Crypto’s Need for Sustainability Standard-Setting Starts Here
Cryptocurrencies have gained strong momentum over the last couple of years, drawing widespread attention from both proponents and skeptics. While investors have lauded digital currencies for their high yields and fiat-based volatility, critics have decried the environmental impacts and the toll the high-powered computing requirements for powering the blockchain are having on the planet.
The reality is crypto’s impact pales in comparison to other sources. For example, Bitcoin (BTC) accounts for only 0.23% of the world’s total energy consumption, and accounts for less than half the energy consumed by the global cement industry. Meanwhile, iron and steel production consumes over 8X the energy of Bitcoin with residential air conditioning alone trumping Bitcoin by a factor of 14.
Of course, regardless of its relative impact, the crypto industry still has a responsibility to do its part to stave off the climate crisis. After all, if the airlines with their giant jet engines can commit to carbon-neutral operations by 2050, surely we can incentivize energy providers to shift to clean energy solutions.
The Crypto Climate Accord (CCA’s) aims to do just that, with participants vowing to reach carbon net zero “operations by 2040. The problem is, there doesn’t seem to be a clear path to get there. Buying carbon credits while sourcing 100% of its energy from a coal-fired power plant is hardly the long-term solution.
Neither of these options solve the fundamental problem: there’s no way to effectively measure a company’s carbon-neutral claim.
Cryptocurrencies have gained strong momentum over the last couple of years, drawing widespread attention from both proponents and skeptics. While investors have lauded digital currencies for their high yields and fiat-based volatility, critics have decried the environmental impacts and the toll the high-powered computing requirements for powering the blockchain are having on the planet.
The reality is crypto’s impact pales in comparison to other sources. For example, Bitcoin (BTC) accounts for only 0.23% of the world’s total energy consumption, and accounts for less than half the energy consumed by the global cement industry. Meanwhile, iron and steel production consumes over 8X the energy of Bitcoin with residential air conditioning alone trumping Bitcoin by a factor of 14.
Of course, regardless of its relative impact, the crypto industry still has a responsibility to do its part to stave off the climate crisis. After all, if the airlines with their giant jet engines can commit to carbon-neutral operations by 2050, surely we can incentivize energy providers to shift to clean energy solutions.
The Crypto Climate Accord (CCA’s) aims to do just that, with participants vowing to reach carbon net zero “operations by 2040. The problem is, there doesn’t seem to be a clear path to get there. Buying carbon credits while sourcing 100% of its energy from a coal-fired power plant is hardly the long-term solution.
Neither of these options solve the fundamental problem: there’s no way to effectively measure a company’s carbon-neutral claim.
The Merge for Ethereum's 'Longest-Lived' PoW Testnet Ropsten Expected 'Around' June 8
Ethereum (ETH)'s Ropsten public testnet, the longest-lived proof-of-work (PoW) testnet that allows for blockchain development testing before deployment on the mainnet, is set to run through The Merge "around June 8."
Ethereum core developer Tim Beiko broke the news on Twitter, detailing that a new Ropsten Beacon Chain was launched on May 30 to provide consensus to the network.
"Ethereum's longest lived PoW testnet is moving to Proof of Stake! A new beacon chain has been launched today, and The Merge is expected around June 8th on the network," the developer said, calling it "the first dress rehearsal."
Beiko detailed that for the Ropsten testnet to undergo the Merge, the Ropsten Beacon Chain will first need to activate the Bellatrix upgrade, which is scheduled at slot 24000, expected on June 2. Subsequently, a Terminal Total Difficulty (TTD) will be chosen to activate The Merge.
"We'll pick a value we expect to hit around June 8 or so. PoW on testnets is hard to estimate, so keep an eye out," the developer added.
The Merge is Ethereum's long-awaited upgrade when the current Ethereum Mainnet will merge with the beacon chain proof-of-stake (PoS) system.
So far, there have been multiple tests to examine how the merge would function, with some of the more notable ones being Kintsugi, Kiln, and shadow forks.
Nevertheless, now it is time for client teams to run Ropsten through The Merge. Since the Ropsten public testnet follows a similar network structure to the Ethereum Mainnet, it is seen as the best replication of the network that would enable developers to test their work in a live setting.
As reported, Ethereum DevOps engineer Parathi Jayanathi submitted a pull request for the Ropsten testnet Merge configuration code in mid-May.
"Merging Ropsten is a huge testing milestone towards Ethereum's mainnet merge later this year," Preston Van Loon, an Ethereum core developer at Prysmatic Labs, said at the time.
At the time of writing, Ethereum is changing hands at USD 1,973, up by 3.7% over the past 24 hours and unchanged in a week. The coin is down by nearly 60% from its all-time high of USD 4,878 recorded in November 2021, according to CoinGecko.
Ethereum (ETH)'s Ropsten public testnet, the longest-lived proof-of-work (PoW) testnet that allows for blockchain development testing before deployment on the mainnet, is set to run through The Merge "around June 8."
Ethereum core developer Tim Beiko broke the news on Twitter, detailing that a new Ropsten Beacon Chain was launched on May 30 to provide consensus to the network.
"Ethereum's longest lived PoW testnet is moving to Proof of Stake! A new beacon chain has been launched today, and The Merge is expected around June 8th on the network," the developer said, calling it "the first dress rehearsal."
Beiko detailed that for the Ropsten testnet to undergo the Merge, the Ropsten Beacon Chain will first need to activate the Bellatrix upgrade, which is scheduled at slot 24000, expected on June 2. Subsequently, a Terminal Total Difficulty (TTD) will be chosen to activate The Merge.
"We'll pick a value we expect to hit around June 8 or so. PoW on testnets is hard to estimate, so keep an eye out," the developer added.
The Merge is Ethereum's long-awaited upgrade when the current Ethereum Mainnet will merge with the beacon chain proof-of-stake (PoS) system.
