“They won’t work on Bitcoin — well, because Vitalik tried that in the past and was kicked, and Elon is interested in turning something that started as a joke into something serious,” he added.
The rise of Dogecoin may be largely attributed to Musk’s long-standing interest in cryptocurrency, which he frequently acknowledges in tweets and has accepted as a form of payment for some of the goods and services provided by Musk’s companies.
One of the prominent board members of the Dogecoin Foundation, who supported the currency’s growth, is Buterin. When the eagerly anticipated Merge update was successfully implemented on Ethereum, Buterin suggested that Dogecoin should be the next cryptocurrency to switch from Proof of Work.
In addition, Buterin gave Dogecoin Community a contribution of 20 million DOGE in November following a gift of 500 ETH in May. An organization called DogecoinFdn exists with the purpose of promoting DOGE through development and advocacy.
Dogecoin still aims for the moon
Dogecoin continues to grow despite the 2022 crypto winter and currently ranks among the top ten cryptocurrencies by market cap. A crucial development in the Dogecoin ecosystem was updated by Mishboar, a Twitter account dedicated to memecoin.
The core updates 1.14.7 and 1.21 are the two main releases that the Dogecoin development team is currently working on. These two improvements will lay “a foundation for Dogecoin’s future,” according to Patrick Lodder, a core developer for the cryptocurrency.
At the time of writing, Dogecoin is up by more than 10 percent and is trading at $0.089.
MEXC Global Now Exceeds 10 Million Users; The Meaning Behind the Upgrade Color to “Ocean Blue”
As of September 2022, MEXC has finally reached a respectable milestone of 10 million users! To celebrate this unique achievement, starting November 18th of this year, MEXC will introduce a major brand color change to its global userbase to spread awareness for which it stands for. After surveying customers directly during a limited roll-out in South Korea, the color has transitioned from MEXC’s original ‘Forest Green’ color-scheme, to a new, beautiful ‘Ocean Blue’ pallet.
At MEXC, our #1 priority is adhering to the principle of ‘Users Come First’. Upon further surveying additional global markets, the response has been overwhelmingly positive for ‘Ocean Blue’ – the change is now permanent. Vice President of MEXC, Andrew Weiner states that users in Korea advocated strongly for the rebrand to ‘Ocean Blue’. “Following our evaluation, we tested the requested color upgrade with our passionate users from MEXC Korea. It was great to see the change so well-received, and MEXC is truly grateful for the customer insight that directly influences our views and image.”
Now, why ‘Ocean Blue’? Our blue oceans cover 71.35% of Earth’s surface, whereas the forest area accounts for just 7.27%. Forests are fragile, and restricted to the land – but the sea is immense and limitless. ‘Ocean Blue’ incorporates ‘every river that flows into the sea.’ According to Weiner, ‘Ocean Blue’ is also a more accurate reflection of MEXC’s brand identity. “We are calm and professional, open and inclusive, and powerful and innovative – inviting every user to dive deep and explore what treasures MEXC has to offer!”
MEXC was founded in April 2018. It is the world’s leading one-stop crypto shop and fastest growing exchange. They offer futures, spot, ETF, and NFT Index trades, as well as staking, MX DeFi, and many other services for our special users.
“When we look back at MEXC’s history, ‘Users Come First’ has always been more than a motto – it is the recipe to our success,” Weiner said. Which the improvement of the brand color can not exemplify.
MEXC significantly upgraded its Futures trading system and product functions in their June 2020 release. Before the upgrade, the operations, product, and technical teams spent months doing thorough consumer research, gathering feedback, and performing rigorous product testing. The improvements range from minute details to extravagant enhancements to customer journeys, including such examples as “Lightning Close,” and “Leverage Multiples Adjustment”. All these upgrades came directly from MEXC’s skilled team and loyal customer feedback.
‘Users Come First’ has been the heart of the crypto industry’s essential values of decentralization and community spirit and MEXC bleeds this mantra. “It is because we put our users in the forefront and present them with our professional goods and services that we are able to have reached the accolades of reaching the highest liquidity in futures, spot, and ETFs in the second half of this year with constant efforts,” Andrew explained. “Please enjoy our rebrand and take comfort that you are in safe hands.”
