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An amusing attempt at satire has drawn the ire of Cardano founder Charles Hoskinson, or so it appears.

In response to a fan commentary doubting the blockchains roadmap and criticizing its supposed similarity to Ethereum, Hoskinson responded, "Its getting delusion town now," and, We are living rent-free in the maxi minds. I pity them." Addressing the Ethereum comparison, the founder said:

"Cardano's sidechain plans mutually benefit both Cardano and the sidechain," he stated.

In March 2020, the Cardano Foundation published a research paper describing Hydra, a layer-2 solution using sidechains to offload transactions from the main network. Hoskinson explained that Cardano would soon become the fastest system in the world," raising the following example:

In an ask-me-anything session from November 2021, Hoskinson revealed that the Hydra project was still under development with no set launch date. The first mainnet-compatible Hydra node was released on May 11, 2023. Since then, developers have teased the upcoming Hydra Pay, a supposed layer-2 integration with Cardano wallets bearing the feature of instant settlement and gazillion TPS."

Regarding utility, data from Cardanoscan indicate that the blockchain currently processes an average of 65,000 transactions per day, or 0.75 transactions per second. In comparison, Ethereum processed over 1 million transactions in the past 24 hours, or about 12.45 transactions per second.

No matter how many times the VC coins, the cryptomedia, or the maxi crowd proclaims we are dead, irrelevant, or failing, we always remind them that Cardano is here to stay," wrote Hoskinson in a previous tweet.

Magazine:Should we ban ransomware payments? Its an attractive but dangerous idea

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Ethereum is a 'dumpster fire' Charles Hoskinson - Cointelegraph

The U.S. Securities and Exchange Commission (SEC) is reportedly set to greenlight Ethereum futures exchange-traded funds (ETFs) in the coming months.

According to a Bloomberg report, which cites anonymous sources familiar with the matter, the regulator is not expected to block the applications of around twelve companies, including ProShares, Volatility Shares, Bitwise, and Valkyrie, that have recently applied to launch Ethereum futures ETFs.

Such an ETF would track the price of Ethereum futures that are traded on the Chicago Mercantile Exchange, rather than direct spot exposure to the digital asset.

While it is not clear which specific ETF applications will be approved, officials have reportedly indicated that some of the filings could receive approval as early as October.

The SEC and Valkyrie declined to comment. ProShares confirmed with Decrypt their application submission, adding that "we are in the quiet period and due to Securities and Exchange Commission (SEC) regulations are not allowed to discuss products currently in the registration period with the SEC."

BitWise and Volatility Shares did not immediately respond to Decrypt's request for comment.

Over a dozen applications for Ethereum futures ETFs hit the SECs door in recent weeks, with the Valkyries dual Bitcoin and Ether Strategy ETF, which is a proposed conversion of the financial services firms existing Valkyrie Bitcoin Strategy ETF, being first in the line for a possible launch as early as on or around October 3.

Earlier this week, Valkyrie also filed for its Ethereum Strategy ETF, however, the first pure Ethereum futures ETF sponsored by Volatility Shares could go live around October 11.

ETF analyst Eric Balchunas has meanwhile commented he was not surprised by the SEC's expected move to approve Ethereum futures ETFs.

This not surprising to us, we had said they would approve Ether Futures early on in race. Nice to be validated. Now what does it mean for spot? Hard to say beyond it shows that their views, policy, and tolerance can change, wrote Balchunas.

The SEC has thus far declined to approve any spot crypto ETFs. However, there has been a notable shift in the regulator's approach in late 2021, when the SEC greenlit several Bitcoin futures funds that invest in contracts trading on the Chicago Mercantile Exchange (CME).

Bloomberg analyst James Seyffart also pointed to Roundhill, which is also on the list of Ethereum futures ETF hopefuls, disclosing a 0.19% management fee for their proposed fund.

This is very low compared to BTC futures ETFs like Proshares' $BITO's 0.95%. And is still drastically lower than VanEck's $XBTF which at 0.76%. Fee war already starting in crypto ETFs, wrote Seyffart.

