Ethereum traders say ETH price at risk of a deeper correction to $1.6K

Multiple analysts believe that Ethereum price is likely to touch new lows near $1,600.

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By The Numbers: Over 1 Million New Crypto Tokens Launched Since April

The crypto community created over one million tokens across all chains in the past month, with Solana and Ethereum leading the crypto token frenzy. According to Coinbases director, these numbers doubled the tokens created in Ethereum between 2015 and 2023. Related Reading Over 22,000 New Crypto Tokens Created Daily Coinbases director Connor Grogan shared on [...]

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Unmasking Ethereum’s Mysteries: An In-depth Guide to Using Etherscan

Navigate the Ethereum network with ease as we unravel Etherscan - the tool that brings transparency and accountability to Ethereum. Learn to check transactions, examine blocks, monitor addresses, verify smart contracts, and more.

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Getting Cheaper, Getting Higher? Ethereum Dencun Upgrade And The Potential For ETH To Rise Back Above $4,000

The highly anticipated Dencun upgrade for the Ethereum (ETH) ecosystem is on the horizon, promising to bring significant cost reductions and notable changes to Layer 2 (L2) networks. The update, scheduled for March 13, will introduce a new data storage system known as blobs, reducing congestion on the Ethereum network and driving key new features in various areas.  Ethereum Dencun Upgrade As highlighted in a recent Bloomberg report, Dencun aims to reduce the cost of Layer 2 networks such as Arbitrum (ABR), Polygon (MATIC), and Coinbase’s Base by enabling previously costly transactions to become significantly cheaper.  In particular, transactions that used to cost $1 can now cost as little as one cent, the report notes, while others that used to cost cents can be reduced to a fraction of a cent. This cost reduction is expected to improve the end-user experience greatly and is a significant improvement over previous upgrades such as the September 2022 Merge. Related Reading: Solana Demand Soars As Institutions Buy Up SOL At A Massive 870% Premium One of the most crucial aspects of the Dencun upgrade is the introduction of blobs, a new type of data repository for Layer 2 networks. Currently, Layer 2 blockchains store their data on the Ethereum network, leading to substantial storage costs passed on to applications and users.  However, with blobs, Layer 2s will store their data for a significantly shorter period, about 18 days, resulting in lower costs. While this shift sacrifices storing a complete record of all transactions forever, it frees up more space on the Ethereum network for other transactions, reducing congestion. AI-Driven Trading Strategies According to the report, introducing blobs through the Dencun upgrade also paves the way for using artificial intelligence (AI) in various applications. For example, games can incorporate AI-driven non-player characters, enabling advanced gameplay capabilities and a deeper experience.  In decentralized finance (DeFi), automated market makers can incorporate “complex trading strategies” driven by AI models. This newfound flexibility and complexity are expected to foster innovation and drive the development of advanced applications in the Ethereum ecosystem. In addition, the Dencun upgrade is expected to reduce the operating costs of Layer 2 chains significantly. Previously, launching and operating a Layer 2 project required considerable venture capital backing. However, Bloomberg reports that with the cost reductions brought about by Dencun, small teams may be able to launch and maintain Layer 2 chains.  While the adoption of blobs and the associated cost advantages are expected to drive immediate benefits, it is worth noting that the cost of blobs may increase over time as demand grows.  How Could Dencun Boost ETH Price? While the price of ETH has corrected by over 3% in the past 24 hours, resulting in a current trading price of $3,916, the Dencun upgrade holds the potential to have a positive impact on its price. The upgrade aims to significantly reduce costs for Layer 2 networks and enhance the overall user experience, making Ethereum a more appealing platform for decentralized applications (dApps) and other use cases. By lowering transaction fees and improving scalability, Dencun could attract more users and developers to the Ethereum ecosystem, potentially driving up demand for ETH tokens. Related Reading: Expect A Bitcoin Scarcity Crisis In 6 Months, BTC To $100,000? Despite the ongoing correction, it is worth noting that the current price of ETH is not far from its two-year high of $4,084. However, it’s important to consider that the price has formed a double top pattern on the daily time frame for two consecutive days, which may present a near-term hurdle for ETH’s price. The market’s reaction and the ability of ETH to surpass its nearest resistance level remain to be seen. Featured image from Shutterstock, chart from TradingView.com

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Coinbase Launches An Ethereum L2 Network For Decentralized Apps

Coinbase, one of the largest crypto exchanges globally, announces the launch of an Ethereum Layer-2 Network, Base. What- Coinbase launches its Ethereum Layer- 2 blockchains [...]

