Apex Crypto News – Ethereum 2.0 Final Testnet Set to Launch on August 4

Apex Crypto News - Ethereum 2.0 Final Testnet Set to Launch on August 4

The long awaited Ethereum 2.0 network upgrade has taken one step closer to launch with a preliminary date announced for the final planned public testnet. 

The platform’s launch coordinator, Danny Ryan (@djrtwo) shared the news on the testnet’s discussion board on Discord. 

“After discussions with client teams, the next multi-client testnet (mainnet config including min validator numbers) will have a min genesis time of August 4th,”

Further details would be made public in a couple of days, the Ethereum developer added.

Phase 0 of ETH 2.0 has been running on various testnets since the genesis block was created for Beacon Chain in April. Phase 0 is the first stage in the long awaited upgrade to Proof-of-Stake and will dramatically increase transaction speeds.

Instead of the current Proof-of-Work system which involves miners, ETH 2.0 will be secured by users putting up a minimum of 32 ETH stake to run a validating node. 

Beacon Chain went live on the initial testnet, called Sapphire, in April using smaller 3.2 ETH deposits. Following its success, full 32 ETH nodes went live in May on the Topaz testnet and staking rewards were issued.

The Onyx testnet commenced in June and was running steadily with around 20,000 validators by the end of the month. Finally, the Altona coordinated multi-client testnet for Phase 0 went live in early July to ensure stability before a public testnet could be rolled out. 

Prysmatic Labs have conducted most of the previous testing. The Prysm ETH 2.0 client was successfully audited last week by blockchain security and auditing firm Quantstamp. A weekend blog post by Prysmatic confirmed that its developers are “so close” to launching a final multi-client public testnet.

Ethereum has faced increased pressure recently from a surge in stablecoin issuance and the DeFi boom. Gas usage and network fees have skyrocketed to record levels leaving the platform open to criticism from its detractors.

In the interim, Layer 2 scaling solutions could alleviate these bottlenecks and bring gas fees back down to sustainable levels. But in the long run there is a lot riding on Ethereum 2.0.

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Source: apexcryptonews.com


Ethereum Soars To $270: Here’s Why ETH Could Rally Further To $285 | NewsBTC

Ethereum Soars To $270: Here’s Why ETH Could Rally Further To $285 | NewsBTC

Ethereum rallied over 8% and it surged above the crucial $250 resistance against the US Dollar. ETH price is trading in a strong uptrend and it could continue to rise towards $280 or $300.

  • Ethereum is up more than 8% and it broke the $250 and $260 resistance levels.
  • The price is now trading well above the $250 barrier and the 100-day simple moving average.
  • There is a significant bullish trend line forming with support near $244 on the daily chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards the $280 and $285 levels in the near term.
  • In the past 5-6 days, Ethereum formed a strong uptrend above the $220 pivot level against the US Dollar. ETH price started a nasty upward move and it broke a few important hurdles near the $250 level.

    The bulls were able to gain strength after the $250 resistance break and the price settled well above the 100-day simple moving average. Ether is up over 8% in the past three sessions and it is even broke the $260 level.

    A new monthly high is formed near $270 and the price is currently consolidating gains. An initial support is near the $260 level. It is close to the 23.6% Fib retracement level of the recent rally from the $230 swing low to $270 high.

    Ethereum Price

    Ethereum price rallies above $260. Source: TradingView.com

    The main support is now forming near the $250 level (the recent breakout zone). More importantly, there is a significant bullish trend line forming with support near $244 on the daily chart of ETH/USD.

    The trend line is close to the 50% Fib retracement level of the recent rally from the $230 swing low to $270 high. On the upside, the $270 level is an immediate resistance. If ether price breaks $270, the bulls are likely to aim a test of the $280 and $285 resistance levels. Any further gains could lead the price towards $300 in the coming days.

    If Ethereum starts a downside correction below the $260 support, it is likely to find a strong buying interest near the $250 pivot level.

    Any further losses below the $250 support and the trend line support could lead the price towards the $220 support zone and the 100-day simple moving average.

    Technical Indicators

    Daily MACD – The MACD for ETH/USD is moving strongly in the bullish zone.

    Daily RSI – The RSI for ETH/USD is currently near the 70 level.

    Major Support Level – $250

    Major Resistance Level – $270

    Take advantage of the trading opportunities with Plus500

    Risk disclaimer: 76.4% of retail CFD accounts lose money.

    Source: www.americancryptoassociation.com


    Ethereum’s 2020 Defi Boom Doubles Active Ether Addresses, But Fees Skyrocket

    Ethereum’s 2020 Defi Boom Doubles Active Ether Addresses, But Fees Skyrocket

    ethereum’s-2020-defi-boom-doubles-active-ether-addresses,-but-fees-skyrocket

    The number of active Ethereum addresses has grown aggressively in 2020 because of the decentralized finance (defi) boom. Active Ethereum addresses doubled in size leaving networks like Tron, Cardano, and EOS in the dust.

    There’s a lot happening in the world of decentralized finance (defi) with things like synthetic bitcoin (WBTC), stablecoins, yield farming, decentralized exchange (dex) platforms, and more crafted on the Ethereum network. Since the end of 2019, data from Coin Metrics and Messari.io indicates that Ethereum addresses doubled in size throughout the year.

    Active ETH addresses have superseded BTC active addresses by a long shot and this has been sparked by 2020’s defi bonanza. Additionally, decentralized exchange (dex) trade volumes have touched $1.6 billion this month and there were $160 million in dex swaps during the last 24 hours. The top three platforms today as far as the most exchange volume today include Curve, Balancer, and Dydx according to Dune Analytics.