Contact:
Company Name: MEXC
Name: Jenny Sun
Email: [email protected]
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Dogechain To Support Proof of Stake (PoS) In Its Next Upgrade
Amidst FTX collapse, the Dogechain team has announced that they are planning to upgrade the network which will support Proof of Stake consensus mechanism. This comes just three months after the network launched layer-2 scaling solution. As per the official post on Twitter, the network plans to launch the support for PoS on Nov 14.
On the other hand, the network is opting to suspend its on-chain activities for 12 hours so that the upgrade will be launched successfully. The time that the upgrade is set to begin is around 3 AM (UTC) on November 14. As per the team, this suspension of on-chain activities is necessary because they believe that POS upgrade won’t be a successful one if the network keeps operating.
BitKeep Partners With Top Security Teams SlowMist And Cobo to Launch a Security Upgrade Initiative
BitKeep is building a security barrier in the dark jungle of crypto world.
The top Web3 multi-chain wallet BitKeep announced on October 20 that BitKeep is now carrying out a security upgrade jointly implemented by BitKeep and leading blockchain security institutions SlowMist and CoboSlowMist, with the ambition to provide better services and build a security barrier in the dark jungle of crypto world.
SlowMist is a blockchain security firm established in January 2018. The firm was started by a team with over ten years of network security experience to become a global force. Its goal is to make the blockchain ecosystem as secure as possible for everyone. The firm is now a renowned international blockchain security firm that has worked on various well-known projects.
Cobo is Asia-Pacific’s largest crypto custodian. Trusted by over 300 institutions and HNWIs to grow and protect their crypto assets, the company focuses on building scalable infrastructure and powering the Web 3.0 revolution around the world. Its respected security team also features regularly in crypto communities for its contribution towards protecting the crypto ecosystem and patching the vulnerabilities in protocols.
The BitKeep Security Upgrade Initiative was introduced by BitKeep and powered by SlowMist and Cobo teams. As part of this Initiative, the task force from three companies will work together to conduct in-depth and comprehensive audits and security upgrades for BitKeep products.
About BitKeep
BitKeep was founded in 2018 and gained a user base of nearly six million across 168 countries and regions, given its robust security, rich assets and constant innovation. BitKeep forged a strategic partnership with multiple top 30 mainnets (including Ethereum, BNB Chain, Polygon, Solana, etc.) and has become their authorized wallet. In May 2022, BitKeep completed a $15 million Series A funding at a valuation of $100 million, led by Dragonfly Capital, with joint investments from well-known institutions such as KuCoin and Foresight Ventures.
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Ethereum Prepares For The Shanghai Upgrade; How Will This Impact The Asset Price?
It’s been a while that Ethereum, the second-largest cryptocurrency by market cap, has been stuck in a pump-and-dump trade. Though the currency had managed to reclaim $1,300, the bulls couldn’t hold on to the range for longer, which led to a crash.
Currently, Ethereum is selling at $1,296 after a fall of 0.21% over the last 24hrs.
Market participants had been eagerly awaiting the merger upgrade, and had expected impressive results for the asset’s price. However, though the event was successful, ETH’s price remained unimpacted.
The Shanghai Upgrade: 1/5
The Ethereum development team has made a quick move toward the Shanghai upgrade which is the next phase of the Ethereum merge. To ensure everything moves at a rapid pace, a testnet known as Shandong has been built on the network. This testnet will see an addition of many Ethereum Improvement Proposals (EIPs) before making any final decision towards the Shanghai upgrade.
The Shanghai is the first of a five-phase upgradation which will see an introduction of sharding into the Ethereum network. Sharding improves the network’s scalability in terms of data storage and other mechanisms. The other four phases that will be seen after Shanghai is Verge, Purge, and Splurge, which will take place over the next few years.
Meanwhile, the data from DefiLlama claims that Ethereum contains a 57% share of the Total Value Locked (TVL) among all other chains. Hence, it is expected that Ethereum’s current TVL which is around $30 billion is expected to increase.
On the other hand, the seven-day indicator displays that the active addresses have surpassed two million.
Hence, Ethereum is surrounded by positivity and bullish events. If ETH claims an upward movement, the immediate resistance lies at $1,300. However, if the bulls fail to push the currency upwards, the currency might fall below its support area of $1,250.
