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Ethereum Developers Successfully Activate the Merge on the Ropsten Testnet

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Ethereum Developers Successfully Activate the Merge on the Ropsten Testnet

Key takeaways:

  • Ethereum developers have successfully merged the Ropsten Testnet to the proof-of-stake beacon chain.
  • The Merge of the Ropsten Testnet is meant to be a test run for the final Merge on the Ethereum mainnet.
  • Transactions have successfully been included in the post-merge Ropsten blocks.
  • The value of Ethereum in the crypto-markets is yet to price in the event.

Ethereum developers have successfully activated the Merge on Ethereum’s Ropsten testnet. The event happened today, June 8th, and involved the Merge of Ropsten’s proof-of-work chain with the proof-of-stake Beacon Chain.

According to Ethereum senior developer Tim Beiko, some transactions have already been included in Ropsten’s post-merge blocks, as announced through the following two tweets.

We do have some missing block proposals, which was a known issue before. Now, client teams will dig into the specifics across each combo 👀 expect a proper update by AllCoreDevs this Friday!

— Tim Beiko | timbeiko.eth 🐼 (@TimBeiko) June 8, 2022

What Next After Ethereum’s Merge on Ropsten

A successful merge on Ethereum’s Ropsten testnet is the first concrete sign that the transition from proof-of-work to proof-of-stake will eventually happen on the mainnet.

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However, the Merge will also be activated on two more testnets (Goerli and Sepolia) before the Mainnet activation. The other testnets of Rinkeby and Kovan may be maintained as is or upgraded separately by the community. The latter two will, however, no longer be monitored by client developers.

Ethereum developers have further pointed out that the Merge is significantly different from previous upgrades in two ways. To begin with, ‘node operators need to update both their consensus and execution layer clients in tandem, rather than just one of the two.’ Secondly, ‘the upgrade activates in two phases: the first at a slot height on the Beacon Chain and the second upon hitting a ‘Total Difficulty’ value on the execution layer.’

Ethereum’s Value is Yet to Price in the Ropsten Merge

With respect to price action, the successful Merge of Ethereum’s proof-of-stake Beacon chain with the Ropsten Testnet has not had a noticeable impact on the price of ETH in the crypto markets. Before the Merge on Ropsten, Ethereum was trading at roughly $1,800 and has continued to trade at this support zone post-merge.

The daily ETH/USDT chart below further hints at a bearish scenario for Ethereum as it trades below the 50-day (white), 100-day (yellow), and 200-day (green) moving averages.

Ethereum Developers Successfully Activate the Merge on the Ropsten Testnet 14

Also from the daily MACD and trade volume, it can be observed that buying interest in Ethereum continues to be low in June. Additionally, the daily RSI and MFI point to a bearish short-term future for Ethereum that could lead to a drop to the local low of $1,703 set in early May due to UST’s collapse.

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Binance CEO Changpeng Zhao on crypto skeptics: ‘no need to ignore them’

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Binance CEO Changpeng Zhao on crypto skeptics: ‘no need to ignore them’

Bitcoin has been called just about anything and virtually “nothing” by skeptics over the years.

If you did a little checking, you would note that perhaps the most bile towards the revolutionary technology maybe coming from what Binance CEO Changpeng Zhao calls “experienced and respected crypto skeptics.”

So how does the crypto market “address” this group of influential personalities and experts?

In his latest blog published on Friday, Zhao says “walk a mile in their shoes”, get to understand where their perspective has formed. Importantly, why take everything to heart when this is all normal and expected behavior.

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Being protective and defensive doesn’t always come from a maligned place. Good-faith actors want to protect their users and community. Central banks, regulators, and financiers, in most cases, want to avoid risk and provide security. So when people ask me how I deal with trusted, respected professionals admonishing crypto, I try to walk a mile in their shoes,” he wrote.

Don’t take ‘everything to heart’, CZ says

You have heard it all, you are engaging some of them – and clearly, they seem not to understand what crypto is. Instead of ‘ignoring’ their criticism, try to understand their views from the perspective of “their experience and position.”

This is how you end up extracting value from whatever criticism they advance.   And once you do that?

There’s no need to ignore them or take everything to heart once you’ve dug a little bit deeper,” Zhao advises.

There is a lot one can take from the Binance chief’s take on crypto critics and how to go about getting to know that what they say comes from a certain point of view.

