Kategorie: Ethereum News

DeFi protocol Tranches has launched ETH liquid staking to fulfil an urgent need for secure and decentralized alternatives on Ethereum.

KEY TAKEAWAYS

• Tranchess is a decentralized app that executes yield-generating strategies tailored to users’ risk profiles.
• The ETH liquid staking will enable users to earn from staked ETH while retaining liquidity with an ETH-equivalent token, qETH.

The new Tranchess offering comes at a time when the top holders of staked ETH are under scrutiny following the recent collapse of FTX which was at some point the second-largest cryptocurrency exchange. It provides a solution for secure and decentralized alternatives on Ethereum.

Offering non-custodial ETH staking

The Tranchess ETH liquid staking meets a crucial need for more decentralized entities to offer non-custodial ETH staking which is in line with Ethereum’s objective of being a secure, decentralized, and censorship-resistant network.

While announcing the launch of the ETH liquid staking, the co-founder of Tranchess, Danny Chong, said:

“This launch is part of our ongoing commitment to deliver new and sustainable products for DeFi users. With the surging demand for more decentralized entities that have sufficient technical know-how, we’re thrilled to bring our expertise of securing PoS blockchains to Ethereum.”

Liquid staking is specifically important since Ethereum does not currently allow the withdrawal of staked ETH. With the ETH liquid staking, validators can offer liquid staking services and also give users token equivalents that they can use as collateral elsewhere.

Users will be able to deposit ETH on Tranchess to earn yield through liquid staking and at the same time receive qETH which can be swapped for ETH in the Tranchess’ Balancer pool.

About Tranchess

Tranchess is a decentralized application built on BNB Chain and it executes yield-generating strategies tailored to users’ risk profiles. It has also remained a top validator of the BNB Chain, which is a Proof-of-Stake (PoS) blockchain with the second-largest total value locked (TVL).

The validators of PoS blockchains like Tranchess earn native tokens for processing transactions and Tranchess has used this revenue to offer users additional yields of 6 to 12% over the past year.

The CEO said:

“Tranchess provides a sound and transparent alternative to centralised entities that offer liquid staking. As a top BNB Chain validator, the protocol has the solid technical background needed to operate proof-of-stake validators, on top of offering different risk-return solutions for users.”

The post DeFi protocol Tranchess introduces ETH liquid staking appeared first on CoinJournal.

• Gnosis follows the footsteps of Ethereum in migrating to a Proof of Stake (PoS) protocol. 

• Gnosis is migrating from a Proof of Authority mechanism to PoS. 

• The developers are working to ensure that The Merge is successful.

Gnosis network to migrate to a PoS protocol

Privacy-focused Gnosis, one of the first sidechains to Ethereum, is set to carry out its own version of the Merge a few hours from now. 

📣 Official Merge Announcement

The highly anticipated Gnosis Merge is upon us! 🦉

The Gnosis Chain Merge is expected around Thu Dec 08 18:47 2022 UTC.

🧵Details below👇 pic.twitter.com/qy1WYkvwBT

— Gnosis Chain 🦉 (@gnosischain) December 6, 2022

The Merge will see Gnosis migrate from a proof-of-authority (PoA) chain to a proof-of-stake (PoS) beacon chain. According to the development team, the migration will take place Today, December 8, when a certain predetermined Total Terminal Difficulty (TTD) is reached.

Gnosis will become the major blockchain to carry out The Merge after Ethereum migrated to the PoS chain in September. Ethereum migrated from a Proof of Work mechanism, while Gnosis will ditch its Proof of Authority (PoA) mechanism for PoS. 

The PoA operates similarly to the PoS mechanism. However, instead of staking assets (as seen in PoS blockchains), PoA validators stake their reputation. This implies that the validators are required to meet certain requirements to be considered trustworthy within the community. 

Similar to the PoS, the PoA is less energy intensive compared to the Proof of Work mechanism. This is because there are fewer computational resources needed to ensure validators carry out their functions. 

The major difference between PoA and PoS is that PoA is more centralised since it selects only a few validators. The number of validators in PoS blockchains is much higher, making it more decentralised. 