So far, there have been multiple tests to examine how the merge would function, with some of the more notable ones being Kintsugi, Kiln, and shadow forks.
Nevertheless, now it is time for client teams to run Ropsten through The Merge. Since the Ropsten public testnet follows a similar network structure to the Ethereum Mainnet, it is seen as the best replication of the network that would enable developers to test their work in a live setting.
As reported, Ethereum DevOps engineer Parathi Jayanathi submitted a pull request for the Ropsten testnet Merge configuration code in mid-May.
"Merging Ropsten is a huge testing milestone towards Ethereum's mainnet merge later this year," Preston Van Loon, an Ethereum core developer at Prysmatic Labs, said at the time.
At the time of writing, Ethereum is changing hands at USD 1,973, up by 3.7% over the past 24 hours and unchanged in a week. The coin is down by nearly 60% from its all-time high of USD 4,878 recorded in November 2021, according to CoinGecko.
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Russian Central Bank Prepared to Make Some Concessions on Crypto Regulation
Russia’s staunchly crypto-skeptic Central Bank has indicated that it is prepared to soften its stance on crypto somewhat in order to allow a key piece of legislation to pass – but still favors a block on all domestic crypto-related activity.
Following multiple calls from government organs for crypto to be authorized in international trade deals, the Central Bank made its first public concession on this front yesterday. The bank had previously called for a China-style crypto crackdown.
Per Kommersant and Vedomosti, the bank’s First Deputy Chair Ksenia Yudaeva, said that the Central Bank “in principle” did not “object to the use of cryptocurrencies” in “international transactions” and the use of tokens within the “international financial infrastructure.”
Only last week, the bank’s financial technologies department chief Kirill Pronin had warned that any perceived “legalization” of crypto could lead to a creeping “cryptoization” of the Russian economy.
Yudaeva also remarked:
“The bank maintains its position that the active use of cryptocurrencies within the country, especially in the financial system of Russia, would create great risks and risks for citizens. We believe that in Russia, these risks can be quite big.”
However, Kommersant reported that the bank has also “softened” its position on crypto mining – an industry it had hoped to ban, but has now apparently conceded could be a source of taxable income.
Kommersant further claimed that, per an unnamed “source close to the development” of Russia’s crypto legislation, the bank has been “pushed” into a compromise by “executive authorities.”
Earlier this year, President Vladimir Putin personally called on the bank and the more pro-crypto Ministry of Finance to reconcile their differences.
But Anatoly Aksakov, the head of the State Duma’s Financial Markets Committee, has recently stated that legislation is still being held up by “heated discussions” – likely between the ministry and the Central Bank.
Some experts have claimed that crypto already represents a poor choice of financial tools in the international settlements sphere, including Aksakov, who claimed that America has already preemptively “clamped” the crypto “market” in a bid to tighten sanctions.
Regardless, the media outlets agreed that “judging by Yudaeva’s speech,” the bank’s “position” is “getting closer and closer” to that of the Ministry of Finance.
The ministry wants to label crypto a form of property that can be used in what it would term “international barter transactions” with overseas buyers and vendors – as well as the providers of “intellectual services.”
However, an instructor from the Moscow Digital School, Efim Kazantsev, opined that “the ability of Russian companies to settle their accounts with foreign firms has been greatly reduced due to sanctions, and cryptocurrency can become a good alternative in this situation.”
A legal expert, meanwhile, opined that “as long as crypto has a role in the circumvention of sanctions,” politicians and regulators could continue looking for “options for the regulation of cryptocurrency” – rather than seeking to impose bans.
Russia’s staunchly crypto-skeptic Central Bank has indicated that it is prepared to soften its stance on crypto somewhat in order to allow a key piece of legislation to pass – but still favors a block on all domestic crypto-related activity.
Following multiple calls from government organs for crypto to be authorized in international trade deals, the Central Bank made its first public concession on this front yesterday. The bank had previously called for a China-style crypto crackdown.
Per Kommersant and Vedomosti, the bank’s First Deputy Chair Ksenia Yudaeva, said that the Central Bank “in principle” did not “object to the use of cryptocurrencies” in “international transactions” and the use of tokens within the “international financial infrastructure.”
Only last week, the bank’s financial technologies department chief Kirill Pronin had warned that any perceived “legalization” of crypto could lead to a creeping “cryptoization” of the Russian economy.
Yudaeva also remarked:
“The bank maintains its position that the active use of cryptocurrencies within the country, especially in the financial system of Russia, would create great risks and risks for citizens. We believe that in Russia, these risks can be quite big.”
However, Kommersant reported that the bank has also “softened” its position on crypto mining – an industry it had hoped to ban, but has now apparently conceded could be a source of taxable income.
Kommersant further claimed that, per an unnamed “source close to the development” of Russia’s crypto legislation, the bank has been “pushed” into a compromise by “executive authorities.”
Earlier this year, President Vladimir Putin personally called on the bank and the more pro-crypto Ministry of Finance to reconcile their differences.
But Anatoly Aksakov, the head of the State Duma’s Financial Markets Committee, has recently stated that legislation is still being held up by “heated discussions” – likely between the ministry and the Central Bank.
Some experts have claimed that crypto already represents a poor choice of financial tools in the international settlements sphere, including Aksakov, who claimed that America has already preemptively “clamped” the crypto “market” in a bid to tighten sanctions.
Regardless, the media outlets agreed that “judging by Yudaeva’s speech,” the bank’s “position” is “getting closer and closer” to that of the Ministry of Finance.
The ministry wants to label crypto a form of property that can be used in what it would term “international barter transactions” with overseas buyers and vendors – as well as the providers of “intellectual services.”
However, an instructor from the Moscow Digital School, Efim Kazantsev, opined that “the ability of Russian companies to settle their accounts with foreign firms has been greatly reduced due to sanctions, and cryptocurrency can become a good alternative in this situation.”