    Data also shows the number of ETH-based smart contract platform active addresses has outpaced other Ethereum competitors. Coins like TRX, EOS, ADA, and XTZ have been eclipsed. However, Messari researcher Wilson Withiam tweeted about the defi situation and Ethereum’s smart contract war competitors.

    “In the last year, thirteen Ethereum competitors have raked in over $300 million combined,” Withiam said. “Almost all were valued well north of $100 million.”

    Ethereum is also seeing a significant amount of stablecoin use between all the ERC20-based stablecoins buzzing around the network. One of the biggest ETH-based smart contracts is the most popular stablecoin in the world, tether (USDT). According to Etherscan stats, there’s a whopping 6,037,847,550 USDTs in circulation using the ERC20 standard.

    Moreover, the great number of other stablecoin projects in existence like Dai (DAI), Usd coin (USDC), Trueusd (TUSD), and Pax standard (PAX) are all ERC20 tokens. Ethereum is also doing some heavy lifting for the BTC chain and acting as a fluid sidechain. There is $114 million total-value-locked (TVL) in the ERC20 token called WBTC that is backed 1:1 by bitcoin (BTC). Other chains like renBTC and sBTC are moving synthetic BTC on the Ethereum chain as well.

    All of this action taking place in the Ethereum ecosystem has developed a large number of active Ethereum addresses but there have been a number of issues. The fees needed to interact with an ERC20 smart contract has been high and cryptocurrency proponents have been complaining about the issue regularly.

    What cryptocurrency will become the main one in a year?
    BitcoinEthereum

    For instance, it cost over $4 and 100 MANA to register a name (interact with a smart contract using Metamask) on Decentraland on July 21, 2020. Fees have been a significant nuisance to Ethereum users yield farming and interacting with defi as some gas fees have reached 100 gwei.

    Ethereum’s cofounder Vitalik Buterin said on Tuesday that the transaction fee revenue could possibly undermine the chain’s security.

    “Transaction fee revenue is now nearing half as high as block reward revenue,” Buterin tweeted. “This actually risks making ethereum *less* secure because of fee market reform (ie. EIP 1559) fixes this; another reason why that EIP is important.”

    Additionally, the management team behind Maker and the Compound project community have been at odds lately as gainful DAI yield on Compound has created stability issues for the stablecoin DAI. The discussion has been very topical for individuals like Cyrus Younessi, the Head of Risk at the Maker project.

    Another controversial discussion in regard to stablecoin use on the Ethereum chain is the fact that a number of stablecoin addresses from USDT and USDC have been frozen. A number of skeptics believe that the ability to blacklist a token via an Ethereum smart contract threatens defi and puts the term “decentralized finance” into question.

    What do you think about Ethereum’s active addresses doubling in 2020? Let us know what you think about this subject in the comments section below.

    The post Ethereum’s 2020 Defi Boom Doubles Active Ether Addresses, But Fees Skyrocket appeared first on Bitcoin News.

    https://news.bitcoin.com/ethereums-2020-defi-boom-doubles-active-ether-addresses-but-fees-skyrocket/

    The post Ethereum’s 2020 Defi Boom Doubles Active Ether Addresses, But Fees Skyrocket appeared first on BTC Ethereum Crypto Currency Blog.

    Source: cryptomoneyteam.co

    Author: By TeamMMG


    Ethereum Soars To $270: Here’s Why ETH Could Rally Further To $285

    Ethereum Soars To $270: Here’s Why ETH Could Rally Further To $285

    Ethereum

    Ethereum rallied over 8% and it surged above the crucial $250 resistance against the US Dollar. ETH price is trading in a strong uptrend and it could continue to rise towards $280 or $300.

  • Ethereum is up more than 8% and it broke the $250 and $260 resistance levels.
  • The price is now trading well above the $250 barrier and the 100-day simple moving average.
  • There is a significant bullish trend line forming with support near $244 on the daily chart of ETH/USD (data feed via Kraken).
  • The pair is likely to continue higher towards the $280 and $285 levels in the near term.
  • In the past 5-6 days, Ethereum formed a strong uptrend above the $220 pivot level against the US Dollar. ETH price started a nasty upward move and it broke a few important hurdles near the $250 level.

    The bulls were able to gain strength after the $250 resistance break and the price settled well above the 100-day simple moving average. Ether is up over 8% in the past three sessions and it is even broke the $260 level.

    A new monthly high is formed near $270 and the price is currently consolidating gains. An initial support is near the $260 level. It is close to the 23.6% Fib retracement level of the recent rally from the $230 swing low to $270 high.

    Ethereum Price

    Ethereum price rallies above $260. Source: TradingView.com

    The main support is now forming near the $250 level (the recent breakout zone). More importantly, there is a significant bullish trend line forming with support near $244 on the daily chart of ETH/USD.

    The trend line is close to the 50% Fib retracement level of the recent rally from the $230 swing low to $270 high. On the upside, the $270 level is an immediate resistance. If ether price breaks $270, the bulls are likely to aim a test of the $280 and $285 resistance levels. Any further gains could lead the price towards $300 in the coming days.

    If Ethereum starts a downside correction below the $260 support, it is likely to find a strong buying interest near the $250 pivot level.

    Any further losses below the $250 support and the trend line support could lead the price towards the $220 support zone and the 100-day simple moving average.

    Technical Indicators

    Daily MACD – The MACD for ETH/USD is moving strongly in the bullish zone.

    Daily RSI – The RSI for ETH/USD is currently near the 70 level.

    Major Support Level – $250

    Major Resistance Level – $270

    Take advantage of the trading opportunities with Plus500

    Risk disclaimer: 76.4% of retail CFD accounts lose money.

    Aayush Jindal

    Source: www.newsbtc.com

    Author: Aayush Jindal


    Apex Crypto News - Ethereum 2.0 Final Testnet Set to Launch on August 4


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