Despite the positive news of the potential approval of Ethereum futures ETFs, the worlds second-largest cryptocurrency last night experienced a significant price drop to its lowest levels since mid-June.

Amid the latest market sell-off, which also saw Bitcoin (BTC) plunge below $26,000, ETH dropped to as low as $1,576 before recovering to $26,533 at the time of writing.

Despite the recovery, Ethereum remains down 7% on the day, according to CoinGecko.

Excerpt from:

SEC Expected to Approve Ethereum Futures ETFs by October: Report - Decrypt

Arbitrum, an Ethereum rollup with assets worth $5.77 billion bridged to it, continued to see increased growth last quarter.

The activity comes after a highly anticipated airdrop in March this year.

The layer-2 blockchain witnessed strong activity based on the consistently higher transaction count and influx of new participants, according to a Nansen report shared with Decrypt.

Notably, the blockchain has supported more activity since the airdrop in March.

The number of new wallets transacting for the first time on the network has surged since the start of the year.

Nansen analysts noted that it points towards more organic activity as new users have been increasing, even surpassing Ethereum on certain days in Q2.

In contrast, Optimism, which conducted its airdrop on May 31, 2022, didnt see the same rise in activity following its airdrop.

Like Arbitrum, the Optimism network is a popular layer-2 scaling solution for Ethereum. After releasing its OP Stack, a variety of builders have spun up their very own networks including the Coinbase-incubated Base network.

The continued influx of new participants also points to the resilience and thriving ecosystem that Arbitrum has built, said Nansen analysts

The launch of Arbitrum Orbit, a permissionless framework for deploying Orbit Chains, or so-called layer-3 chains, atop Arbitrum One or Arbitrum Nova, also appears to have helped boost user activity.

Launched on June 21, Arbitrum Orbit lets users create their own Arbitrum-based rollup.

Orbit is similar to Optimisms OP Stack in enabling the creation of new blockchains with its own privacy, permissions, fee token, and governance specifications.

These solutions collectively aim to offer faster, more cost-effective, and secure transactions, fostering innovation and supporting Ethereums growth as a sustainable and scalable blockchain, said the analysts.

The main difference between the two designs is that Optimism chains are geared towards the layer-2 market, whereas Arbitrums design is more application-specific.

Nansen analysts added, By having less congestion on the base layer, removing app-specific transactions to an L3. Arbitrum Orbit might be able to further aggregate transactions and optimize computation, significantly increasing the transaction throughput.

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Ethereum Layer-2 Arbitrum Sees Ongoing Influx of New Users After ... - Decrypt

The crypto world has been buzzing with the notion of flipping, referring to the hypothetical event in which Ethereum (ETH) overtakes Bitcoin (BTC) in terms of market capitalization. Such a scenario would symbolize a significant shift in the crypto landscape. Here, we analyze if and how this might be possible, based on the provided current market cap figures. Lets take a look at thisBitcoin vs Ethereumarticle in more detail.

At its core, market capitalization (often shortened to market cap) represents the total value of an asset in the market. In the world of cryptocurrencies, its calculated by multiplying the current price of a single unit of a cryptocurrency by the total number of units in circulation.

Lets break it down with a simple analogy. Imagine you have a box of apples, and each apple is priced at $2. If you have 100 apples in that box, the total value (or market cap) of all the apples would be $200. Similarly, if each Ethereum (ETH) coin is priced at $1,670.99 and there are about 120 million ETH coins in circulation, the total value of all ETH coins would be its market cap, which is currently $200,734,697,617.

Now, if you had another box of oranges, and the total value of all oranges was $300, this box would have a higher market cap than the box of apples. The act of one asset (like our box of oranges) surpassing another asset (like our box of apples) in market cap is colloquially referred to as flipping.

In thecrypto world, the term flippening specifically refers to the potential scenario where Ethereums market cap surpasses that of Bitcoin. So, if the total value of all ETH in circulation becomes higher than the total value of all BTC in circulation, then Ethereum has flipped Bitcoin in terms of market cap.