A legal expert, meanwhile, opined that “as long as crypto has a role in the circumvention of sanctions,” politicians and regulators could continue looking for “options for the regulation of cryptocurrency” – rather than seeking to impose bans.
Media is too big
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'NFTs May Be New, but This Criminal Scheme Isn't': Ex-OpenSea Head Arrested for NFT Insider Trading
Nathaniel Chastain, former Head of Product at OpenSea, the largest non-fungible token (NFT) marketplace, has been arrested and charged with wire fraud and money laundering in connection with insider trading in NFTs.
On Wednesday, prosecutors in New York’s Southern District accused the 31-year-old of “using confidential information about what NFTs were going to be featured on OpenSea’s homepage for his personal financial gain.”
Chastain was responsible for selecting NFTs that would be featured on OpenSea’s homepage as part of his employment. Typically, the price of an NFT would drastically increase after it is featured on the homepage.
Being aware of this, according to the Justice Department, Chastain allegedly bought such NFTs and then dumped them shortly after they had been featured on the homepage -- for a substantial profit.
The DOJ said that Chastain used OpenSea’s confidential information between June 2021 and September 2021 to secretly purchase "dozens of NFTs" just before they were featured on the homepage and swiftly sell them "at profits of two- to five-times."
Chastain has reportedly purchased the NFTs using several secret wallets and anonymous accounts on OpenSea.
According to US Attorney Damian Williams,
“NFTs might be new, but this type of criminal scheme is not. As alleged, Nathaniel Chastain betrayed OpenSea by using its confidential business information to make money for himself."
As reported, an anonymous thread on Twitter in mid-September first revealed that Chastain might be using insider information to purchase NFTs.
Subsequently, OpenSea confirmed that they learned one of their employees purchased items using confidential information, without disclosing if it was Chastain.
Meanwhile, the incident led to a discussion around the need for decentralized NFT marketplaces.
“Whether or not there is truth to the accusations of insider trading—OpenSea needs to use this as a catalyst to build a more decentralized platform,” said Compound Finance co-founder Robert Leshner at the time. “Centralized systems and their users are vulnerable to bad decisions by humans.”
Nathaniel Chastain, former Head of Product at OpenSea, the largest non-fungible token (NFT) marketplace, has been arrested and charged with wire fraud and money laundering in connection with insider trading in NFTs.
On Wednesday, prosecutors in New York’s Southern District accused the 31-year-old of “using confidential information about what NFTs were going to be featured on OpenSea’s homepage for his personal financial gain.”
Chastain was responsible for selecting NFTs that would be featured on OpenSea’s homepage as part of his employment. Typically, the price of an NFT would drastically increase after it is featured on the homepage.
Being aware of this, according to the Justice Department, Chastain allegedly bought such NFTs and then dumped them shortly after they had been featured on the homepage -- for a substantial profit.
The DOJ said that Chastain used OpenSea’s confidential information between June 2021 and September 2021 to secretly purchase "dozens of NFTs" just before they were featured on the homepage and swiftly sell them "at profits of two- to five-times."
Chastain has reportedly purchased the NFTs using several secret wallets and anonymous accounts on OpenSea.
According to US Attorney Damian Williams,
“NFTs might be new, but this type of criminal scheme is not. As alleged, Nathaniel Chastain betrayed OpenSea by using its confidential business information to make money for himself."
As reported, an anonymous thread on Twitter in mid-September first revealed that Chastain might be using insider information to purchase NFTs.
Subsequently, OpenSea confirmed that they learned one of their employees purchased items using confidential information, without disclosing if it was Chastain.
Meanwhile, the incident led to a discussion around the need for decentralized NFT marketplaces.
“Whether or not there is truth to the accusations of insider trading—OpenSea needs to use this as a catalyst to build a more decentralized platform,” said Compound Finance co-founder Robert Leshner at the time. “Centralized systems and their users are vulnerable to bad decisions by humans.”
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For His First NFT, Jim Carrey Skips Punks, Apes & Goblins - Goes for 'Nature's Relentless Reinvention'
While multiple show business' stars are adding CryptoPunks and Bored Apes to their NFT collections, and Goblins are now the hottest thing in the market, Holywood superstar Jim Carey has stepped into the world of NFTs with his first investment, a work created by photographer Ryan Koopmans and Swedish artist Alice Wexell.
On Twitter, the Canadian-American comedian and two-time Golden Globe winner told his followers that he decided to purchase the NFT because of its artistic values, and in particular, the remarkable way in which it captured nature and its continuous revitalization.
“This one stops me. James Joyce said that’s a good thing. Thank you Ryan Koopmans for gently capturing nature's exquisite and relentless reinvention. BTW you’re my first NFT,” the actor tweeted.
Carey bought the piece via the MoonPay service on NFT marketplace SuperRare for ETH 20 (USD 39,500 at the time).
The comedian’s NFT, ‘Devotion', is a piece from the genesis project ‘The Wild Within’. The artwork series by Koopmans Wexell was designed to bring new life into abandoned buildings from the Soviet era, according to the project’s website.
"Based on real-world physical spaces, an animated rebirth into a digital realm has been created.," said the website.
It further explained that Tskaltub, a town in Georgia, used to be a popular health destination during the Soviet Union, well-known for its "therapeutic water and luxurious sanatoriums," and it was visited by thousands of people between the 1940s and 1980s, including Joseph Stalin and high-ranking officials from Moscow, Russia.
After the Soviet Union collapsed in 1991, the buildings became deserted, and since then, they have been slowly decaying.
Per the website, Koopmans visited this region over several years, exploring the ruins and photographing the spaces, after which he collaborated with Alice Wexell, to digitally introduce vegetation, manipulate the lighting and structure, add sound by Erik Thome, and animate the scenes -- all with the intention of "reviving the empty spaces, essentially bringing life back into the rooms."
