Category: Ethereum 2.0

ETH 2.0 Contract Exceeds 7.4 Million Ether, Close to $30 Billion Locked, Liquid Staking Pools Grow

ETH 2.0 Contract Exceeds 7.4 Million Ether, Close to $30 Billion Locked, Liquid Staking Pools GrowThe Ethereum 2.0 contract now has more than 7.4 million ether worth over $29.3 billion using today’s ether exchange rates. According to statistics, the smart contract address is the largest holder of ethereum out of all the wallets in existence. Ethereum 2.0 Contract Nears $30 Billion In the early days, the Ethereum (ETH) protocol was […]

Five DeFi projects and Kraken tip in $250K each to support Eth2 client teams

The Ethereum Foundation will pass the donations on to open-source developer teams including Besu, Erigon, Geth, Nimbus and Nethermind.

A group of DeFi projects and U.S. crypto exchange Kraken have donated $250,000 each to the Ethereum Foundation to support client teams working on the Ethereum (ETH) 2.0 upgrade.

On Aug. 24 the Ethereum Foundation announced that the donations were made by Kraken, Compound Grants, Lido, Synthetix, The Graph and Uniswap Grants. The funds will supplement the funding provided by the foundation earlier this year, to support Ethereum execution layer teams.

“Ethereum’s diverse client ecosystem is at the foundation of all that we’re building together. This includes both execution-layer and consensus-layer clients, both of which are essential parts of Ethereum’s post-merge future,” the announcement read.

The donations totaling $1.5 million will go to open-source developer teams including Besu, Erigon, Geth, Nimbus and Nethermind, who will provide “critical infrastructure for the network” post-merge of ETH 1.0 and ETH 2.0 — which will see ETH’s transition from proof of work to a proof of stake mechanism.

Kraken CEO and co-founder Jesse Powell stated that the firm was proud to be “giving back to the courageous builders who are hard at work on the front lines of crypto innovation.”

According to Kraken, by July the exchange's users had already staked 800,000 ETH in Eth2, worth $2.5 billion at current prices. At the time the platform stated it had distributed 25,300 ETH in rewards generated from client staking.

Related: Eth2 staking contract ranks as single-largest Ether hodler with $21.5B

“This project represents an effort to secure Ethereum’s long-term growth, health and decentralization. Each of these elements can be exemplified by client diversity, strength of the teams themselves, and our confidence that Ethereum will continue to succeed as they succeed,” the announcement read.

Earlier this month the Ethereum Improvement Proposal (EIP) 1559 upgrade went live, which introduced a burning mechanism as part of its adjusted gas fee structure. At the time of writing, Etherscan data shows that there is currently 4.85 ETH worth roughly $15,300 being burned per minute.

Ethereum Community Gears up for the Long-Awaited London Fork Set to Go Live on August 5

Ethereum Community Gears up for the Long-Awaited London Fork Set to Go Live on August 5The Ethereum community has been gearing up for the highly anticipated London Network Upgrade which should take place on August 5 around 2:00 p.m. (EDT). Node operators have been asked to upgrade their nodes as soon as possible, as the upgrade is scheduled to take place at block height 12,965,000. Ethereum Set to Fork on […]

Ethereum’s London hard fork expected to arrive on Thursday, ushering in EIP-1559

Think Ethereum is going to morph into a deflationary asset over night? Not so fast!

Ethereum’s London upgrade is set to activate on Thursday, according to the countdown available on “The London upgrade is scheduled to go live on Ethereum in August 2021, on block 12,965,000,” reads. “It will introduce EIP-1559, which reforms the transaction fee market, along with changes to how gas refunds are handled and the Ice Age schedule.”

Ethereum Improvement Proposal 1559, or EIP-1559, will directly affect how the network handles transaction fees. Going forward, each transaction will burn a base fee, thereby decreasing the asset's circulating supply, and give users the option of including a tip to help incentivize speedier confirmations proportionate to network demand. The London fork will also introduce other EIPs, such as EIP-3541, according to a blog post from the Ethereum Foundation in mid July.

Twitter user korpi pointed out a number of notable points regarding EIP-1559 in a tweet thread on Monday.

“What everyone is excited about is $ETH burn,” korpi said in the tweet thread after discussing a number of other points regarding the Ethereum upgrade. Korpi added:

“After EIP-1559 part of the transaction fee is burned and removed from circulation. But it doesn't mean that ETH immediately becomes a deflationary asset. For that to happen ETH burned must be higher than ETH issued in block rewards.”

Ethereum’s London hard fork is part of its Ethereum 2.0 journey — which will ultimately change the network's consensus algorithm from proof-of-work, or PoW, to proof-of-stake, or PoS.

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