#ETH #Ethereum #ethereumshanghaiupgrade #eth2.0

Ethereum's total supply has decreased by 66,000 ETH in the first few months of 2023, according to recent reports. This trend suggests that the network and its cryptocurrency are now functioning under a deflationary model. IntoTheBlock, a market analysis platform, shared this information on Twitter, indicating that this decrease in supply corresponds with the burning of fees associated with each mined block on the network after the introduction of the EIP-1559.

The burning of assets has increased significantly since The Merge's arrival in September 2022, which exchanged Proof-of-Work mining for Proof-of-Stake, significantly reducing transaction costs and enabling new validators without the need for specialized hardware. The increase in burned assets is due to the high volume of transactions that the network can now process more easily. This dynamic balance is causing the network to destroy more ETH than it produces, giving the cryptocurrency deflationary properties that could limit the supply further while meeting growing demand and ensuring the price remains stable or even increases.

The upcoming Shanghai update, which will take place on April 12th, introduces a new property that will allow network validators to withdraw ETH as collateral to process blocks and access rewards. This incentive is an exciting development for individuals interested in joining the network as validators.

In summary, Ethereum's deflationary properties could have a significant impact on its price in the future. The decrease in supply, coupled with the increase in burning assets, is a clear indication that the network is moving towards a more efficient model. The upcoming Shanghai update will add to this efficiency, making the network more attractive to new validators and potentially fueling further growth in the network

The future of Ethereum looks promising, as it continues to be one of the leading blockchain platforms for decentralized applications (dApps) and smart contracts. Ethereum's ability to execute complex smart contracts and enable developers to create a wide range of decentralized applications has made it a popular choice for both developers and users.

In addition to these upgrades, Ethereum is also seeing increased adoption by institutions and corporations, which are exploring the use of Ethereum for various applications, including supply chain management, digital identity, and decentralized finance (DeFi).

The growth of DeFi on Ethereum has been particularly significant, with a range of decentralized exchanges, lending platforms, and other financial applications being built on the network. This has led to an increase in the use of Ethereum's native cryptocurrency, Ether (ETH), as well as the development of new tokens and protocols.

Overall, the future of Ethereum looks bright, as it continues to innovate and address the challenges of scalability, energy consumption, and interoperability with other blockchains. However, as with any emerging technology, there are also risks and uncertainties, and it is important for investors and users to carefully assess the potential benefits and risks before engaging with the platform.

#ETH #Ethereum #ethereumshanghaiupgrade #eth2.0

Ethereum has been one of the most popular and innovative blockchain networks since its inception in 2015. The Ethereum network has been known for its smart contract capabilities, allowing developers to build decentralized applications (dApps) and run them on the network. However, the current version of Ethereum (Ethereum 1.0) has some limitations that are hindering its growth and scalability. To address these issues, Ethereum is undergoing a major upgrade known as Ethereum 2.0. In this article, we will dive into what Ethereum 2.0 is and why it is important for the future of the Ethereum network.

What is Ethereum 2.0?

Ethereum 2.0 (also known as Eth2 or Serenity) is a major upgrade to the Ethereum network that will improve the network's scalability, security, and sustainability. The upgrade is being rolled out in multiple phases, with each phase introducing new features and improvements to the network. The main focus of Ethereum 2.0 is to replace the current proof-of-work (PoW) consensus mechanism with a proof-of-stake (PoS) mechanism, which is more energy-efficient and secure.

Why is Ethereum 2.0 important?

The current version of Ethereum (Ethereum 1.0) has some limitations that are hindering its growth and scalability. These limitations include slow transaction times, high fees, and limited scalability. As the popularity of the Ethereum network continues to grow, these limitations become more pronounced, making it difficult for developers to build and scale dApps on the network. Ethereum 2.0 addresses these issues by introducing several new features and improvements, including:

Proof-of-Stake (PoS) Consensus Mechanism

Ethereum 2.0 introduces a PoS consensus mechanism, which is more energy-efficient and secure than the current PoW mechanism. In a PoS system, validators (similar to miners in PoW) are selected to validate transactions based on the number of tokens they hold and lock up as a stake. This eliminates the need for energy-intensive mining and reduces the risk of centralization.

Sharding

Sharding is a technique that allows the network to split into smaller partitions (shards) that can process transactions in parallel. This increases the network's throughput and reduces congestion and fees. Ethereum 2.0 will introduce 64 shards, each capable of processing up to 500 transactions per second.

eWASM

Ethereum 2.0 will introduce a new virtual machine called the Ethereum WebAssembly (eWASM), which is faster and more efficient than the current Ethereum Virtual Machine (EVM). eWASM allows developers to write smart contracts in different programming languages, making it easier for developers to build dApps on the network.