While multiple show business' stars are adding CryptoPunks and Bored Apes to their NFT collections, and Goblins are now the hottest thing in the market, Holywood superstar Jim Carey has stepped into the world of NFTs with his first investment, a work created by photographer Ryan Koopmans and Swedish artist Alice Wexell.
On Twitter, the Canadian-American comedian and two-time Golden Globe winner told his followers that he decided to purchase the NFT because of its artistic values, and in particular, the remarkable way in which it captured nature and its continuous revitalization.
“This one stops me. James Joyce said that’s a good thing. Thank you Ryan Koopmans for gently capturing nature's exquisite and relentless reinvention. BTW you’re my first NFT,” the actor tweeted.
Carey bought the piece via the MoonPay service on NFT marketplace SuperRare for ETH 20 (USD 39,500 at the time).
The comedian’s NFT, ‘Devotion', is a piece from the genesis project ‘The Wild Within’. The artwork series by Koopmans Wexell was designed to bring new life into abandoned buildings from the Soviet era, according to the project’s website.
"Based on real-world physical spaces, an animated rebirth into a digital realm has been created.," said the website.
It further explained that Tskaltub, a town in Georgia, used to be a popular health destination during the Soviet Union, well-known for its "therapeutic water and luxurious sanatoriums," and it was visited by thousands of people between the 1940s and 1980s, including Joseph Stalin and high-ranking officials from Moscow, Russia.
After the Soviet Union collapsed in 1991, the buildings became deserted, and since then, they have been slowly decaying.
Per the website, Koopmans visited this region over several years, exploring the ruins and photographing the spaces, after which he collaborated with Alice Wexell, to digitally introduce vegetation, manipulate the lighting and structure, add sound by Erik Thome, and animate the scenes -- all with the intention of "reviving the empty spaces, essentially bringing life back into the rooms."
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👟 Pyramid Walk, a Walk-To-Earn project with its app already available to download on IOS and Android.
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1️⃣ Registration time:
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9PM Monday (Jun 6) - 9PM Tuesday (June 7)
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⏳1 DAY COUNTDOWN TO THE OPENING OF PYRAMID WALK IDO SALE ON BHO PAD ⏳
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👟 Pyramid Walk, a Walk-To-Earn project with its app already available to download on IOS and Android.
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⏰ IDO Guaranteed slot opening
21:00 June 6 - 21:00 June 7 (GMT+7)
⏰ FCFS opening (for public users without staking BHO)
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📲 Instructions for IDO projects registration on BHO Pad
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Indian Terra Investors Brace for Another Blow After LUNA 2.0 Airdrop Under New Tax Laws
Terra network coin holders in India are facing a “double whammy” following the LUNAC and UST crash last month – and could be hit with 30% tax bills from the recent LUNA 2.0 airdrop.
The genesis airdrop was made on May 30, with LUNAC holders distributed tokens now known as LUNA. However, investors in India aren’t as fortunate, due to new tax laws that came into force in April.
Although the text of the law does not specifically address airdrops, and contains “vague” passages – Jay Sayta, a technology and gaming lawyer, was quoted as saying by Bloomberg – this would likely not stop the taxman. In fact, this very ambiguity could work in the tax body’s favor, he opined.
Sayta was quoted as stating:
“The wordings in the law are so vague, including the definition of virtual digital asset and the definition of transfer, that it would be open to litigation of challenge by the tax department. They normally consider the most aggressive view possible with a view to collecting higher taxes, notwithstanding the fact that such a view may result in absurdity.”
The law states that the “transfer” of what lawmakers termed “virtual digital assets” should be taxed at a flat rate of 30%. Tax officers are, the lawyer added, likely to see any coin distribution as income – and thus subject to taxation.
Rajagopal Menon, the Vice President of the WazirX crypto exchange, which is owned by , stated that over 160,000 investors held LUNAC on the exchange on May 9, and “by May 15 the number grew by 77% in India.”
An Indian crypto tax advisor was also quoted as stating that the airdrop “may fit into the existing definition of gifts” – meaning that the flat 30% tax “may not apply.” However, as gifts are also subject to income-graded tax, many would still likely face a bill, even if they could avoid the 30% levy.
Further, selling the tokens could also prove problematic, with the experts opining that a flat 30% tax “will be applied on the incremental income earned regardless how the tokens are categorized” should LUNA rise in value.
Meyyappan Nagappan, a digital tax expert at the legal firm Nishith Desai Associates, was quoted as explaining that in cases where people had received tokens worth more than around USD 644 and this was “treated as gift,” they would “have to pay taxes on it.” However, the lawyer added, “by the time they sell it – if the price falls – then you’ll actually receive less money.”
Terra network coin holders in India are facing a “double whammy” following the LUNAC and UST crash last month – and could be hit with 30% tax bills from the recent LUNA 2.0 airdrop.
The genesis airdrop was made on May 30, with LUNAC holders distributed tokens now known as LUNA. However, investors in India aren’t as fortunate, due to new tax laws that came into force in April.
Although the text of the law does not specifically address airdrops, and contains “vague” passages – Jay Sayta, a technology and gaming lawyer, was quoted as saying by Bloomberg – this would likely not stop the taxman. In fact, this very ambiguity could work in the tax body’s favor, he opined.
Sayta was quoted as stating:
“The wordings in the law are so vague, including the definition of virtual digital asset and the definition of transfer, that it would be open to litigation of challenge by the tax department. They normally consider the most aggressive view possible with a view to collecting higher taxes, notwithstanding the fact that such a view may result in absurdity.”
The law states that the “transfer” of what lawmakers termed “virtual digital assets” should be taxed at a flat rate of 30%. Tax officers are, the lawyer added, likely to see any coin distribution as income – and thus subject to taxation.
Rajagopal Menon, the Vice President of the WazirX crypto exchange, which is owned by , stated that over 160,000 investors held LUNAC on the exchange on May 9, and “by May 15 the number grew by 77% in India.”