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M-Ventures Under MEXC Completes Brand Upgrade, With Capital Scale Reaching $200M
On Sept. 28, during the Token2049 event in Singapore, MEXC Exchange officially announced at the MEXC afterparty “M&M Launcher” that its fund was officially upgraded to M-Ventures and a new management team. The upgraded M-Ventures is a comprehensive fund committed to empowering innovations in the cryptocurrency field via strategic investment, mergers and acquisitions, funds of funds, and project incubation.
At the same time, the upgraded M-Ventures, as a new sub-brand, is affiliated with the MEXC Group and merges the original M-Labs and other diversified investment businesses to fully mobilize the group’s resources and cooperate with top-level partners in the industry. M-Ventures not only provides startup capital for global innovators and teams but also one-stop professional services ranging from project positioning, business cooperation and economic modeling to financing consulting, product marketing and project initiation.
At present, M-Ventures’ own capital scale has reached $200 million. Its core team has more than 10 people from leading institutions, such as McKinsey, Plug & Play, Binance and Huobi, with more than 10 years of experience in traditional financial institutions and the field of cryptocurrency, spanning the United States, Singapore, Hong Kong and other countries. Their expertise includes venture capital, equity investment, industry research, project incubation, product development and asset management.
In the past three years, M-Ventures’ portfolio has included dozens of outstanding projects, such as Polkadot, Avalanche, Manta, deBridge, Dorafactory, zCloak Network, Mina, Phantom, Raydium and Solanium. At the same time, it has also been an early investor and participant in Polkadot, Polygon, Solana, Near and other projects. It has successively established the Polkadot Ecosystem Special Fund and Solana Ecosystem Strategic Fund to support the sustainable development of the infrastructure ecosystem.
In the new round of the blockchain cycle, M-Ventures will mainly focus on three core sectors in the primary market: Web3, the new public chain ecosystem and infrastructure. Sistine, the investment manager of M-Ventures, expressed her views on the above three sectors:
- “The technical foundation and market acceptance of blockchain technology and cryptocurrencies have developed to the extent that they can support some Web3 applications, which will also be the gateway to lead more users into the Web3 field.”
- “There are many combinations of ‘security, scalability and decentralization,’ and other solutions outside the existing mainstream public chains are also worth exploring and putting in use.”
- “The cryptocurrency field as a whole is still in its early stage, and the construction and development of infrastructure is an eternal theme. Now is the best time for the industry to reflect, redesign and upgrade Infrastructure.”
Sistine said, “Our core logic in investment is that by consolidating infrastructure and focusing on projects that improve existing technologies and product frameworks in the blockchain field, we can deeply serve the current market share. At the level of expanding market boundaries, we focus on innovative projects that can lower the threshold in the cryptocurrency field and improve user experience to expand the potential, incremental market share.”
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Company Name: MEXC
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Email: [email protected]
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Uncharted Altcoins Ready to Explode Soon After the Cardano’s Vasil Hard Fork Upgrade!
With the recent hike in the FED rates, the crypto markets have been impacted slightly as the DXY index witnessed a slight drop but continues to hover within the crucial zones. With this, the Bitcoin price underwent a notable drop below $19,000. But the raising market sentiments around the upcoming Cardano’s Vasil Hard Fork could have uplifted the broader markets to some extent.
In such a scenario some of the Cardano-based altcoins are gearing up to rise high immediately after the Vasil Hard Fork.
Ardana (DANA)
Ardana is a decentralized stablecoin hub for the Cardano network which offers an on-chain asset-backed stablecoin & a decentralized stable-asset DEX. it is considered the best-priced solution for stablecoin-to-stablecoin trading as the platform is powering Cardano & building multi-chain bridges.
The native token of Ardana DANA is trading at $0.1834 with a minor drop of 2.24% compared to the previous trading day.
Milkomeda
It is a side protocol in the protocol that empowers several blockchains including Cardano to interconnect & create a path for long-term scaling. It enables the non-EVM cryptos to achieve mass adoption by empowering the EVM-based sidechains. The project is expected to extend its services to other blockchains including Algorand, Terra & Solana.
However, the native token of the platform is yet to be released which is expected to uplift the ecosystem to new highs.
