Archive for the ‘Ethereum’ Category

Polygon zkEVM Mainnet Beta Goes Live; Ethereums Buterin Sends First Transaction – CoinDesk

Polygon, an Ethereum scaling platform, released its zero-knowledge Ethereum Virtual Machine (zkEVM) beta to the public Monday, the latest launch in what is expected to be one of 2023s hottest blockchain trends.

Polygon also said that it is making all aspects of its zkEVM open source, so developers are able to study and share the code, allowing them to contribute to more innovations in the zero-knowledge space.

We want to be extremely aligned to the Web3 ethos, Sandeep Nailwal, the co-founder of Polygon, said in an interview with CoinDesk. We want more experimentation.

As part of the ceremony of the announcement, according to the Polygon team, Vitalik Buterin, co-founder of the Ethereum blockchain, was granted the privilege of initiating the first transaction on the new zkEVM, livestreamed at ETHGlobal at 4:30 p.m. Central European Time (10:30 a.m. ET).

The transaction that Buterin sent on the zkEVM was successful, where he sent 0.005 ETH to a random address with the corny message, ostensibly referencing Neil Armstrong's famous first words upon walking on the moon: "A few million constraints for man, unconstrained scalability for mankind."

Over 50 companies shared that they would build using the Polygon zkEVM technology, according to Polygons press release.

Buterin himself has promoted the development of scaling systems for Ethereum since at least 2020, and noted in a blog post in August the various versions of zkEVMs come with trade-offs such as speed versus the degree of compatibility with the Ethereum Virtual Machine programming environment.

"In general, it's healthy for the space that all of these types are being explored," he wrote.

Although the Polygon zkEVM is live for users, Nailwal warned that it is still a new technology, which is why it is being called a beta mainnet.

It's a new technology, so we are going to put ample warnings for the users that please be cautious on this, don't bring your life savings into it immediately, Nailwal said.

Nailwal said he believes ZK technology is the future of Ethereum.

In 18 to 24 months, you will see almost all of the large web3 applications being built on the zero-knowledge-proven layer 2 chains, Nailwal said.

UPDATE (14:40 UTC): Adds details on transaction sent by Vitalik Buterin.

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Polygon zkEVM Mainnet Beta Goes Live; Ethereums Buterin Sends First Transaction - CoinDesk

Bitcoin vs Ethereum Price Prediction, Experts believe RenQ will give profits – Hindustan Times

Bitcoin and Ethereum have been the top two cryptocurrencies in the market for several years now. However, as the crypto industry continues to evolve, new altcoins are emerging that could offer better profit potential.

RenQ Finance (RENQ) is one such altcoin that experts believe could outperform both Bitcoin and Ethereum in 2023.

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Bitcoin and Ethereum are both decentralized, open-source blockchain networks that allow for peer-to-peer transactions without the need for intermediaries like banks. Bitcoin was the first cryptocurrency, launched in 2009 by an unknown person using the pseudonym Satoshi Nakamoto. Ethereum, on the other hand, was created by Vitalik Buterin in 2013 and launched in 2015.

While Bitcoin's primary use case is as a digital currency, Ethereum's blockchain is designed to support smart contracts and decentralized applications (DApps). Ethereum's native cryptocurrency, Ether (ETH), is used to pay for transaction fees and computational services on the network.

Bitcoin has a fixed supply of 21 million coins, while Ethereum does not have a fixed supply but uses a mechanism called "proof of stake" to ensure the network's security and stability.

Bitcoin and Ethereum have had an impressive run over the past few years, with Bitcoin hitting an all-time high of nearly $69,000 in 2021, and Ethereum reaching an all-time high of over $4,300 in May 2021 as well. However, both cryptocurrencies have faced significant price fluctuations in recent months, with Bitcoin now trading at around $27,684 and Ethereum trading at around $1,755 as of writing.

Many experts believe that both Bitcoin and Ethereum will continue to face price volatility in the coming years. Some predict that Bitcoin's price could reach $100,000 by the end of 2023, while others believe that it could fall as low as $10,000. Similarly, Ethereum's price forecasts for 2023 range from a high of $10,000 to a low of $500.

While Bitcoin and Ethereum have been the top performers in the cryptocurrency market, RenQ Finance (RENQ) is an altcoin that experts believe has better profit potential in the coming years. RenQ Finance is a decentralized finance (DeFi) platform that aims to provide institutional-grade liquidity to the DeFi market.

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One of the key features of RenQ Finance is its "smart contract" technology, which allows users to access liquidity from multiple sources, including centralized exchanges, decentralized exchanges, and lending platforms. This technology ensures that users always get the best price for their trades and allows them to move their assets seamlessly between different platforms.

Another significant advantage of RenQ Finance is its low transaction fees. Unlike Bitcoin and Ethereum, which have high transaction fees due to network congestion, RenQ Finance's fees are minimal, making it a more cost-effective option for users.