An Indian crypto tax advisor was also quoted as stating that the airdrop “may fit into the existing definition of gifts” – meaning that the flat 30% tax “may not apply.” However, as gifts are also subject to income-graded tax, many would still likely face a bill, even if they could avoid the 30% levy.
Further, selling the tokens could also prove problematic, with the experts opining that a flat 30% tax “will be applied on the incremental income earned regardless how the tokens are categorized” should LUNA rise in value.
Meyyappan Nagappan, a digital tax expert at the legal firm Nishith Desai Associates, was quoted as explaining that in cases where people had received tokens worth more than around USD 644 and this was “treated as gift,” they would “have to pay taxes on it.” However, the lawyer added, “by the time they sell it – if the price falls – then you’ll actually receive less money.”
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Get a chance to win a prize pool of up to $200K in the form of KunciCoin and also a first time deposit reward if you are a new member of Bybit Exchange.
You can also claim cashback provided by the Kunci team, First Time deposit ( FTD ) Competition
Create bybit account as many as you can and make your first time deposit min 10 usdt and vote for KUNCI maximum deposit 10000 USDT
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1st = 1000 USDT
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Ethereum's Ropsten Test is 'Almost' Bug-Free, Two More Testnets to Go Before the Merge
The Ropsten test network (testnet) -- also referred to as Ethereum (ETH)'s first dress rehearsal for the upcoming Merge, when the current Ethereum Mainnet will merge with the beacon chain proof-of-stake (PoS) system -- successfully went through The Merge yesterday.
According to the Ethereum Foundation developer Parithosh Jayanthi, the Ropsten testnet hit the selected Terminal Total Difficulty (TTD) of 50000000000000000 at around 16:00 UTC on Wednesday, and subsequently, the chain was merged.
Initially, the participation rate, a measure of how many validators are online and performing their duty, dropped by around 13%. However, the developers were quick to find the missing indexes and helped fix the issues.
"After the fixes were in place, we quickly saw the participation and proposal rates go back up towards ~99%," Jayanthi said. "About what we had pre-merge!"
The Ropsten testnet was "almost" bug-free, the developer said, mentioning some remaining issues. One issue was that "some client pairs timeout while building a block and propose with 0 transactions in them," which would affect the throughput of the chain. "We saw this in shadow forks too! Fixes incoming!" he added.
Nevertheless, the developers will be monitoring the chain for the next couple of weeks in order to "make sure no client pairs go out of sync."
And after that, two more testnets are expected to go through merges as well before the main Merge: Goerli and Sepolia.
Witek Radomski, co-founder and CTO of Enjin (ENJ), commented that “the completed merge of the Ropsten beacon and Proof-of-Work (PoW) chains bodes well for the migration of Ethereum to PoS,” adding:
“As the only PoW testnet, the Ropsten merge replicates the same process that the Ethereum mainnet merge will go through later this summer. Interoperability as such will be unaffected, although success infers fewer delays and greater bandwidth to focus on liberating the exchange of data across chains.”
Dusan Kovacic, Chief Investment Officer at Rockaway Blockchain Fund, said in an emailed commentary that this latest successful merge will “help to determine the date for the Ethereum mainnet deployment,” and as its date nears, “the market demand for trading will likely increase because of speculators, forecasting price volatility correlating with the outcome.”
Post-merge, Kovacic says he expects price/earnings ratio (P/E) will make ETH “a fundamentally strong and now ESG Environmental, Social, and Governance compliant investment,” adding:
“Although user inflows may too increase, it is important to note that the merge will not increase the transaction performance of Ethereum, implying that the average transaction cost will not change.”
At 8:54 UTC on Thursday morning, ETH is trading at USD 1,817, up 0.7% in the past 24 hours and down 0.6% in a week. It's down just over 19% over the past month.
The Ropsten test network (testnet) -- also referred to as Ethereum (ETH)'s first dress rehearsal for the upcoming Merge, when the current Ethereum Mainnet will merge with the beacon chain proof-of-stake (PoS) system -- successfully went through The Merge yesterday.
According to the Ethereum Foundation developer Parithosh Jayanthi, the Ropsten testnet hit the selected Terminal Total Difficulty (TTD) of 50000000000000000 at around 16:00 UTC on Wednesday, and subsequently, the chain was merged.
Initially, the participation rate, a measure of how many validators are online and performing their duty, dropped by around 13%. However, the developers were quick to find the missing indexes and helped fix the issues.
"After the fixes were in place, we quickly saw the participation and proposal rates go back up towards ~99%," Jayanthi said. "About what we had pre-merge!"
The Ropsten testnet was "almost" bug-free, the developer said, mentioning some remaining issues. One issue was that "some client pairs timeout while building a block and propose with 0 transactions in them," which would affect the throughput of the chain. "We saw this in shadow forks too! Fixes incoming!" he added.
Nevertheless, the developers will be monitoring the chain for the next couple of weeks in order to "make sure no client pairs go out of sync."
And after that, two more testnets are expected to go through merges as well before the main Merge: Goerli and Sepolia.
Witek Radomski, co-founder and CTO of Enjin (ENJ), commented that “the completed merge of the Ropsten beacon and Proof-of-Work (PoW) chains bodes well for the migration of Ethereum to PoS,” adding:
“As the only PoW testnet, the Ropsten merge replicates the same process that the Ethereum mainnet merge will go through later this summer. Interoperability as such will be unaffected, although success infers fewer delays and greater bandwidth to focus on liberating the exchange of data across chains.”
Dusan Kovacic, Chief Investment Officer at Rockaway Blockchain Fund, said in an emailed commentary that this latest successful merge will “help to determine the date for the Ethereum mainnet deployment,” and as its date nears, “the market demand for trading will likely increase because of speculators, forecasting price volatility correlating with the outcome.”