MELD(MELD)
MELD is a non-custodial protocol Defi protocol used for lending and borrowing. One can borrow fiat against crypto and avail yield on the crypto collateral. The native token is used for the governance of the protocol. MELD aims to reduce 99% of the fees compared to that of the Ethereum-based solutions by capitalizing on Cardano’s transaction efficiency.
The token MELD is trading presently at $0.01943 with a jump of 4% in the past 24 hours with a circulating supply of 2.23 billion.
Sundae Swap (SUNDAE)
Sundae Swap is a decentralized exchange protocol for the Cardano Network that enables ADA & exchanges to everyone. One can easily swap, stake, lend borrow in a truly decentralized way. The platform holds immense backing from the community and the native token is supported by platform-supported wallets like Daedalus, Yoroi & Adalite Wallets.
The native token SUNDAE is currently trading at $$0.02656 with a drop of 1.68% compared to the previous day.
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Ethereum Network Prepares For The Shanghai Upgrade
On September 15, the Ethereum network successfully completed its transition from proof-of-work (PoW) to proof-of-stake (PoS), a change that is expected to increase sustainability and reduce energy usage by 99.95%.
However, contrary to popular expectations, the merger didn’t have any effect on the Ethereum price; instead, the price plunged after the merger.
Now, the network is preparing itself for the next upgrade called Shanghai. This upgrade will support the withdrawals of a validator that takes place from the Beacon Chain to EVM or Ethereum Virtual Machine. This is expected to happen through a new system-level operation. EVM is software that executes smart contracts and evaluates the ETH network after every addition of the block to the chain.
December 1, 2020, was the day when the Beacon chain was launched for supporting Ethereum (ETH) staking. Moreover, the chain was brought into force to see the transition of proof-of-work to proof-of-stake through a merger.
Ethereum Beacon Chain To Support Withdrawals
Till now, the Beacon chain had only supported ETH staking and now with the upgrade, the chain will be able to support withdrawals too. This withdrawal will be enabled through EIP-4895 which is known as Beacon Chain Push Withdrawals as Operations.
Also, the Shanghai Upgrade has a few important Ethereum Improvement Protocols (EIP) that also includes EIP-3540, EIP-3074, EIP-3670 and the most important one – EIP-4895. The withdrawal token that the validator will receive is known as operations or a new object in the block.
Interestingly, users can withdraw the staked ETH coins without any gas fees as there are limitations on the number of tokens that they can withdraw. Now, as the merge is completed, the network will also focus on the Surge, Verge, Purge and Splurge cycles.
Currently, Ethereum is trading at $1,343 after a fall of 1.16% over the last 24hrs.
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Why Ethereum upgrade to PoS might make it more vulnerable to censorship – Coinpedia – Fintech & Cryptocurreny News Media
The long-awaited ETH merge has come to pass subjecting ETH to proof-of-stake consensus . This is a victory over detractors who think cryptocurrencies are bad for the environment. Since the PoS consumes 99.9% less energy compared to PoW.
This change has been Ethereum’s goal since it was launched in 2014 but it kept on being pushed forward due to inconveniences. This task has been compared to moving mountains but it is now completely leaving behind other cryptos like Bitcoin using the proof-of-work consensus that is not energy efficient and environmental friendly.
Ethereum PoS is more vulnerable to political manipulation.
According to the lead researcher of Merkle Science, Ethereum’s switch to proof-of-stake (PoS) may render it more susceptible to government interference and censorship. One must stake 32 ethers, which are currently worth $47,000, in order to validate the Ethereum network.
Concerns about centralization have been widely discussed in the run-up to The Merge, Moran hypothesized that the expensive cost of becoming a validator may lead to the concentration of validator nodes at the larger cryptocurrency companies like Binance, Coinbase, and Kraken.
Former FBI analyst Coby Morgan, now the Lead Investigator at the forensic and compliance company Merkle Science claim that these bigger organizations will “be susceptible to the whims of governments in the world” and that when validator nodes find addresses that are approved, they can “be reduced rewards and then eventually booted off the system,” preventing businesses from communicating with them.
According to Vitalik Buterin he saw the risk in Aug 18 and he suggested that, Validators could exclude or filter authorized transactions as a form of censorship.
He went on to say, If certain validators fail to follow the rules, then the censorship would only be momentary because these transactions will eventually be included in later blocks.
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Ethereum Merge Completes 99.76%! Will The Upgrade Be Successful?