Improved Security

Ethereum 2.0 will introduce several security improvements, including penalties for malicious behavior, slashing conditions, and better validator monitoring. These improvements will make the network more secure and resistant to attacks.

When will Ethereum 2.0 be fully rolled out?

Ethereum 2.0 is being rolled out in multiple phases, with each phase introducing new features and improvements to the network. The first phase of Ethereum 2.0 (also known as the Beacon Chain) was launched in December 2020, which introduced the PoS consensus mechanism. The next phase, known as the Merge, will integrate the current Ethereum 1.0 network with the new Ethereum 2.0 network, allowing users to transfer their assets from the current network to the new network. The final phase of Ethereum 2.0, known as the Shard Chains, will introduce sharding and eWASM.

It is important to note that the rollout of Ethereum 2.0

is a complex and gradual process that will take several years to complete. The development team behind Ethereum 2.0 is taking a cautious and deliberate approach to ensure that the network is stable and secure before each phase is rolled out. This means that users should not expect all the features and improvements of Ethereum 2.0 to be available immediately.

How will Ethereum 2.0 affect current Ethereum users?

For current Ethereum users, the transition to Ethereum 2.0 will be a gradual process. Users will be able to continue using the current Ethereum network (Ethereum 1.0) until the Merge phase is rolled out. At that point, users will be able to transfer their assets from the current network to the new network. It is important to note that this process may take some time and may involve some technical complexity.

One of the main benefits of Ethereum 2.0 for current Ethereum users is the improved scalability and lower fees. This will make it easier and more affordable for users to transact on the network and use dApps. However, it is important to note that some dApps may need to be updated to work on the new Ethereum 2.0 network.

Conclusion

Ethereum 2.0 is a major upgrade to the Ethereum network that will address some of the limitations of the current Ethereum 1.0 network. The upgrade introduces several new features and improvements, including a more energy-efficient and secure PoS consensus mechanism, sharding for increased scalability, and a new virtual machine for improved efficiency. The rollout of Ethereum 2.0 is a complex and gradual process that will take several years to complete, and current Ethereum users should expect a gradual transition to the new network. Overall, Ethereum 2.0 has the potential to significantly improve the scalability, security, and sustainability of the Ethereum network, making it a more robust and capable platform for building decentralized applications.

#eth2.0 #Ethereum #ETH #crypto2023 #dyor

#ETH #Ethereum #ethereumshanghaiupgrade #eth2.0 #selfcustody

Cryptocurrencies are known for their self-custody feature, which puts the responsibility of managing funds solely on the users. While this provides users with complete control over their assets, it also means that any mistake can lead to the loss of funds. Unfortunately, this has happened on a large scale in the case of Ethereum (ETH).

According to a recent report, more than USD $1.1 billion worth of ETH has been lost forever due to human error. The report estimates that at least 636,000 ETH, which is about 0.5% of the current circulating supply, is now completely inaccessible. However, this figure is only an estimation of the losses caused by human error.

The majority of the funds were lost due to an error in the Parity crypto wallet, which affected about 178 addresses and resulted in the loss of about 514,000 ETH in 2017. In addition, over 12,619 ETH was lost due to typing errors made by users, affecting about 2,638 wallets that made mistaken transactions.

There are also funds housed in wallets that have become inaccessible and assets sent to burn addresses. About 85,476 ETH was lost in the former group, while the latter saw about 24,187 ETH lost.

It's important to note that the actual amount of ETH lost is likely much higher than the reported figures. Conor Grogan, the Director of Product Strategy and Commercial Operations at Coinbase, who shared the report, believes that the estimated losses are just a small portion of the actual losses incurred due to human error.

The report only covers instances where Ethereum is permanently blocked, meaning that the actual losses may be much higher. Additionally, the ETH documented in the report did not have the high dollar value it does now at the time of loss.

This loss of ETH is not an isolated incident. A previous report estimated that around 1.6 million bitcoins, worth around USD $44.8 billion today, have been lost forever. The lesson here is clear: users must be extra careful when handling their cryptocurrency funds, as any mistake can lead to significant losses.

In conclusion, the loss of over 636,000 ETH due to human error is a stark reminder of the responsibility that comes with managing cryptocurrency funds. As the popularity of cryptocurrencies continues to grow, it's essential to be vigilant and take necessary precautions to ensure that you do not fall victim to similar losses.

On-chain analytics firm Santiment recently released data showing that Ethereum (ETH) investors have exhibited varying behaviors over the past year, depending on their holdings. The data indicates that addresses holding between 100,000 and 10,000 ETH, known as “sharks,” have continued to increase their holdings, while “whales” holding between 10,000 and 10 million ETH experienced significant drops in holdings following the FTX meltdown in 2022.