Experts predict that RenQ Finance could see significant price growth in the coming years, with some forecasting a price of $1 or more by the end of 2023. The platform's unique features and strong community support make it an attractive investment option for those looking to diversify their portfolio and capitalize on the growing DeFi market.

While Bitcoin and Ethereum have been the top performers in the crypto market for several years, new altcoins like RenQ Finance are emerging that offer better profit potential. RenQ Finance's innovative features, low transaction fees, and strong community support make it a promising investment option for those looking to capitalize on the growing DeFi market.

However, as with any investment, it's essential to do your own research and carefully consider the risks before investing in any cryptocurrency.

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Visit the links below for more information about RenQ Finance (RENQ):

Website: https://renq.ioWhitepaper: https://renq.io/whitepaper.pdf

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The reader is further advised that Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions.

Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the views, opinions, announcements, declarations, affirmations etc., stated/featured in same. The decision to read hereinafter is purely a matter of choice and shall be construed as an express undertaking/guarantee in favour of Hindustan Times of being absolved from any/ all potential legal action, or enforceable claims. The content may be for information and awareness purposes and does not constitute a financial advice.

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Bitcoin vs Ethereum Price Prediction, Experts believe RenQ will give profits - Hindustan Times

What impact will Ethereums Shanghai upgrade have on ETH and crypto markets? – Yahoo Finance

Ethereums Shanghai upgrade is upon us and for the first time, individuals who have staked their ETH as part of the networks security mechanism will be able to withdraw their holdings. Will this create huge sell pressure for the second-largest cryptocurrency? Hardly.

After the Shanghai upgrade (or hard fork), users who had locked a minimum of 32 ETH to secure an APY staking reward of 4-5% will be able to withdraw a portion of their stake immediately. But those wishing to withdraw their entire stake will need to wait one to 36 days, which dampens potential sell pressure. Furthermore, only 16% of ETH stakers are in profit, so why would they sell now?

In fact, for rational investors, selling ETH now would likely make little sense. And the investor profile for ETH holders leans towards rationality and a long-term outlook. Its arguably one of the worlds premier risk assets, and the only reasons investors are still on the sidelines may be because they dont understand it, they fear its ferocious volatility, or they find the regulatory uncertainty to be unnerving.

But the answer to the first objection also answers the second, and will go a long way toward answering the final objection. By the end, you may grok the thesis that Ether in the crypto vernacular isnt just sound money its ultrasound money.

Ethereum is a blockchain that sells block space to apps. The apps must pay for transactions using the blockchains native currency: ETH.

The demand side of the trade relies on simple network effects, the more apps, the more users, the more demand for ETH. And this is because the Ethereum network is the oldest and most established decentralized smart contract ecosystem out there.

Ethereum and Bitcoin networks were analyzed by researcher Ken Alabi in a 2017 paper. The analysis shows that the networks were fairly well modeled by Metcalfes Law, which identifies the value of a network as proportional to the square of the number of its nodes, or end users. This means that adoption can increase the value of any given network exponentially.

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On the supply side, ETH is issued as compensation to independent actors who run network nodes, and this currently amounts to 671,000 ETH per year. However, thanks to a novel burn mechanism that destroys a small amount of ETH per transaction (by sending it to a wallet from which it can never be withdrawn), the supply of ETH is actually shrinking despite token issuance.

Ultrasound.money is a dashboard that tracks the burn rate in real-time showing that the supply of ETH has been shrinking for months and thats in the middle of a raging bear market, imagine what would happen when demand picks up again. In fact, despite the bear market, transactions on Ethereum are still maintaining a solid uptrend thanks to innovations like NFTs and decentralized finance.

Volatility should be ironed out slowly as the effects of network adoption take place. The more people who join the Ethereum network, the more the value of ETH increases, which leads to more adoption. As the market cap increases it will take larger and larger market movements to rock the boat, reducing the large deviations in the price.

The best that crypto-bashing regulators can hope for is to slow down the pace of adoption. But theres not much incentive for most governments to support this approach because a) crypto, on the retail side, is driven by Millennials and Generation Z, so it will be a voter issue in the coming years, and b) it will only move innovation offshore.

Even as the U.S. is putting a squeeze on crypto, Dubai, Hong Kong and the U.K. are already preparing to scoop up exiled crypto companies. And even if regulators shoehorn ETH into the antiquated category of a security so what? Anyone could buy securities in minutes using an app on a phone.

The upcoming Shanghai upgrade will be followed by a more complex upgrade that will reduce fees on the Ethereum network, making it faster and even more user-friendly. The genie is well and truly out of the bottle, and investors may well find a magic carpet beckoning.

Disclaimer: Nothing herein shall be construed as investment advice or any offer or solicitation to offer or recommendation of any investment product.