The idea ofEthereumflipping Bitcoin is a significant talking point because Bitcoin has historically been the dominant cryptocurrency in terms of market cap since its inception. A flippening would symbolize a shift in market perception, indicating that the market values Ethereum more than Bitcoin. This could be due to various factors, including technological advancements, user adoption, or broader trends in the decentralized finance space.

So, when people discuss the possibility of Ethereum flipping Bitcoin, theyre speculating on a major shift in the crypto landscape, where Ethereum becomes the most valuable cryptocurrency by total market value.

For Ethereum to surpassBitcoinin market capitalization, its market cap needs to be greater than that of Bitcoin. This can happen if:

To determine how much Ethereums price must rise for it to overtake Bitcoins market cap, we can start with the formula for market capitalization:

Market Cap=PriceTotal Supply

Assuming the total supply of both ETH and BTC remains constant (ignoring ongoing mining or issuance), the price change needed can be calculated.

Given:

To equate ETHs market cap to BTCs at the current supply:

New ETH Price=BTC Market Cap/ETHs Current Supply

text{ETHs Current Supply} = frac{text{ETH Market Cap}}{text{Current ETH Price}} = frac{$200,734,697,617}{$1,670.99}

Solving for ETHs current supply gives approximately 120,128,341 ETH.

Using this supply figure to solve for the new ETH price:

text{New ETH Price} = frac{$512,982,754,980}{120,128,341}

This yields a New ETH Price of approximately $4,272.22.

Thus, for ETH to flip BTC at their current respective supplies, the price of ETH would need to rise to approximately $4,272.22, more than double its current price, assuming the price of BTC remains stable.

Ethereum 2.0 and the transition to a proof-of-stake consensus mechanism could have profound implications on ETHs price and market cap. Enhancements in scalability and energy efficiency might attract more users and developers to the Ethereum network.

Bitcoins primary narrative as digital gold and a store of value might maintain or increase its market cap, even if Ethereum experiences growth.

Decentralized finance (DeFi)andnon-fungible tokens (NFTs)have propelled Ethereum into the spotlight. If these sectors continue to grow and evolve, they could significantly increase Ethereums market cap.

While the potential for Ethereum to flip Bitcoin in market cap exists, several factors, including market dynamics, technological developments, and macroeconomic events, will determine if this occurs. As of now, based on pure arithmetic, ETH would need to see a significant price surge to surpass BTCs market cap. Only time will tell if the flippening becomes a reality.

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Bitcoin Vs Ethereum: Is ETH Ever Going to Flip BTC in Market Cap? - CryptoTicker.io - Bitcoin Price, Ethereum Price & Crypto News

History of Ethereum

Vitalik Buterin co-created Ethereum to address Bitcoins deficiencies. Buterin published the Ethereum white paper in 2013, describing smart contracts automated, immutable if-then statements that facilitate the creation of decentralized applications. Despite the existence of DApp development in the blockchain space, platforms were not interoperable. Buterin envisioned Ethereum uniting them. According to him, standardizing how DApps operate and interact was the only way to sustain adoption. So, Ethereum 1.0 was created.

Vitalik Buterin co-created Ethereum to address Bitcoins deficiencies. Buterin published the Ethereum white paper in 2013, describing smart contracts automated, immutable if-then statements that facilitate the creation of decentralized applications. Despite the existence of DApp development in the blockchain space, platforms were not interoperable. Buterin envisioned Ethereum uniting them. According to him, standardizing how DApps operate and interact was the only way to sustain adoption. So Ethereum 1.0 was created.

Over time, developers brought their own decentralized concepts to Ethereum. These users established the DAO in 2016, a democratic organization that voted on network adjustments and proposals. The organization was supported by a smart contract and did not require a CEO to wield authority over Ethereum. Instead, a majority vote was required for modifications to be implemented. DAO voted to hard fork Ethereum to tackle security vulnerabilities by effectively undergoing a significant software update. This new variant kept the name Ethereum, whereas the original network is known as Ethereum Classic.