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What Will Happen On The Day Of The Ethereum Network Update?

Expectation is growing around Ethereum's transition from Proof of Work (PoW) to Proof of Stake (PoS).

Continue reading What Will Happen On The Day Of The Ethereum Network Update? at DailyCoin.com.

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Ethereum network is at ‘pivotal moment’, says BTC Markets CEO

Caroline Bowler, the chief executive officer of Australian-based digital asset exchange BTC Markets, says Ethereum (ETH/USD) is peering at what could be the most pivotal moment in crypto and for the blockchain network.

Bowler commented on the imminent “Merge” upgrade while speaking to “Bloomberg Daybreak: Asia” on Friday.

“So this is a really pivotal moment for the Ethereum network. As we know this is the second largest cryptocurrency by market cap and is also known as the utility platform. This is the layer upon which the blockchain economy is going to be built. The importance of this … to use an analogy to regular life, would be as if you’re trying to change the engine of a plane mid-flight.”

The BTC Markets CEO noted that while the Ethereum network is “pivoting away from the proof of work consensus mechanism”, the merge is not just about flipping to a totally different type of consensus model. It’s also about laying the foundation for a complete overhaul of the ecosystem, especially in the quest for higher scalability, and cutting the environmental impact of PoW mining.

Ethereum co-founder Vitalik Buterin noted that even with the merge, the network’s development would only be around 55% complete. So, vulnerabilities and such other unforeseen circumstances could expose the network. Read more here.

But despite there being potential potholes, Bowler says the switch remains audacious and that the risks involved even in an untested environment, are worth taking.

“They pull off this successfully, it is going to become the flag bearer for the block chain economy,” she added.

Post-merge developments will enhance Ethereum’s robustness and see more and more business tap into and build on the PoS network. And with the growth cycle, the expectation is that the price of ETH will begin to rise.

Bowler’s comments come after Ethereum’s latest testnet Goerli, the third and final testnet before the highly anticipated Merge. The activation of Goerli added to previous testnet Ropsten and Sepolia – all successful and bringing Ethereum on the verge of the Merge going live. That event is expected in September.

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Yuga Labs Apologizes for Disrupting the Ethereum Network With Its $561M Otherside Sale

On April 30, Yuga Labs, the creator of one of the most popular non-fungible token (NFT) collections – the Bored Ape Yacht Club (BAYC)

Continue reading Yuga Labs Apologizes for Disrupting the Ethereum Network With Its $561M Otherside Sale at DailyCoin.com.

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Inverse Finance Loses Over $15M In Oracle Manipulation

Ethereum based DeFi protocol Inverse Finance [INV] revealed an anonymous attacker has stolen $15.6 million worth of cryptocurrency as per Saturday’s announcement. Detailing the hack, Blockchain security firm PeckShield, noted that the attacker exploited a vulnerability in a Keep3r price oracle which Inverse uses to track token prices. Through a series of tweets, Peckshield experts summarised that the […]

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NFT marketplace launch coming up by GameStop

The world’s largest retail gaming and trade-in destination, GameStop, has planned to launch its own forum for non-fungible tokens (NFT) and is co-initiating an “up to $100 million” repository for game developers using it. Gamestop has collaborated with Immutable X, an Ethereum Layer 2 network developer for this launch. The company’s announcement came on Thursday, […]

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Over 1 Billlion ETH Has Been Burned Since Ethereum EIP-1559