Gnosis to have more than 100k validators after The Merge

The Merge will see Gnosis go from having roughly 20 validators running the blockchain to over 100,000 validators carrying out functions. Gnosis will be the blockchain with the second-highest number of validators, just behind Ethereum with over 440k validators. 

Tomorrow, exactly 1 year after the Gnosis Beacon chain launched it will merge with Gnosis Chain and replace a limited set of <20 validators with over 100,000 validators from all over the world. It will turn Gnosis into the chain with the second most validators and closest to Eth. pic.twitter.com/ywbIxhxS4E

— Martin Köppelmann 🇺🇦 (@koeppelmann) December 7, 2022

While speaking to CoinDesk, Stefan George, the co-founder and chief technology officer at Gnosis, said; 

“In the trilemma of scalability, decentralization and security, we focus on decentralization. Contrary to many ‘Ethereum killers,’ which favor scalability over decentralization, cheap blockspace is a commodity whereas decentralized blockspace is a scarce resource.”

He added that Gnosis is delighted to see Ethereum Merge was successful, and that gave them the confidence to believe they can apply the Merge successfully to Gnosis Chain. He concluded that;

“Initially, the goal was to do the Merge on Gnosis Chain before the Merge of Ethereum to show that it can be done safely on Ethereum. It turned out to be more complicated on Gnosis Chain as we were not switching from PoW but PoA and had to customize the existing code.”

The post The Gnosis Merge schedules for today as the blockchain migrates to Proof of Stake appeared first on CoinJournal.

• Ethereum rose to $1,300 on Monday.

• Ethereum co-founder Buterin has advised crypto enthusiasts to focus on tech than the price.

• ETH’s recovery could face a test at the 50-day MA.

Ethereum price (ETH/USD) tapped $1,300 briefly on Monday as bulls looked to win the war at $1,250 support. As of press time, the cryptocurrency had slid a little and was trading at $1,290. The price movement could generate some bullish interest amid a prolonged crypto winter. But just how important is Ethereum price in telling about the novel crypto project? Perhaps not that important, according to Ethereum co-founder Vitalik Buterin.

According to Buterin, investors should look at the tech rather than the price factors for Ethereum. Buterin’s comment comes amid investors’ dissatisfaction with the price of ETH and crypto in general. One popular crypto investor, “CoinMamba,” who attracted Buterin’s comment, hinted that he is “kinda exhausted.’ The investor hinted that he wanted to try out something else.

Any crypto native would understand or sympathise with the “CoinMamba” predicament. Had you bought Ethereum at its all-time high of $4,800, you would be holding 72% less value. Worse also, if you bought the Ethereum dip anticipating a swift recovery, you will still be hopeful.

Apparently, cryptocurrencies were not primarily invented for speculation. That’s the message that Buterin wanted to pass across. You should, too, and see the bigger picture. The good news still is that the bad days won’t last forever, and you can return big in ETH when the market rebounds. But is Monday’s price action a precursor of what is to come?

ETH recovers above the 20-day MA, and $1,250 support

ETH/USD Chart by TradingView

ETH has recovered above the $1,250 support and 20-day MA. Gauging from past price action, the token has risen any time it recovered above the 20-day MA. The MACD indicator shows improving momentum, although it is below the neutral zone.

Should you buy ETH?

The latest recoveries are positive for Ethereum. However, the cryptocurrency trades below the 50-day MA. If further upsides are to be confirmed, ETH has to break the barrier. Consider buying ETH on recovery above the crucial moving average. The next level would be around $1,450.

Where to buy ETH

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETH with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today Disclaimer

The post Ethereum back to $1,300. Vitalik Buterin advises the community on a key issue appeared first on CoinJournal.

• Ethereum token has gained by 11% in a week

• The token eyes $1,250 as recovery takes shape

• We need further confirmations/breakout before buying ETH

Ethereum price (ETH/USD) bulls are relentless despite a prolonged crypto winter. A gain of 11% in the last one week has taken the token to $1,205. The price level is close to the support zone of $1,250. Does this indicate ETH has initiated a bullish reversal?