Since its launch in July 2015, the Ethereum blockchain network has endured a number of upgrades and modifications. Among the most important:

Frontier (2015): This was the first release of the Ethereum network, which permitted users to construct and deploy their own smart contracts and decentralized applications.

Homestead (2016): This introduced a number of enhancements, including security enhancements, gas optimizations, and network stability enhancements.

Metropolis (2017-2019): This was a two-part upgrade comprised of Byzantium and Constantinople for Metropolis (2017-2019). Byzantium implemented significant enhancements, including a new mining algorithm, enhanced privacy features, and a decrease in block rewards. Constantinople included upgrades to decrease transaction fees, improve efficiency, and introduce new features such as off-chain transactions.

Istanbul (2019): This included the integration of zk-SNARKs (a type of zero-knowledge cryptography), a new mining algorithm, and numerous protocol upgrades to improve network efficiency and security.

Beacon Chain (2020): In November 2020, the required 16,384 deposits of 32 staked ETH were successfully made to assure Beacon Chains secure operation. As a consequence, the Beacon Chain began producing blocks on December 1, 2020, marking a significant step towards the realization of the Ethereum vision.

Berlin (2021): This protocol upgrade in Berlin, 2021, introduced several new features, including gas charge optimizations, enhanced security measures, and a reduction in transaction fees for certain types of transactions.

London (2021): This introduced EIP-1559, which altered the method by which Ethereum network transaction fees are calculated. This upgrade introduced a fee burn mechanism, which helps reduce the total supply of ETH and introduces a more predictable fee structure for consumers.

Paris (The Merge 2022): The Paris upgrade was activated when the proof-of-work blockchain reached a terminal total difficulty of 58750000000000000000000 on September 15, 2022, at block 15,537393. The transition from proof-of-work to proof-of-stake was a significant milestone for Ethereum, which was triggered on the following block. Along with this change, the upgrade included enhancements to the execution clients, similar to Bellatrix on the consensus layer, allowing the execution clients to receive instructions from their connected consensus clients by activating a new set of internal API methods known as the Engine API.

These upgrades have introduced numerous enhancements to the Ethereum network in terms of security, efficiency, and scalability, and have increased the networks functionality.

Shapella or Shanghai (2023): Since switching to a proof-of-stake system, Ethereum has just undergone its first significant upgrade, or hard fork. The Shanghai upgrade permits validators to extricate staked ether (ETH) from the network. While the primary objective of the upgrade is to implement Ethereum Improvement Proposal-4895, which enables validator withdrawals, other significant upgrades will impact Ethereum app developers and a significant portion of the chains users.

The enhancement will alter the functioning of the blockchain. A reduction in petrol fees for layer-2 solutions like Polygon is one of the most significant modifications. This update seeks to improve the blockchains overall functionality and reduce transaction fees. The ability for users to access and unstake their Ethereum tokens, which were previously sealed in a smart contract when they became validators on the proof-of-stake-based Ethereum blockchain known as Beacon Chain, is another significant change. This update gives users more options for administering their staked ETH tokens.

The Shanghai update introduces technical enhancements to the smart contract feature, which will help to position Ethereum as a significant player and reflect Ethereums ongoing efforts to improve its technology and increase user value.

In conclusion, the Ethereum network stands as a groundbreaking platform that has revolutionized the world of blockchain technology. With its smart contract functionality and decentralized nature, Ethereum has empowered developers and entrepreneurs to create innovative applications and ushered in a new era of decentralized finance (DeFi), non-fungible tokens (NFTs), and decentralized applications (DApps).

Moreover, Ethereums scalability solutions, such as Ethereum 2.0 with the introduction of the Beacon Chain and shard chains, are poised to address the networks scalability limitations, ensuring that it can handle a larger number of transactions while maintaining security and decentralization. Looking toward the future, the Ethereum network shows great promise and potential for further growth and development. Ethereum 2.0s full implementation is anticipated to bring significant improvements in terms of scalability, energy efficiency, and transaction throughput, which will open doors to even more widespread adoption.

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Ethereum Network Explained - LCX