The most anticipated event around the crypto space is the Ethereum Merge which will transform the network from present proof-of-work (PoW) to proof-of-stake (PoS). Since the time the news was made public, the lead altcoin, Ethereum has seen a price rise.
At the time of writing, Ethereum is trading at $1,714 with a drop of 2.28% in the last 24hrs.
As per the reports, the Ethereum network has completed 99.76% with the support of Ethereum clients and developers who have strived for successful completion of the preparations towards the release and upgrade date.
Interestingly, 85% of Ethereum nodes have updated after the recent client releases and with the hash rate plunging below 872 TH/s, the merge is expected to be completed by September 15.
The OKLink’s Ethereum Merge Countdown Ethereum network has a 99.76% completion stage with the help of clients, developers, and users. The Ethereum network is set to transform into proof-of-stake after Ethereum Mainnet (execution layer) will merge with Beacon Chain (consensus layer).
Ethereum (ETH) Transform To PoS Soon
On September 6 the consensus layer saw an upgradation of Bellatrix which has helped the Beacon chain to prepare for the Merge and the Paris upgrade is also set to prepare the Mainnet for Merge. Once the network attains the terminal total difficulty (TTD) of 58750000000000000000000 on September 15 and the Paris upgrade is completed, Ethereum will be transformed into Proof of Stake. This will happen only after the Beacon Chain validator validates the block.
This transformation will see Ethereum’s energy consumption falling down by 99.95% and this shift in consensus mechanism has gained support from Ethereum mining pools.
It’s also important to know that the current hash rate has attained almost 900 TH/s, hence the merge is expected to happen even on September 14. However, the hash rate has dropped after the Bellatrix upgrade. Hence, the Merge is expected to be completed on September 15 between the time frame of 2:00 – 4:00 UTC. Now only 11344 blocks are yet to be mined.
Conversely, one of the crypto analysts, Big Cheds is of the opinion that Ethereum Merge is a buy the rumor, sell the news kind of event. As Ethereum’s price surged above $1750 there is some profit booking, but if ETH falls below $1700, there will be shorts.
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MEXC Announces Support for LUNC Upgrade and Burning of LUNC Spot Trading Fees
In support of the burn tax proposal from the Terra Classic (LUNC) community, MEXC will launch a time-limited burning event for spot trading fees for LUNC/USDT and LUNC/USDC – Starting September 3, 10:00 to September 17, 10:00 (UTC).
MEXC is the first CEX to support the LUNC upgrade and burning proposal.
The actual trading fee received will be proceeded by MEXC and will implement secondary market buybacks on a daily basis. Also, on a daily basis, MEXC will make arrangements to send LUNC tokens obtained from the secondary buy back of LUNC to the official burn address that is provided by Terra.
Currently, MEXC ranks second for the LUNC burning, with 581,983,415.1228 LUNC buy back.
What is Terra Protocol?
Terra is a blockchain protocol that uses fiat-pegged stablecoins to power price-stable global payment systems. According to its white paper, Terra combines the price stability and wide adoption of fiat currencies with the censorship-resistance of Bitcoin (BTC) and offers fast and affordable settlements.
Developments on Terra began in January 2018, and its official launch of its mainnet in April 2019. As of September 2021, Terra offers stablecoins pegged to the U.S. dollar, South Korean won, Mongolian tugrik and the International Monetary Fund’s Special Drawing Rights basket of currencies — and intends to roll out additional options.
Rebranding of Terra
After the collapse of the stablecoin of the Terra ecosystem, the LUNA community has proposed various methods to rescue the Terra ecosystem. Among them, the passage of Proposal 1623 brought substantial progress to rescue the Terra ecosystem by creating a brand new chain and began to airdrop its new tokens to the users of the Terra ecosystem.
On May 28, 2022, the genesis block of the new chain was launched to conduct future transactions under the name Terra (LUNA), and the original Terra Chain was rebranded as Terra Classic. The original native token LUNA has also been renamed as LUNA Classic (LUNC). After the tax proposal was released, the price of LUNC increased by 100%.
MEXC Global Initiatives
Three months ago, MEXC Global initiated another LUNA recovery plan by burning and buying back LUNA as well. Since then, LUNA hit the highest gain of 2,430%.