Far from it – ETH is not yet bullish, but recent recovery boosts chances of it recapturing the $1,250 level. It should be remembered that analysts have been calling for a below $1,000 ETH price to another bottom price. However, Bloomberg senior macro strategist Mike McGlone expects Ethereum to hold up above $1,000. In his view, $1,000 is pretty solid support for ETH. He still warns that the FTX implosion impacts will linger longer before any bullish movement.

ETH price movement and outlook amid slight recoveries

Ethereum printed a low of $1,080 earlier this month after the FTX collapse. Bulls have kept the level intact, despite repeatedly losing the war at $1,250. ETH retested the November bottom and is on recovery towards the resistance again. Investors will eye a potential breakout at the key level to ascertain if higher prices are possible.

ETH/USD Chart by TradingView

The technical indicators show an improved price outlook for Ethereum. A bullish MACD crossover was initiated as the price recovered, although it remains in the bear zone. 

The RSI reading has shifted from the oversold region. However, it remains below the midpoint, indicating that sellers still have the upper hand on the cryptocurrency.

Should you buy ETH?

A price recovery to $1,250 is imminent for the Ethereum token. However, if considering buying ETH, you should wait until a breakout is confirmed above $1,250. A breakout would set up the cryptocurrency for the next potential resistance at $1,450 and $1,650.

On the flip side, if buyers fail to break above $1,250, ETH will remain under the control of bears. A price return to $1,000 is on the horizon or even lower.

Where to buy ETH

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy ETH with eToro today Disclaimer

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy ETH with OKX today Disclaimer

The post Ethereum is gearing for a recovery above $1,250. Here is the price action appeared first on CoinJournal.

• Ethereum price pulled back on Monday.

• DeFi, gaming, and NFTs activity have dropped sharply.

• It also dropped because of the ongoing China protests.

Ethereum price came under intense pressure on Monday as global risks pushed asset prices lower. ETH/USD plunged to 1,170, which was the lowest level since November 23rd. It is a few points above this month’s low of 1,075. Other coins like BTC, XRP, MOB, COCOS, and FLUX also plunged.

FTX crisis continues

ETH price has been in a downward spiral in the past few days as concerns about the FTX crash. You can read more about the crisis here. Since the collapse, the fear of contagion has pushed most cryptocurrency prices lower.

The crisis continued during the weekend. In the United States, regulators are asking questions about Genesis, a leading player in the crypto lending business. The company is notable since it is owned by Digital Currency Group, one of the biggest crypto conglomerates in the world. DCG has already hired restructuring advisors as it faces significant going concern risks.

Meanwhile, according to the Financial Times, most audit companies are treating crypto clients as high-risk. As such, they are treating them to more invasive audits as the industry remains on the brisk.

Ethereum price has been in a downward trend as key industries like DeFi and NFT come under pressure. Its total value locked (TVL) in the DeFi industry has dropped from over $150 billion to about $38.3 billion. 

Further, data shows that the volume of Ethereum NFTs has been in a downward trend. In November, the number of unique buyers dropped to 151,352 from 172,284. The total volume of Ethereum NFTs has dropped from an all-time high of $3.99 billion in January to $364 billion in November.

Other key sectors in Ethereum’s ecosystem like gaming and payments have seen their volume and activity decline sharply.

Ethereum price also crashed as investors reacted to the ongoing protests in China. These protests have led most stocks and commodities to plummet.

Ethereum price forecast

                    ETH/USD chart by TradingView

So, is it safe to buy Ethereum dip? The four-hour chart shows that the ETH price has been in a strong bearish trend in the past few days. It has moved below the descending trendline shown in yellow. The coin has also moved below the 25-day moving average while the Relative Strength Index (RSI) has been falling.

The coin will likely continue falling as sellers target the lower side of the triangle pattern at $1,100. A move above the resistance point at $1,200 will invalidate the bearish view. 

The post Ethereum price prediction as crypto risks continue appeared first on CoinJournal.