Shanghai Upgrade, Wormhole Recovery, and Must-Know Crypto News! 📰
Welcome to Web3 Buzz, the place where you can find the latest buzz on blockchain, cryptocurrencies, and everything in between! Today, we've got some exciting news to cover, so buckle up and get ready for takeoff!
Ethereum Shanghai upgrade set to shake up cryptocurrency market
Have you heard about the Ethereum Shanghai Upgrade? It's an exciting new update that's sure to shake things up in the world of cryptocurrency. Let's dive in and see what changes it brings.
Here are the key changes that the Shanghai upgrade will bring:
ETH stakes will be able to remove their staked funds as validators, which were previously locked in indefinitely.
The percentage of ETH staked out of its total supply is likely to change, which may affect market demand and supply for ETH.
So, what exactly is this upgrade, and how will it affect you?
In a nutshell, the Shanghai upgrade (also known as EIP-4895) will allow ETH stakes to withdraw their locked ETH. Before this update, users who staked 32 ETH to become network validators were unable to remove their staked funds. With the upgrade, stakes will be able to withdraw their locked ETH, which is a major development for those who have staked their funds on the network.
If you're not familiar with Ethereum staking, it's essentially a way for users to temporarily lock up their ETH as part of the network's consensus mechanism. This helps secure the network and validate transactions. Each validator receives new blocks created by other validators on the Ethereum network and attests to the validity of those blocks.
With the Shanghai upgrade, staking on ETH may become more attractive to users due to its improved liquidity. Those who didn't want to use liquid staking protocols will now have the chance to stake ETH directly with Ethereum, which could lead to increased demand for ETH due to the improved staking conditions.
For traders and investors, the upgrade may have an impact on the price of ETH. With withdrawals now allowed, staked ETH owners have the power to withdraw and sell their staked holdings, which unlocks a significant amount of liquidity. However, the exact effects on the market are uncertain and will likely depend on a variety of factors.
Overall, enabling withdrawals from staking promotes a freer ETH market, where it becomes possible for ETH holders to react to staking demand and supply in order to achieve market equilibrium. This should be seen as a positive effect because it reduces artificial control effects on the price and circulation of ETH.
So, there you have it - the Ethereum Shanghai Upgrade in a nutshell. Whether you're already staking ETH, considering it, or simply holding ETH, it's worth understanding exactly what Shanghai will do and how it may affect your portfolio. Keep an eye out for the launch of the upgrade in March 2023 and the upcoming public test network on 28th February 2023. Until next time, happy trading! 🍀
Wormhole Bridge Exploit: $140M Worth of Stolen Assets Successfully Recovered!
Have you heard about the latest news from the crypto world? The Solana-based Wormhole Bridge, which was hacked for $325 million last year, has finally recovered $140 million worth of stolen assets. This is great news for the victims of the exploit and the crypto community as a whole.
So, what happened? Well, a group of white hats, along with Oasis and Jump Crypto, conducted a "counter-exploit" against the malicious entities who had stolen the assets. This exploit was only possible with the approval of Oasis Multisig, which played a crucial role in the retrieval process.
The retrieved funds were returned to a court-authorized third party. It's important to note that Wormhole had offered a $10 million bug bounty and white hat agreement to the attackers in exchange for returning the funds, but this never happened. This led to an investigation with the help of both government and private resources, which ultimately resulted in the successful counter-exploit and asset retrieval.
Overall, this is a great example of the power of collaboration and the potential for recovery in the face of large-scale crypto exploits. It's good to see that steps are being taken to improve security measures and protect the crypto community.
Daily Buzz: Must-Know Topics for Today⚡️
Dogecoin millionaire swims in wealth, moves $15M to Binance (Link)
Good Guys Win: $198M worth of crypto retrieved from Wormhole hacker (Link)
Ethereum whales own 39%, Bitcoin whales left with only 11% (Link)
Solana Tech Issues Fixed, Chaos Ends After 24 Hours (Link)
Cardano NFT Project Partners with The Sandbox, Fans Ecstatic (Link)
SEC scares Binance BUSD holders, triggers massive withdrawal (Link)
BlockFi accuses creditors of living in a fantasy world (Link)
Canada gives crypto exchanges a 30-day ultimatum to register (Link)
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