The Ethereum network has been burning ETH since the EIP-1559 first went into effect in early August. Since then, a portion of fees has been continuously burned, taking a large portion of the digital asset out of circulation. This hard fork had been implemented to combat the inflationary nature of Ethereum and it has been successful as countless blocks have been deflationary since the hard fork took place. ETH Burned Clocks 1 Billion The amount of ETH burned has risen along with fees on the network. Increased network usage had caused transactions costs on Ethereum to skyrocket and since EIP-1559 was implemented to burn a third of all fees, a higher volume of ETH has been constantly taken out of circulation. The number had quickly hit 1 million ETH, then 10 million, and by 100 million, the community had turned its eyes towards the billion mark. Related Reading | Institutional Buys Will Put Bitcoin At $500,000 In Five Years, Cathie Wood Ethereum hit this number on Wednesday when the total number of ETH burned on the network had crossed 1 billion. It only took a little over three months to hit this number and as burning ramps up on the network, it may take even less time to hit the 2 billion mark. At the current ETH price, the total amount of ETH burned comes out to over $4.2 billion. Prior to EIP-1559, all this volume would have gone into circulation, increasing the amount of circulating ETH, contributing to the inflationary nature of ETH. However, with the burn, Ethereum is headed towards a truly deflationary future. Impact Of Ethereum Burn Although Ethereum is not fully deflationary, the impact of the ETH burn has shone through the network in recent times. Some interesting stats show that ETH being put into circulation per mined block has reduced significantly. Since the hard fork, the net reduction has reached as high as 67.16%. Related Reading | Why This Crypto Billionaire Abandoned Ethereum Additionally, net issuance has also dropped in line with net reduction. Net issuance on the Ethereum network is currently sitting at 490,400 at the time of this writing. There have been 1,493,739 ETH rewards issued, translating to a little over $6.3 billion. While tips on the network have done significantly well, with over 200,000 ETH tipped so far, totaling $846 million. How Price Has Done In Contrast Ethereum’s price has done tremendously well since the burn began. Since August, the digital asset has hit multiple new highs and come close to testing the $5,000 resistance point. The asset has since taken a beating down along with the rest of the crypto market but it has held up above $4,000 despite bears trying to pull the price down. ETH recovers after dip | Source: ETHUSD on TradingView.com Indicators have remained bullish even when the market has not fared so well. Analysts have put the digital asset at $5,000 by year-end, propelled by the growth of DeFi. As more investors flock to the blockchain to take advantage of this new industry, Ethereum shows great promise of hitting this price before 2021 runs out. Featured image from Genesis Block, chart from TradingView.com

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Even with Ethereum 2.0 underway, L2 scaling is still key to DeFi’s future

By incorporating scaling solutions, such as rollups and sidechains, Ethereum has the potential to implement the true vision of DeFi.

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Is Ethereum on the path of Resurgence?

The price of Ethereum’s native token [ETH] has steadily risen from $3,402 to $3,569, a 5% increase in the last week. The uptrend has received significant support from its on-chain metrics, which have turned green since the beginning of October.Santiment, an on-chain analytics website, centered its report on key components such as Network Growth, Active […]

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Stateless Ethereum Excites Ethereum Foundation Developer

Portal Network provides solutions for user adoption and complexity. Ethereum trades over $3400 per crypto. The crypto space never fails ...

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Big News: Financial Advisors Club NFTs Now Minting Live!

Financial Advisors Club NFTs now Minting live. This is the first NFT providing 25% in rewards from tax to its

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Join the Global Celebration of Ethereum—ETHOnline

ETHGlobal announced that ETHOnline will happen on September 17, 2021. This event will last for three weeks – from September

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How To Create And Mint Your Own NFTs On The Ethereum Network

