Ropsten has successfully completed its merge
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Ethereum’s Ropsten testnet has merged its proof-of-work blockchain with its proof-of-stake beacon chain, which was the first test of its kind and a major milestone on the journey to Ethereum 2.0. More test merges are expected on other testnets in the coming months.
Developers haven’t announced yet when the merge will happen on mainnet with Ethereum Foundation member Tim Biko Hope This is to happen between August and November, depending on how many bugs are found and their severity. Currently, the proof-of-stake beacon chain runs parallel to the proof-of-work chain on Ethereum’s mainnet.
The merge is a part of the highly anticipated transition of the Ethereum blockchain from the energy-intensive proof-of-work consensus mechanism to proof-of-stake.
It is worth noting that the merge will not increase the transaction throughput of the network, so transaction fees are expected to remain high given the same amount of network activity. An on-chain scaling solution known as “sharding” has been pushed back to 2023 to ensure developers have enough time to properly test the transition to PoS.
Ethereum developers have also decided to delay the so-called ‘difficulty bomb’ – an exponential increase of mining difficulty that aims to encourage the transition away from proof-of-work consensus mechanisms.
Charles Hoskinson, co-founder of Ethereum and founder of Cardano, recently Said The earliest deadline for the launch of Ethereum 2.0 is 2023, which may be delayed to 2024.
TerraForm Labs has been ordered to comply with the SEC investigation
The US Court of Appeals for the Second Circuit ruled that Terraform and its CEO Do Kwon must comply with US SEC subpoenas related to Mirror Protocol.
The South Korean entrepreneur was served with a paper subpoena by the US financial watchdog last September for attending Messari’s mainnet conference in New York City. In response, Du Kwon appealed the motion in New York District Court, arguing that the SEC broke its own rules when it was served the summons and that the agency lacked jurisdiction over Singapore-based TerraForm Labs.
The court overturned these arguments, pointing out that 15% of Mirror Protocol’s users were located in the US, Terraform Labs had US employees and the company entered into agreements with US-based entities, which gave the SEC substantial jurisdiction. Did.
Mirror Protocol allows its users to buy synthetic assets that track the price of popular stocks such as Tesla and Amazon.
The lawsuit is not related to the recent collapse of TerraUSD (UST), in which the algorithmic stablecoin lost its peg and its related token Luna experienced a death spiral.
Following the collapse of LUNA, Terra founder Do Kwon has been involved in several controversies, ranging from siphoning off billions in cash from LUNA to allegations of favoring regime proposals with a secret wallet. Kwon denied the allegations.
in other news
Centralized crypto lending platform Celsius with 1.7 million users has halted withdrawals, swaps and transfers between accounts amid the crypto market crash. Celsius promises its customers annualized returns of up to 9.32% on fiat-backed centralized stable coins. The company has placed clients’ funds in various DeFi protocols to earn yields. Rival lending platform Nexo has offered to buy Celsius’ qualifying assets.
Following the activation of the long-awaited MimbleWimble Extension Block (MWEB) upgrade, South Korean exchanges Upbit and Bithumb announced the delisting of Litecoin (LTC), as its new privacy features violate the country’s anti-money laundering (AML) regulations. are contradictory. Binance did not delist LTC, but warned users that it will not support Litecoin trading with the MWEB function.
An attacker was able to steal 20 million OP tokens – worth around $20 million – thanks to a mistake made by trading firm Wintermute, which had received a loan of $20 million in OP from the Optimism Foundation. Wintermute acknowledged its mistake and committed to buy back the tokens sold by the exploiter. A few days later, the hackers returned 90% of the stolen tokens, keeping 2 million OP as a reward.
The Baltic nation of Lithuania is moving to ban all anonymous – also known as self-custody or non-custody – crypto wallets. The draft law has yet to be approved by Parliament.