Post-merge, Kovacic says he expects price/earnings ratio (P/E) will make ETH “a fundamentally strong and now ESG Environmental, Social, and Governance compliant investment,” adding:
“Although user inflows may too increase, it is important to note that the merge will not increase the transaction performance of Ethereum, implying that the average transaction cost will not change.”
At 8:54 UTC on Thursday morning, ETH is trading at USD 1,817, up 0.7% in the past 24 hours and down 0.6% in a week. It's down just over 19% over the past month.
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Bitcoin Falls Below USD 30K as US Inflation Beats Expectations Again
The price of bitcoin (BTC) fell below the USD 30,000 mark today as US inflation hit 8.6% in May, up from 8.3% in April and above analysts’ expectations.
"While almost all major components increased over the month, the largest contributors were the indexes for shelter, airline fares, used cars and trucks, and new vehicles,” the announcement from the US Bureau of Labor Statistics said.
Contrary to what was expected, today’s inflation number means that a peak in inflation in the US was not reached in March, when the headline consumer price index (CPI) hit 8.5%.
Market participants widely expected the year-over-year inflation number for May to come in unchanged from the month before, according to a Dow Jones survey.
Meanwhile, the so-called core-CPI, which excludes prices on food and energy, came in at 6% year-over-year, down from 6.2% a month earlier.
The consensus among analysts was a core-CPI reading of 5.9%.
Following the release, bitcoin fell to a low of around USD 29,500, before trimming some of its losses. As of 13:00 UTC, 30 minutes into the release, BTC traded at USD 29,660, down about 1.5% on the news. At the same time, ethereum (ETH) traded at USD 1,731, down about 2.7% since the inflation figure came out.
Stocks also generally reacted by trading lower, with S&P 500 stock index futures falling by about 1.5% during the same 30 minutes.
Commenting on the higher-than-expected inflation number, crypto trader and economist Alex Krüger simply called it “horrible.” Others agreed, with for instance Scott Melker, another crypto trader and podcaster, better known as The Wolf of All Streets, saying the US Federal Reserve (Fed) is “gonna come out blazing.”
Citing an unnamed official in the Biden Administration, the Financial Times wrote before the release that supply chain disruptions from COVID-19-related lockdowns in China, as well as the war in Ukraine, are likely to have maintained “upward pressure on inflation in May.”
Also commenting ahead of the release of today’s inflation numbers, Moody’s Analytics chief economist Mark Zandi called the consensus “a very disquieting number.”
“It’s going to re-energize concerns about has inflation peaked,” Zandi was cited by CNBC as saying, before adding that “I think we peaked.”
Others, however, were less sure that the peak has been reached, with Wells Fargo senior economist Sarah House saying in the same article that she does not expect inflation has peaked since she sees more upside for oil prices.
“We’ve seen gasoline hit record levels. And naturally what’s prevented the peak from being behind us is what’s coming out of the energy sector,” House, who expected a headline CPI figure of 8.4%, said.
From the crypto-native world, Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, said in an emailed comment that today’s CPI number will “heavily impact” interest rate decisions from the Fed, and that volatility should be expected.
“It is a highly anticipated event that will create volatility,” Sotiriou said.
The Fed’s vice-chair, Lael Brainard, on June 2 said that the central bank could continue with half-point rate increases through September, and that it would only consider the more typical quarter-point increments after seeing a “deceleration” in monthly inflation numbers.
Meanwhile, China also released its inflation figures for May on Friday, with the year-over-year CPI figure coming in at 2.1%, a far cry from the high inflation levels that are plaguing Western nations.
The Chinese inflation print was slightly below analysts’ expectation of 2.2%, and leaves room for the Chinese government to “increase stimulus further,” China-focused economist David Qu was quoted by Bloomberg as saying.
The price of bitcoin (BTC) fell below the USD 30,000 mark today as US inflation hit 8.6% in May, up from 8.3% in April and above analysts’ expectations.
"While almost all major components increased over the month, the largest contributors were the indexes for shelter, airline fares, used cars and trucks, and new vehicles,” the announcement from the US Bureau of Labor Statistics said.
Contrary to what was expected, today’s inflation number means that a peak in inflation in the US was not reached in March, when the headline consumer price index (CPI) hit 8.5%.
Market participants widely expected the year-over-year inflation number for May to come in unchanged from the month before, according to a Dow Jones survey.
Meanwhile, the so-called core-CPI, which excludes prices on food and energy, came in at 6% year-over-year, down from 6.2% a month earlier.
The consensus among analysts was a core-CPI reading of 5.9%.
Following the release, bitcoin fell to a low of around USD 29,500, before trimming some of its losses. As of 13:00 UTC, 30 minutes into the release, BTC traded at USD 29,660, down about 1.5% on the news. At the same time, ethereum (ETH) traded at USD 1,731, down about 2.7% since the inflation figure came out.
Stocks also generally reacted by trading lower, with S&P 500 stock index futures falling by about 1.5% during the same 30 minutes.
Commenting on the higher-than-expected inflation number, crypto trader and economist Alex Krüger simply called it “horrible.” Others agreed, with for instance Scott Melker, another crypto trader and podcaster, better known as The Wolf of All Streets, saying the US Federal Reserve (Fed) is “gonna come out blazing.”
Citing an unnamed official in the Biden Administration, the Financial Times wrote before the release that supply chain disruptions from COVID-19-related lockdowns in China, as well as the war in Ukraine, are likely to have maintained “upward pressure on inflation in May.”
Also commenting ahead of the release of today’s inflation numbers, Moody’s Analytics chief economist Mark Zandi called the consensus “a very disquieting number.”
“It’s going to re-energize concerns about has inflation peaked,” Zandi was cited by CNBC as saying, before adding that “I think we peaked.”
Others, however, were less sure that the peak has been reached, with Wells Fargo senior economist Sarah House saying in the same article that she does not expect inflation has peaked since she sees more upside for oil prices.