According to the data, sharks added 3.61 million ETH worth approximately $6.3 billion over the past year. On the other hand, whales sold 9.43 million ETH worth $16.4 billion over the same period. This indicates a clear divergence in investment strategies between large and smaller investors in the Ethereum market.

Interestingly, the report notes that since last week, while the price of Ethereum has risen, the whales’ holdings have been decreasing even more rapidly as they actively take profits. This trend suggests that larger investors are trying to capitalize on the recent surge in Ethereum’s price by selling their holdings.

Santiment, the on-chain analytics firm responsible for providing the data for this report, suggests that this change in the distribution of holdings has led to an overall shift in the supply distribution in the Ethereum market. Specifically, it is noted that sharks have been buying Ethereum from whales, resulting in a change in the overall supply distribution.

Despite this change, the report notes that whales still hold more than 51% of the total Ethereum supply, while sharks hold less than 29%. This indicates that while there has been a shift in investment strategies among Ethereum investors, larger investors still hold a significant portion of the market share.

Overall, this report sheds light on the changing dynamics of the Ethereum market and how investors with different holdings have responded to market conditions over the past year. As Ethereum continues to rise in popularity and value, it will be interesting to see how these trends evolve and whether larger investors continue to dominate the market or whether smaller investors are able to gain a larger foothold.

#eth #Ethereum #eth2.0 #ethereumshanghaiupgrade #azcoinnews

This article was republished from azcoinnews.com

After 200 days of transitioning from a proof-of-work consensus mechanism that consumed more energy to a proof-of-stake mechanism, the Ethereum network has seen positive changes. The Merge upgrade, which occurred in September 2022, resulted in a decrease in rewards for network operators. Along with the introduction of a burning mechanism (burning a portion of fees through transactions), this process reduced the supply of ETH.

After The Merge, the total supply of Ethereum decreased by approximately 75,000 ETH (worth $134.5 million), corresponding to an annual decrease of 0.114%. If this event had not occurred, the supply of ETH would have increased by an additional 2.2 million coins (worth over $4 billion at current prices).

@azcoinnews

However, after The Merge, a large amount of ETH staked on the network still cannot be withdrawn to wallets. Therefore, investors can only withdraw their funds after the highly anticipated next Ethereum upgrade, Shanghai, is completed.

As reported by Interlock, Ethereum Foundation announced on March 28th that the Shapella upgrade will take place at epoch 194,048. An epoch on Ethereum consists of 32 blocks, and this epoch is expected to occur on April 13th at 5 am.

In addition, the Lido Finance protocol expects that withdrawals of staked ETH will not be enabled on the main network until mid-May. This is when all network verification and security checks are completed. The project also noted that the waiting time may be extended due to some on-chain technical limitations. Additionally, Lido revealed that it spent $1.2 million on seven audits for Lido V2. This operation aims to address any potential vulnerabilities that could impede the platform’s performance.

The transition to proof-of-stake mechanism has been a long-awaited and highly anticipated event for the Ethereum community. While the reduced supply of ETH may have affected some investors, the shift to a more energy-efficient and environmentally friendly consensus mechanism has been a positive development. With the upcoming Shapella upgrade and the potential for ETH withdrawals, the Ethereum network is poised for further growth and development in the future.

#Ethereum #ETH #crypto2023 #eth2.0 #azcoinnews

This article was republished from azcoinnews.com

🚨 $TOTAL is currently retesting the A&E neckline as support at 1.16T! 📉

This is an important level to watch for traders, as a break below this support could signal further downside for the cryptocurrency. Keep an eye on the price action and volume for potential trading opportunities.

#eth2.0 #hongkongweb3festival2023 #cpi #bitcoin #fantasticdeals

#GMT /USDT 4-Hour chart

GMT

👉 GMT/USDT Token is looking Bullish📊 ✅ good

#eth2.0 #cpi #beth #Binance

Bank of America and Fidelity Management recently purchased over $85 million worth of MicroStratefy's MSTR shares.

As per analysts, inflation is still running high, which could worsen the economic conditions resulting in a recession by mid-2023.

Bitcoin dominance has seen a recovery in the past few days, which could end up being bullish for its price.

Bitcoin has been expected to benefit from the recent bank failures, but this effect is not only visible to the average Joe but to Banks as well. The fall of Silicon Valley Bank, Signature Bank and Silvergate Bank, along with the worsening economic conditions, could act as a potential trigger for a rise in faith in crypto assets.