The allure of creating your own NFTs and BRC-20 tokens is undeniable. For artists, owning and monetizing their digital creations through NFTs offers a new level of control and potential financial reward. Beyond the realm of art, NFTs can foster passionate communities, grant exclusive access to events, and even act as fundraising tools.  However, stepping into the world of token creation isn’t without its challenges. It demands both a technical understanding of blockchain technology and smart contracts, along with a careful consideration of financial risks and potential regulatory implications. Before diving in, it’s crucial to assess your goals, resources, and risk tolerance. While the possibilities are vast and exciting, responsible and informed action is key to navigating this rapidly evolving landscape. NFTs, or Non-Fungible Tokens, are digital assets that represent ownership or proof of authenticity for specific items or content. Unlike fungible cryptocurrencies like Bitcoin or Ethereum, NFTs cannot be exchanged on a one-to-one basis due to their unique nature. NFTs are typically created and traded on blockchain platforms such as Ethereum, Binance Smart Chain, and decentralized marketplaces like OpenSea. These platforms utilize smart contracts to establish ownership and enable transparent and immutable transactions for NFTs. Related Reading: What Are The Top 8 DeFi And Web3 Wallets To Use In Crypto? NFTs can represent a wide range of digital items, including artwork, music, videos, virtual real estate, and collectibles. Each NFT has metadata describing the item it represents and a unique identifier that sets it apart from other NFTs Creating NFTs On The Ethereum Network The primary stage in the creation of NFTs involves identifying the content you wish to associate with your NFT. Consider the specific representation you desire for your NFT, whether it be digital artwork, collectibles, virtual real estate, or any other distinct digital item. In this article, we will use illustrations from OpenSea to guide you on the steps you need to create your own NFTs. OpenSea stands as a leading decentralized marketplace built on the Ethereum blockchain, dedicated to NFTs. It creates a space where users can engage in buying, selling, and discovering an extensive array of digital assets, encompassing artwork, virtual real estate, collectibles, and more. OpenSea delivers a user-friendly interface, showcasing a vast selection of NFT listings curated from diverse creators and projects. Through OpenSea, users gain the ability to explore the NFT community, partake in auctions, and securely manage their digital assets. With a commitment to fostering the expansion and accessibility of the NFT market, OpenSea ensures a seamless experience for enthusiasts and collectors alike. This step-by-step guide covers how to create an NFT collection and mint directly to your wallet.  First, visit the original OpenSea website, and click on the Login button at the top to connect your preffered wallet. To figure out the best wallet to use on the Ethereum network, check here. Next,  click on your Profile Icon at the top right of your OpenSea interface in order to deploy a smart contract and select Studio through the pop-up options. Related Reading: Why Are NFTs Bad? The Problem And Legal Issues To initiate the creation of a fresh NFT, simply click the Create button located at the top right corner. When you explore the options, you will find the choice to either Drop a collection or Create/Mint an NFT. Selecting Create an NFT. This will enable you to mint an NFT directly into your wallet. Once you proceed, a fresh “Create an NFT” screen will be presented. If you are using OpenSea Studio tools for the first time to create an NFT, select “Create a new collection.” You will be able to add one NFT to this collection initially, with the option to include more NFTs at a later stage. After selecting “Create a new collection,” you will be guided through the steps on your screen to deploy a smart contract. This process will enable you to create NFTs for your newly created collection. To customize your contract, you need to add a logo image, choose a contract name, and designate a token symbol. Additionally, you will need to choose an EVM blockchain. It’s important to note that deploying a smart contract incurs gas fees, and the estimated fees for each blockchain will be displayed. If the fees are higher than anticipated, you can revisit the process at a later time, as they are subject to change based on network activity.   When you are prepared, proceed by clicking on “Continue”. This action will prompt a transaction signature request in your wallet, which will necessitate gas. Once the process is finalized, you will receive a confirmation message. Proceed to the next step by selecting “Create an NFT” as shown below.                                  : Having successfully created a smart contract, you are now prepared to generate an NFT. It is important to note that once your item is minted, further editing becomes impossible as it permanently resides on the blockchain. In this case, you will be creating an ERC-1155 NFT, which allows for the creation of multiple copies of the same item. Related Reading: How To Buy And Trade BRC-20 Tokens On The Bitcoin Network To begin this phase, upload the media for your NFT, which represents the artwork associated with it. Next, choose the collection in which you wish to mint your NFT. Subsequently, provide a name for your item and set the desired item supply. The item supply determines the number of copies you wish to mint for the NFT. If you choose 1, then the item will be a one-of-one.  Next, click on the “Create” button at the bottom right, as shown in the above image.  A loading message will appear as the item is being minted. To proceed with the minting process, you will need to approve the transaction using your wallet.    Congratulations! You have successfully minted your very first NFT! Related Reading: How to Buy, Sell, and Trade ERC-20 Tokens on the Ethereum Network Conclusion Although NFTs and BRC-20 tokens have distinct functions and operate on separate blockchains, they both contribute to the growing realm of blockchain-based digital assets. NFTs have captured widespread interest for their exceptional nature and capacity to represent ownership of digital assets.

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Post-Shapella Hard Fork: Ethereum Deposits Exceed Withdrawals, Wait Time Climbs, ETH Transfer Fees Jump

It has been a week since Ethereum’s Shapella hard fork, and statistics indicate that ethereum deposits on April 18 have exceeded withdrawals for the first time since the upgrade. At present, 929,999 ether worth $1.94 billion is pending withdrawal, and over the past three days, 112,568 ether has been added to liquid staking protocols. Just

The post Post-Shapella Hard Fork: Ethereum Deposits Exceed Withdrawals, Wait Time Climbs, ETH Transfer Fees Jump appeared first on BTC Ethereum Crypto Currency Blog.

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Aave Launches GHO Stablecoin on Ethereum Network

Aave, a prominent lending protocol within the decentralized finance (defi) sphere, has unveiled GHO, a new stablecoin, which is now live on the Ethereum network. Aave users can now mint the stablecoin asset by leveraging Aave version three (v3). Aave’s Dollar-Pegged GHO Token Goes Live on Ethereum This week, on July 14, 2023, Aave’s community [...]

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Big breath as Beacon Chain stops finalizing… and then recovers

An unidentified issue on Ethereum’s Beacon Chain led to a halt in transactions for nearly half an hour on May 11.  Around 8:15pm on Thursday May 11, a number of Ethereum core developers announced that the Beacon Chain was having issues with confirming transactions. New blocks were able to be proposed but an unknown issue [...]

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