With much support, MEXC Global is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services such as Spot, ETF, Futures, Staking, NFT Index, etc., and serves more than 7 million users worldwide. Currently, it supports the trading of more than 1,400 cryptocurrencies. With the fastest listing speed, MEXC Global laid out the public chain sector from the very beginning.
As we undergo a bear market, MEXC Global offers zero fee for all spot trading pairs. As an exchange that keeps up with hot market trends, MEXC Global also supports Ethereum’s upgrade and its potential hard fork with a list of two “potential forked” ETH tokens.
While creating safe and reliable core products , MEXC Global has also launched Grid Trading, Trade Mining and other functional and incentive products suitable for users in combination with Web3 trends and user needs.
About MEXC:
MEXC is the world’s leading cryptocurrency trading platform, providing one-stop cryptocurrency trading services for spot, ETF, futures, Staking, NFT Index, etc., and serves more than 7 million users worldwide. The core team has a solid background in traditional finance, and has professional financial product logic and technical security guarantees in terms of cryptocurrency products and services. In October 2021, MEXC Global won the title of “Best Cryptocurrency Exchange in Asia”. Currently, it supports the trading of more than 1,400 cryptocurrency, and is the trading platform with the fastest launch speed for new projects and the most tradable categories. Visit the website and blog for more information, and follow MEXC Global and MEXC Research for more.
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Cardano (ADA) Price to Surge 50% in September With Vasil Hard Fork Upgrade
Cardano’s (ADA) Blockchain is all set for the Vasil Hard Fork to upgrade in September. This is supposed to radically change the network’s protocol regarding transaction fees, speed, and a decentralized App.
According to a popular crypto analyst, Cardano (ADA) may outperform Bitcoin (BTC) in the short term as traders may think of hedging against Ethereum’s (ETH) upcoming merger event.
The Coin Bureau host told his 2.1 million YouTube subscribers that he views ETH competitors as hedges against the Merge if the update doesn’t go as planned.
“One of the ways I’ve personally been hedging myself against something going wrong with Ethereum’s merge is to hold competing smart contract cryptocurrencies as a part of my portfolio, and this includes Cardano’s ADA,” he mentioned.
The Youtuber continued by saying that Cardano seems all geared up to see gains against the top digital asset by market cap.
“ADA seems to be overdue for an appreciation against BTC on the weekly chart. This is because ADA has historically fallen against ETH for around eight weeks before seeing a multi-week rally. As you can see, ADA has been falling against ETH for about eight weeks and is showing signs of a reversal”
The host went on to predict that Cardano (ADA) could see a 50% gain soon.
He added;
“Note that [appreciating against BTC] does not necessarily translate to a higher price for ADA in fiat terms, but ADA’s daily and weekly price action in fiat terms suggest it could see a 50% gain in the coming weeks.
But I must stress that this ultimately depends on whether the crypto market sees a short-term recovery. I should also note that Cardano’s Vasil hard fork will expose the project to the same sorts of issues Ethereum could experience during its upgrade.
This is probably why other Ethereum competitors such as Solana appear to be on the brink of a bigger breakout against both ETH and the USD.”
ADA is floating at $0.4487 at the time of writing, with a trading volume of $424,904,899.
The Cardano (ADA) Upgrade
Currently, Cardano (ADA) is the eighth largest cryptocurrency by market capitalization. Cardano’s Blockchain is all set for the Vasil Hard Fork to upgrade in September.
The Vasil Hard Fork upgrade will supposedly improve the network’s performance and Cardano’s Plutus smart contract programming language, which aims to support the creation of decentralized applications (dApps). About a week ago, Charles Hoskinson from Cardano tweeted about the progress of the Vasil Hard Fork upgrade.
The Cardano Upgrade is expected to bring in a host of changes in terms of transaction fees, scalability of the Decentralised App, and the speed of transactions.
Sharing his views on the same, the Coin Bureau host said that ADA counteracts as a hedge against the Ethereum Merge mainly because Cardano itself is also going to make this Vasil Hard Fork Upgradation in September.
“It would be an admittedly strategic move if Cardano improved its scalability around the time Ethereum transitions to proof-of-stake. This is because it would put Cardano in a perfect position to acquire users and investors if The Merge fails or simply fails to meet the expectations of ETH holders.”