Banks' reliance on Bitcoin and cryptocurrencies

In an interesting development, the facilitators of the fiat currency have seemingly moved their trust into digital currencies. Banks, by the looks of it, are indirectly stocking up on Bitcoin over the last couple of months as analysts continue to deem the United States' economy doomed. 

Recent reports highlighted that the Bank of America (BoA) and Fidelity Management bought more than $85 million worth of MicroStrategy's MSTR shares in Q1 this year. The Michael Saylor tech company has been an avid accumulator of BTC and, over the last two years, has acquired 140,000 BTC worth over $4.1 billion. 

The company is basically tied to Bitcoin, and its CEO, Saylor, in the past has indicated that over time the cryptocurrency's rising value will justify the company's recent decisions. However, BoA and Fidelity are not the only ones that seem to believe in these claims. Other banks, including Morgan Stanley and State Street Corporation, are also heavily bullish on BTC. Combined, these banks hold over $93 million worth of shares in MicroStrategy.

While many banks have been critical of cryptocurrencies in the past, the Bank of America has stated that Bitcoin acts similarly to Gold as a safe haven. Calling it an inflation hedge due to its fixed supply, BoA considers it to be a safer investment amidst the uncertain macro environment. 

The bank's global research team, in a recent report, also stated,

"Digital currencies appear inevitable. We view distributed ledgers and digital currencies, such as CBDCs and stablecoins, as a natural evolution of today's monetary and payment systems."

Bitcoin investment might work out as economic conditions worsen

Over the last few months, the Consumer Price Index (CPI), aka inflation rate, has been a matter of concern. Despite the inflation rate being set to reduce to 5.2% Year on Year for the month of March 2023, it is still above the Federal Reserve's target rate. With inflation still running high, the spending power could potentially bear a significant impact.

The consequent impact of this on the worsening economy is expected to result in a recession by mid-2023. The Conference Board last month, in its economic forecast, stated,

"We continue to forecast that the US economy will slip into recession in 2023 and expect GDP growth to contract for three consecutive quarters starting in Q2 2023. These changes to the quarterly forecast result in an upgrade to our annual forecast for 2023 and a downgrade to our annual forecast for 2024."

Further, making a case for Bitcoin is the digital asset's increasing dominance in the crypto market. Although BTC dominance was expected to be on a decline, it recovered in the last few days and is holding strong at the moment at 47.78%. This might even end up killing the chances of an alt season, which in return is again good for BTC. 

Hence, the banks' inflation hedge might play out in their favor if the aforementioned conditions are met, potentially increasing investors' confidence in the crypto market. 

#Binance #BNB #BTC #eth2.0 #fomc

Ethereum price started a fresh increase above the $1,880 resistance against the US Dollar. ETH is rising and might soon aim for a move toward $2,000.

Ethereum is attempting a fresh increase above $1,880.

The price is trading above $1,880 and the 100-hourly Simple Moving Average.

There was a break above a key bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD (data feed via Kraken).

The pair could continue to move up if it clears the $1,920 resistance zone.

Ethereum Price Recovers Ground

Ethereum’s price remained well-bid above the $1,800 support zone. ETH started a decent upward move and was able to clear the $1,850 resistance, similar to Bitcoin at $28,800.

There was a break above a key bearish trend line with resistance near $1,860 on the hourly chart of ETH/USD. The pair even climbed above $1,900. A high is formed near $1,915 and the price is now consolidating gains. It is trading above $1,880 and the 100-hourly Simple Moving Average.

Ether is trading nicely above the 23.6% Fib retracement level of the recent increase from the $1,843 swing low to the $1,915 high. Immediate resistance is near the $1,915 level.

The next major resistance seems to be forming near $1,940. An upside break above the $1,940 resistance might send Ethereum toward the $2,000 resistance. Any more gains could send Ether toward the $2,050 resistance. In the stated case, Ether could even attempt a move toward the $2,120 resistance.

Are Dips Limited in ETH?

If Ethereum fails to clear the $1,915 resistance, it could start a downside correction. Initial support on the downside is near the $1,890 level.

The next major support is near the $1,880 zone or the 50% Fib retracement level of the recent increase from the $1,843 swing low to the $1,915 high, below which ether price might drop toward the 100 hourly SMA. Any more losses may perhaps take the price toward the $1,840 level in the near term.

Technical Indicators

Hourly MACD – The MACD for ETH/USD is now losing momentum in the bullish zone.

Hourly RSI – The RSI for ETH/USD is above the 50 level.

Major Support Level – $1,870

Major Resistance Level – $1,915

#ETH #eth2.0 #Ethereum #crypto2023 #BullRun