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What impact will Ethereums Shanghai upgrade have on ETH and crypto markets? - Yahoo Finance

Ethereum Supply On Exchanges Plunges To New All-Time Lows – Bitcoinist

Ethereum supply on exchanges has continued to go down recently and has now touched a value of 10.3%, effectively a new all-time low.

According to data from the on-chain analytics firm Santiment, the current ETH supply on exchanges is the lowest since the week the cryptocurrency was introduced almost eight years ago.

The supply on exchanges is an indicator that measures the percentage of the total Ethereum supply thats currently being stored in the wallets of all centralized exchanges.

When the value of this metric goes down, it means some coins are being taken out of these platforms right now. Such a trend, when prolonged, may prove to be bullish for the assets price as it can be a sign that accumulation is going on in the market.

On the other hand, the metrics value trending up implies investors are depositing their ETH to exchanges currently. As one of the main reasons why holders transfer to these platforms is for selling-related purposes, this kind of trend can have a bearish effect on the value of the asset.

Now, here is a chart that shows the trend in the Ethereum supply on exchanges over the last several years:

As displayed in the above graph, the Ethereum supply on exchanges had been on a constant downtrend since the start of the bull run of this cycle, until the middle of the bear market in 2022.

The indicator observed some growth during this period, suggesting that investors were depositing to these platforms then. This may have been a sign of capitulation, as holders who bought during the bull run tend to exit out of the asset when bear markets set in.

This uptrend that was building up, however, broke off around the time of the collapse of the cryptocurrency exchange FTX. The reason behind this was that, after seeing what went down with FTX, investors became more aware than ever of the risks of keeping their coins in central custody.

So, a large number of holders made withdrawals from such platforms to keep their Ethereum inside their personal wallets. Because of this movement, the supply on exchanges saw a sharp plunge.

Interestingly, as the rally has taken place this year, the metric still hasnt reversed its trend and has rather kept on going down. Normally, deposits may be expected during periods with bullish trends as some holders would want to realize their profits.

The fact that the indicator has only continued the downtrend suggests that there is enough demand for withdrawing the asset that any deposits being made are getting outweighed.

Following the latest downtrend in the indicator, the percentage of the Ethereum supply on exchanges has dropped to just 10.3%. Santiment believes that this shows high confidence from the HODLers of the asset.

At the time of writing, Ethereum is trading around $1,700, down 1% in the last week.

Featured image from Jievani Weerasinghe on Unsplash.com, charts from TradingView.com, Santiment.net

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Ethereum Supply On Exchanges Plunges To New All-Time Lows - Bitcoinist

90% of Ethereum now in self-custody as supply on exchanges hits lowest level since 2015 – Finbold – Finance in Bold

Ethereum (ETH), the worlds second-largest cryptocurrency by market capitalization, continues to undergo a supply reduction as the latest Shanghai upgrade progresses. Notably, the digital assets total supply had dropped by over 66,000 ETH since the start of 2023, making it deflationary.

Currently, there is just 10.31% of existing ETH on exchanges, which is the lowest level since July 2015, as per the latest data from on-chain analytics provider Santiment shared on March 28. Almost 90% of Ethereum is now off exchanges as regulators continue to struggle to classify ETH as a security or commodity.

Indeed, Ethereums percentage of supply has now hit its lowest level since its genesis, with the amount of ETH now being held in self-custody and away from exchanges at the highest level since the week the token was introduced nearly 8 years ago.

This essential all-time low ratio of ETH on exchanges (10.31%) indicates confidence from hodlers.

The rise in self-custody of Ethereum is due to a growing trend among investors to hold their tokens in personal wallets instead of leaving them on crypto exchanges. This shift in behavior has been fueled by increasing concerns about the security of exchanges such as FTX and the need for investors to have full control over their assets.

The trend is also being driven by the rise of decentralized finance (DeFi) protocols built on the Ethereum blockchain. DeFi protocols enable users to lend, borrow, and trade cryptocurrencies without the need for intermediaries such as banks. This has led to a surge in demand for Ethereum as investors seek to participate in these innovative new financial instruments.

Thus, many investors are starting to look at Ethereum as a potential long-term investment vehicle, much like Bitcoin. This is evident in the growing confidence of hodlers, who are holding onto their Ether for the long term, as opposed to trading it on cryptocurrency exchanges.

Besides the increase in self-custody, the low proportion of ETH on exchanges indicates a significant buying trend. The continued accumulation of Ethereum by hodlers results in a shrinking supply on exchanges, which in turn causes the price of the cryptocurrency to increase.

This pattern is likely to persist as long as investors continue to store their tokens in self-custody; at the same time, Ethereum will likely keep evolving and developing new use cases. As things stand, ETH is now trading at $1,728, down 1.71% in the last 24 hours, with a total market cap of $211 billion.

Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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90% of Ethereum now in self-custody as supply on exchanges hits lowest level since 2015 - Finbold - Finance in Bold