DeFi & Ethereum News

2023-04-14 07:33:02 Coinbase And Big Exchanges Start To Enable ETH Unstaking Feature

The Ethereum network has just completed the Shanghai upgrade, bringing joy to the ETH community when the number of coins can be recovered after a long time of staking. Coinbase has informed users that they can now unstake ETH. The upgrade, which went live on Wednesday at 10:27 p.m. UTC, allowed validators who have secured the network with over 18 million ETH to begin withdrawals. There are two types of withdrawals: partial withdrawals.

Coinbase and several exchanges have informed the community that it is now possible to unstake their locked ETH. Moreover, some customers on the Kraken exchange are still unable to unstake due to network issues. The Ethereum network has been striving to transition from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus method. PoS is a more energy-efficient and environmentally friendly method of network protection since it does not need miners to conduct complicated computations to verify transactions. Validators must instead “stake” a specific amount of coin in order to participate in the network’s consensus process.

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2023-04-13 06:56:02 Ethereum’s Shanghai Upgrade Only a Small Step Forward: Bank of America

Ethereum first introduced the idea of blockchain operating systems compatible with smart contracts and decentralized applications, but the platform suffers from limited throughput despite benefiting from this first-mover advantage, Bank of America (BAC) said in a research report from last week. The Shanghai upgrade (aka Shapella), due to occur later today.

The Shappella upgrade does not address scalability, “but acts as a precursor for future upgrades, providing a small step forward,” analysts Alkesh Shah and Andrew Moss wrote. Bank of America sees Ethereum upgrades as “significant technological accomplishments, but not necessarily more significant or advanced than those implemented by next-generation blockchains that have emerged as viable alternatives.”. The bank says Ethereum’s likely inability to increase throughput in the short term, and increasing competition from alternative blockchains will constrain its adoption and usage.

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2023-04-12 07:14:02 SEC Is Adding Attorneys to Crypto Enforcement Unit

The U.S. Securities and Exchange Commission is hiring general attorneys for its crypto enforcement division in New York, Washington and San Francisco, according to a job posting. The call for attorneys to join the regulator's Crypto Asset and Cyber Unit, or CACU, comes after the agency said in March that it was "planning to add additional staff" to the unit, which was initially meant to be a 20-person operation but has since doubled in size.

Under Chairman Gary Gensler, the SEC has been cracking down on the crypto industry with renewed vigor since the 2022 market turmoil saw the collapse of big firms in the sector, crypto exchange FTX among them. The attorneys joining the CACU are expected to conduct investigations involving "crypto asset securities," develop litigation plans, draft legal documents including subpoenas and conduct depositions. The CACU "exercises the full range of the Division's investigative and law enforcement powers, and focuses on violations of the federal securities laws," the job posting said. Compensation for the positions range between $140,000 and $260,000 depending on the location.

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2023-04-11 07:14:02 Crypto Exchange Bitget Starts $100M Asia-Focused Web3 Fund

Seychelles-based crypto exchange Bitget has started a $100 million fund targeting Web3 startups as Asian countries build a framework for developing Web3. East Asian countries have been making strides to promote crypto in the last few months, with Hong Kong seemingly easing its crypto regulations and Japan approving a white paper for Web3 development last week.

"Despite the bear run, Bitget has always been supporting promising and innovative projects and the development of the Web3 environment with a focus on BUIDL. The launch of Bitget Web3 Fund is a continuation of our ongoing efforts to drive the adoption of crypto and Web3, reflecting our ‘Go beyond derivative’ strategy in 2023,” Gracy Chen, managing director of Bitget, said to CoinDesk in a statement. A spokeswoman for Bitget said that the fund is self-funded. “Bitget is debt-free with adequate cash flow, thanks to its steady development and fast-growing business,” she said.

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2023-04-10 07:02:02 Paxful Co-Founder Will Repay Users With His Own Money: Doesn’t Wanna Go to Jail

Paxful CEO said he would use his personal funds to reimburse users – and avoid jail. On April 6, Ray Youssef, CEO and co-founder of Paxful, a US-based P2P Bitcoin exchange, announced that he is working on a plan to reimburse users’ funds using his own money in an effort to comply with the law and avoid getting into deeper legal issues following the sudden shutdown of his exchange. Youssef stated that he is at risk of going to jail for failing to comply with court orders concerning.

On April 6, Ray Youssef, CEO and co-founder of Paxful, a US-based P2P Bitcoin exchange, announced that he is working on a plan to reimburse users’ funds using his own money in an effort to comply with the law and avoid getting into deeper legal issues following the sudden shutdown of his exchange. Youssef said in an interview that his troubles are largely due to a legal dispute with Artur Schaback, another Paxful co-founder, who was dissatisfied with his departure from the company and accused Youssef of excluding him from internal operations and making fraudulent fund transfers. Youssef’s goal before facing the current issues was to build a network of decentralized, non-custodial Bitcoin marketplaces.