“We’ve seen gasoline hit record levels. And naturally what’s prevented the peak from being behind us is what’s coming out of the energy sector,” House, who expected a headline CPI figure of 8.4%, said.
From the crypto-native world, Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, said in an emailed comment that today’s CPI number will “heavily impact” interest rate decisions from the Fed, and that volatility should be expected.
“It is a highly anticipated event that will create volatility,” Sotiriou said.
The Fed’s vice-chair, Lael Brainard, on June 2 said that the central bank could continue with half-point rate increases through September, and that it would only consider the more typical quarter-point increments after seeing a “deceleration” in monthly inflation numbers.
Meanwhile, China also released its inflation figures for May on Friday, with the year-over-year CPI figure coming in at 2.1%, a far cry from the high inflation levels that are plaguing Western nations.
The Chinese inflation print was slightly below analysts’ expectation of 2.2%, and leaves room for the Chinese government to “increase stimulus further,” China-focused economist David Qu was quoted by Bloomberg as saying.
Desperate Celsius Users Face Liquidations as Crypto Market Tanks, Solvency Debate Begins
Some users of Celsius (CEL), a troubled major crypto lender, are facing liquidations of their trading positions as the crypto market crashes and industry players discuss (in)solvency of Celsius and chances to sue the company.
To make things worse, the company has also suspended withdrawals, Swaps, and transfers between accounts, hindering even those users who have sufficient capital from repaying or adding a margin to their positions.
"I have USDC in my account that I want to use to repay my loan that has a margin call right now, but I can't even repay the damn loan because of the transfer freeze," one Celsius user said, adding:
"That's ridiculous. If the market tanks, Celsius will liquidate my collateral even though I can pay off my loan!!!"
Celsius paused withdrawals, Swaps, and transfers between accounts earlier this morning citing "extreme" market conditions. "We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations," the company said.
Some users argued that the sudden suspension in withdrawals can mean the crypto lender, which claims to offer yields of over 18% on certain cryptoassets, might not have enough assets to honor all withdrawals.
On the other hand, some took the opportunity to slam the company's exceptionally high rates, calling it a "Ponzi," while others discussed the possibility to sue Celsius.
"Whether folks who can't access the crypto they "loaned" to Celsius Network can have the Celsius terms & conditions thrown out will likely turn on the extent to which they can prove something like fraud in the inducement," attorney Grant Gulovsen said.
Pointing out the fact that Celcius can't serve withdrawals now, Mikko Ohtamaa, CEO of algorithmic trading protocol Trading Strategy, said it "means the company is likely somehow insolvent."
"We have seen this behavior before e.g. with MtGox's insolvency in 2014," he added.
However, Ohtamaa noted that bankruptcy is the worst-case scenario. He said that the company might be struggling with a "temporary" liquidity problem, or "a gap in the balance sheet."
In the case of a USD 200m gap in the company's balance sheet, as per Ohtamaa calculations, Celsius users "can still get 50c - 80c for a dollar if the company is winded up properly.
Some users of Celsius (CEL), a troubled major crypto lender, are facing liquidations of their trading positions as the crypto market crashes and industry players discuss (in)solvency of Celsius and chances to sue the company.
To make things worse, the company has also suspended withdrawals, Swaps, and transfers between accounts, hindering even those users who have sufficient capital from repaying or adding a margin to their positions.
"I have USDC in my account that I want to use to repay my loan that has a margin call right now, but I can't even repay the damn loan because of the transfer freeze," one Celsius user said, adding:
"That's ridiculous. If the market tanks, Celsius will liquidate my collateral even though I can pay off my loan!!!"
Celsius paused withdrawals, Swaps, and transfers between accounts earlier this morning citing "extreme" market conditions. "We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations," the company said.
Some users argued that the sudden suspension in withdrawals can mean the crypto lender, which claims to offer yields of over 18% on certain cryptoassets, might not have enough assets to honor all withdrawals.
On the other hand, some took the opportunity to slam the company's exceptionally high rates, calling it a "Ponzi," while others discussed the possibility to sue Celsius.
"Whether folks who can't access the crypto they "loaned" to Celsius Network can have the Celsius terms & conditions thrown out will likely turn on the extent to which they can prove something like fraud in the inducement," attorney Grant Gulovsen said.
Pointing out the fact that Celcius can't serve withdrawals now, Mikko Ohtamaa, CEO of algorithmic trading protocol Trading Strategy, said it "means the company is likely somehow insolvent."
"We have seen this behavior before e.g. with MtGox's insolvency in 2014," he added.
However, Ohtamaa noted that bankruptcy is the worst-case scenario. He said that the company might be struggling with a "temporary" liquidity problem, or "a gap in the balance sheet."
In the case of a USD 200m gap in the company's balance sheet, as per Ohtamaa calculations, Celsius users "can still get 50c - 80c for a dollar if the company is winded up properly.
After Terra and Celsius, Crypto Market Now Might Be Hit With Three Arrows
The major crypto hedge fund Three Arrows Capital (3AC) is rumored to be insolvent, with reports suggesting the firm has already faced massive liquidations and on-chain data indicating large sales of ethereum (ETH) staked on staking provider Lido in the past week.
3AC is one of the largest hedge funds in the crypto industry, and a crash, it is widely believed, would have large and widespread consequences, as the industry was hit by the Terra crash in May, and a major crypto lender, Celsius, got into troubles this week.
The rumors that have circulated about 3AC are largely based on on-chain data from the Ethereum network. The Block reported that the fund has already faced liquidations of several hundred million US dollars.
Per data from blockchain forensics company PeckShield, ETH 15,743 (USD 16m) "supposedly related to 3AC" have been liquidated today.
At the time of writing (09:20 UTC), ETH traded at USD 1,026, down nearly 16% in a day and 44% in a week.