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In a nutshell, blockchain technology is disruptive technology – and like any other new technology that actually disrupts – it’s more likely than not to be met with some skepticism from those who might feel threatened by it.

You can read all of CZ’s argument on the Binance blog.

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BIFI Price Prediction as Beefy Finance Crawls Back

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BIFI Price Prediction as Beefy Finance Crawls Back

The BIFI price has crawled back as yield-optimizing blockchain projects bounce back. Beefy Finance’s token is trading at $0.0082, which is a few points above the intraday low of $0.0077. The current price is about 92% below the highest level in 2021. As a result, its total market cap has crashed to more than $37 million.

Yield optimizer token jumps

Beefy Finance is a leading player in the decentralized finance (DeFi) industry. Its business model is that it offers a multi-chain yield optimizer that allows users to earn compound interest on their crypto holdings. 

By comparing yields of various platforms, Beefy then selects the coin with the biggest yield. It simply maximizes returns from various liquidity pools and automated market-making projects. Beefy is compatible with the leading blockchains like Fantom, BNB Chain, Polygon, Avalanche, and Arbitrum among others.

According to DeFi Llama, the total value locked in Beefy Finance has been in a downward trend. It has crashed from an all-time high of over $1.22 billion to the current $259 million. This decline is in line with that of other DeFi protocols.

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BIFI is the governance token for Beefy Finance. The BIFI token has jumped in the past few hours as other yield optimizers rebound. For example, YFII price has jumped by more than 300% in the past two days. Similarly, Yearn Finance has also jumped. Other DeFi tokens like Uniswap and AAVE have also rallied.

This performance is mostly because of the overall rebound of cryptocurrencies and US equities. The Dow Jones index has rallied by more than 3%. Another reason is that investors are simply buying the dip after the coin crashed hard in the past few months.

BIFI price prediction

The four-hour chart shows that the BIFI price has been in a strong bearish trend in the past few months. The sell-off accelerated after the coin moved below the important support level at $0.0133, which was the lowest level in May. It has also crashed below the 25-day and 50-day moving averages.

Therefore, Beefy Finance price will likely continue falling as bears target the next key support level at $0.0070. A move above the resistance at $0.01 will invalidate the bearish view.

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Should you buy Origin Protocol as it maintains above the oversold bottom?

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Should you buy Origin Protocol as it maintains above the oversold bottom?

  • Origin Protocol aims to enhance NFT and DeFi adoption

  • Origin Protocol’s OGN token hit an all-time high of $3.45 in March 2021

  • The token is currently consolidating and has met resistance

As non-fungible tokens gained momentum in 2021, Origin protocol (OGN/USD) was expected to grow. Its native token was trading at a mere $0.13 at the start of 2021, rising to a high of $3.45 the same year. At the current trading of $0.25, OGN is a shadow of itself from last year’s highs. Continued bearish weakness in crypto is contributing to the downside.

Origin Protocol is a blockchain platform that seeks to enhance mainstream adoption of NFTs and DeFi. The protocol was founded in 2017 with the objective of enabling commerce on blockchains. OGN is the governance and utility token powering the Origin Protocol. The digital asset allows holders to vote on proposals governing the underlying protocol. The number of circulating OGN tokens is 388,570,732.54 from a total supply of 1,000,000,000 and an equivalent hard cap. We believe investors should monitor OGN based on key technical aspects.

OGN consolidates close to an oversold bottom

Source: Tradingview

Technically, OGN is trading at a $0.26 resistance level. The token entered the oversold zone when it hit the $0.19 support level, with an RSI reading of 24. The RSI is currently at 51, showing that the token is escaping the oversold bottom. However, it has hit the resistance zone.

From the above technical perspective, OGN remains an ideal investment in the short term. We are yet to find a lasting bullish momentum as the token remains in consolidation mode. The broader cryptocurrency market remains largely bearish, and the OGN could remain subdued. An ideal buy entry on OGN is on a retracement to the $0.19 support level or a break above the $0.26 resistance. In the meantime, investors can capitalize on the short-term opportunities within the consolidation zone.

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Summary 

Origin Protocol holds a place in the NFT and DeFi space. Its native token is yet to recover after a crypto crash. Investors can take advantage of short-term opportunities as the token consolidates below the $0.19 resistance.

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