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2023-04-09 06:56:02 Local prosecutors say Terra-Luna’s Do Kwon has no identifiable assets in South Korea

The arrested crypto fugitive and Terraform Labs founder Kwon Do-hyung, who faces fraud charges in the U.S. and South Korea, has “zero ” identifiable assets in his native South Korea, prosecutors said on Friday. Kwon, who led the US$40 billion Terra-Luna crypto project that collapsed in May last year, was arrested in Montenegro on March 23 for allegedly traveling on forged passports along with Terraform’s chief financial officer Han Chang-jun.

South Korean prosecutors say that nine former and current executives of Terraform Labs illegitimately amassed 414.5 billion Korean won (US$314.2 million) from the project, according to a report from national news broadcaster KBS, which Seoul Southern District Prosecutors confirmed with Forkast via text message. The local authorities have also recently requested Binance and other global exchanges to freeze cryptocurrencies that they allege belong to Shin, a prosecutors’ office spokesperson told Forkast in a text message. While the spokesperson declined to reveal the exact date of the request, she said Binance has not responded to their request.

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2023-04-08 07:31:02 Lido Stakers Can Expect Ether Withdrawals 'No Sooner Than Early May'

Investors who have staked their ether (ETH) through Lido – the dominant liquid staking platform – can expect ETH withdrawals “no sooner than early May,” a Lido protocol developer who goes by Kadmil.eth said in a Twitter space on Thursday. To enable withdrawals on the Ethereum blockchain, Lido needs to properly prepare the launch of its V2 test network and complete several security audits of its V2 upgrade.

While Shapella, a software upgrade that will enable ether withdrawals, is set to occur on April 12, the preparation of Lido’s V2 testnet and completion of its multiple security audits won't be ready by Shapella. LidoDAO community members had previously voted for the software overhaul in early March. Lido’s V2 upgrade is “significant in scope” and the “biggest upgrade” for Lido on Ethereum, where more than 5.9 million ETH have been staked. The V2 upgrade will enable ETH withdrawals on the liquid-staking platform.

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2023-04-07 05:08:02 Ether Circles Above $1.9K as Shanghai Hard Fork Nears

Ether (ETH), the native token of the Ethereum blockchain, circled above $1,900 for much of Wednesday, a week before the Shanghai hard fork. The second-largest cryptocurrency by market capitalization was recently trading at $1,913, up about 2.2%. Earlier in the day ETH surged to $1,941, its highest level since last August. The Shanghai upgrade, also called Shapella, will mark the completion.

Tamplin said ETH is likely to meet its resistance initially near $2,000, “a psychological threshold that roughly aligns with the August 2022 high.” Its initial support is near $1,670, he added. Bitcoin (BTC), the largest cryptocurrency by market value, was about flat from Tuesday, same time, to trade at around $28,280. BTC has been range-bound between $27,000 and $28,500 for much of the past three weeks, ETH continued to turn deflationary, with its annualized inflation rate currently sitting at -0.32%, according to data from ultrasound.money. This means the amount of ETH being burned is more than what is being minted.

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2023-04-06 05:33:02 PancakeSwap AMM V3 TVL Has Reached $125 Million Since The Uniswap Code Was Open Shared

PancakeSwap AMM V3 has attracted $125 million in Total Value Locked. Developers forked the decentralized trading network Uniswap after its business source code license (BSL) ended on April 1. Because the license is only good for two years, the Uniswap paper states that its code will be open-sourced on April 1 this year, as has been scheduled since the upgrade to the V3 edition in 2021. The latest TVL of PancakeSwap AMM V3 has hit 125 million US dollars.

According to Coincu, PancakeSwap debuted Version 3 on the Ethereum and BNB Chain networks on April 3, with performance improvements and lower fees. Improved capital efficiency is a key feature of the upgrade, which includes a shift in how liquidity providers may spend money at specific price intervals. PancakeSwap V3 also contains capital productivity improvements to the platform. According to the makers, they include allowing liquidity suppliers to concentrate their money on smaller price categories, resulting in higher fee earnings from the same amount of donations.

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2023-04-05 05:21:02 Ether Rallies to 8-Month High, Gains Ground Against Bitcoin

Ether (ETH), the native token of Ethereum's blockchain, rose to an eight month high on Tuesday, outshining market leader bitcoin (BTC), as U.S. stock futures traded higher while the dollar index dipped. Ether rose nearly 3% to $1,873, the highest since August, according CoinDesk data. Bitcoin rose 1.7% to $28,300. The ether-bitcoin ratio rose over 1% to 0.066.

Futures tied to Wall Street's tech-heavy index Nasdaq rose 0.35% to a fresh eight-month high, offering bullish cues to risk assets, including cryptocurrencies. Nasdaq futures have rallied over 20% this year, entering a bull market. Ether's outperformance comes as the highly anticipated Shanghai upgrade is now less than two weeks away. The Shanghai upgrade will open withdrawals of ether staked in the Beacon chain since December 2020 and has been widely hailed as a long-term bullish catalyst for ether and liquid staking tokens.

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