Meanwhile, reports also indicate that the firm has apparently sold large amounts of staked ETH on Lido, represented by stETH tokens, which have come under pressure in the market. At the time of writing, stETH traded at USD 972 (down 16% in a day and 46% in a week) versus USD 1,026 for ETH.
Although each stETH is backed by 1 ETH staked on Ethereum’s Beacon chain (Ethereum 2.0), the actual ETH tokens that are staked remain locked and inaccessible for now.
Earlier on Wednesday, the rumors were for the first time addressed by Zhu Su, the company’s co-founder and CEO:
“We are in the process of communicating with relevant parties and fully committed to working this out,” Zhu wrote in a brief update on Twitter at around 1 AM UTC.
He did not provide any further details.
The statement was met with confusion and more questions by members of the crypto community.
The major crypto hedge fund Three Arrows Capital (3AC) is rumored to be insolvent, with reports suggesting the firm has already faced massive liquidations and on-chain data indicating large sales of ethereum (ETH) staked on staking provider Lido in the past week.
3AC is one of the largest hedge funds in the crypto industry, and a crash, it is widely believed, would have large and widespread consequences, as the industry was hit by the Terra crash in May, and a major crypto lender, Celsius, got into troubles this week.
The rumors that have circulated about 3AC are largely based on on-chain data from the Ethereum network. The Block reported that the fund has already faced liquidations of several hundred million US dollars.
Per data from blockchain forensics company PeckShield, ETH 15,743 (USD 16m) "supposedly related to 3AC" have been liquidated today.
At the time of writing (09:20 UTC), ETH traded at USD 1,026, down nearly 16% in a day and 44% in a week.
Meanwhile, reports also indicate that the firm has apparently sold large amounts of staked ETH on Lido, represented by stETH tokens, which have come under pressure in the market. At the time of writing, stETH traded at USD 972 (down 16% in a day and 46% in a week) versus USD 1,026 for ETH.
Although each stETH is backed by 1 ETH staked on Ethereum’s Beacon chain (Ethereum 2.0), the actual ETH tokens that are staked remain locked and inaccessible for now.
Earlier on Wednesday, the rumors were for the first time addressed by Zhu Su, the company’s co-founder and CEO:
“We are in the process of communicating with relevant parties and fully committed to working this out,” Zhu wrote in a brief update on Twitter at around 1 AM UTC.
He did not provide any further details.
The statement was met with confusion and more questions by members of the crypto community.
Celsius Reportedly Unlikely to Get Bailout Money from Investors
As the downturn triggered by Celsius Network (CEL) continues to impact crypto businesses worldwide, investors behind the business are unlikely to ensure more financing to bail out the troubled crypto lender, "people with knowledge of the situation" told Financial News.
Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and WestCap, a growth-equity firm set up by technology investor and former Airbnb CFO Laurence Tosi, are not expected to inject more funds to help Census, these persons told the news outlet. Last year, WestCap and CDPQ l led a Series B funding round under which some USD 750m was raised for Celsius, bringing the startup’s valuation to more than USD 3bn.
“Few are feeling OK about things,” one person aware of the talks between Celsius and its investors is quoted as saying. “There was more risk in this than fully appreciated”.
Crypto industry players continue to make effort to distance themselves from the damage caused by Celsius. Among others, MakerDAO recently voted to temporarily halt Aave (AAVE)’s capacity to generate DAI for the lending platform’s lending pool without collateral through the DAI Direct Deposit Module (D3M) amid fears that the Celsius fallout could blow up the staked ether (stETH) peg.
However, today, Stani Kulechov, founder of Aave and Lens Protocol, claimed that,
"Celsius has been taking measures to repay borrows on Aave Protocol and supplying more collateral to decrease their exposure."
Meanwhile, the Florida, USA-based company could be facing further trouble as state securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington have launched probes into Celsius Network's decision this week to suspend customer redemptions, Joseph Rotunda, the enforcement director at the Texas State Securities Board told Reuters.
Joseph Borg, Director of the Alabama Securities Commission, confirmed that Alabama, Texas, New Jersey, and Kentucky securities regulators were investigating the matter. Borg said that Celsius has been responsive to the regulators’ questions, but the investigation is still in its initial stages.
As the downturn triggered by Celsius Network (CEL) continues to impact crypto businesses worldwide, investors behind the business are unlikely to ensure more financing to bail out the troubled crypto lender, "people with knowledge of the situation" told Financial News.
Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) and WestCap, a growth-equity firm set up by technology investor and former Airbnb CFO Laurence Tosi, are not expected to inject more funds to help Census, these persons told the news outlet. Last year, WestCap and CDPQ l led a Series B funding round under which some USD 750m was raised for Celsius, bringing the startup’s valuation to more than USD 3bn.
“Few are feeling OK about things,” one person aware of the talks between Celsius and its investors is quoted as saying. “There was more risk in this than fully appreciated”.
Crypto industry players continue to make effort to distance themselves from the damage caused by Celsius. Among others, MakerDAO recently voted to temporarily halt Aave (AAVE)’s capacity to generate DAI for the lending platform’s lending pool without collateral through the DAI Direct Deposit Module (D3M) amid fears that the Celsius fallout could blow up the staked ether (stETH) peg.
However, today, Stani Kulechov, founder of Aave and Lens Protocol, claimed that,
"Celsius has been taking measures to repay borrows on Aave Protocol and supplying more collateral to decrease their exposure."
Meanwhile, the Florida, USA-based company could be facing further trouble as state securities regulators in Alabama, Kentucky, New Jersey, Texas, and Washington have launched probes into Celsius Network's decision this week to suspend customer redemptions, Joseph Rotunda, the enforcement director at the Texas State Securities Board told Reuters.
Joseph Borg, Director of the Alabama Securities Commission, confirmed that Alabama, Texas, New Jersey, and Kentucky securities regulators were investigating the matter. Borg said that Celsius has been responsive to the regulators’ questions, but the investigation is still in its initial stages.
