Ethereum blockchain could soon become 100 times faster
Yoann Choux – 16 Mar 2021
Ethereum’s problems soon solved?
Ethereum’s scalability problems could soon be a thing of the past.
A new system, Optimism, is expected to emerge from its testing phase in the coming weeks. This system implements a technology called Rollups, a Layer 2 solution, which will allow to execute transactions inside a smart contract while keeping the same level of security and with very low costs, before injecting the result on the main blockchain. This multiplies by 100 the capacity of transactions compared to the main Ethereum network.
Major DeFi platforms like Uniswap, Compound and SNX are already testing this new feature.
An auction on confiscated Bitcoins
The French government will auction 611 bitcoins this week.
These funds were obtained as a result of confiscations by judicial authorities between March and September 2020. The auction will take place until March 13, but the sale price will probably be very close to the official price.
Ethereum miners go all the way…
Following the announcement of the adoption of the EIP 1559, the group of miners against the proposal announced that they want to prove the power they have on the network “for educational purposes”.
To do this, on April 1, they plan to gather their computing power in a single pool for 51 hours, with the hope of reaching 51% of the network’s computing power. The pool in question, Ethermine, has become known for its opposition to IEP 1559.
In addition, a new proposal has emerged to try to appease miners.
The EIP 3368 would increase the income of miners, to compensate for the loss of the EIP 1559. For this, it would no longer be 1 ETH, but 3 ETH of reward when creating a block, reward that will be reduced over 2 years to return to 1 ETH.
Following this announcement, some miners previously involved in the tour de force scheduled for April 1 withdrew from the movement.
They also bypass the limits imposed by Nvidia!
Ethereum miners have found a way around the limitations of Nvidia video cards. The electronics giant had implemented these limitations to avoid shortages in the market of cards for video games. The miners managed to modify the firmware of RTX 3060 video cards to make them work at 100% of their power.
69.3 million dollars: the price of the digital work of the artist Beeple
The founder of the NFT fund Metapurse, known as Metakovan, won the auction of the digital work of the artist Beeple: The first 5000 days.
The work went for $69.3 million. Metakovan was able to outbid Justin Sun, the founder of Tron, by $250,000 20 seconds before the auction ended.
The first 5000 days is the third most expensive sale for a living artist.
Bitcoin ETF approved in Canada
Canadian regulators have approved the Bitcoin ETF proposed by CI Global Asset Management.
The ETF will be accessible via the Toronto Stock Exchange starting next Tuesday.
Canada had already approved a first Bitcoin ETF in February.
An application has also been made for an Ether ETF.
Binance worried by a US regulator?
An investigation by the CFTC, the U.S. regulator, has been launched into Binance.
The marketplace is suspected of allowing US citizens to gain exposure to crypto derivatives without prior registration.
According to Binance’s CEO, this will have no impact on the company’s operations.
Incident on PancakeSwap and Cream Finance
The PancakeSwap and Cream Finance protocols have been targeted by an attack replacing their applications by fraudulent interfaces seeking to steal users’ private keys.
This attack was based on the exploitation of a DNS (server associating a url and a web server) which allowed to easily redirect users to a fake version of the site.
The incident has been solved, and the real applications are available again.
True Seigniorage protocol victim of a user
By purchasing enough TSD tokens, a malicious user was able to take control of the True Seigniorage protocol’s DAO with nearly 33% of the voting power, and thus issue 11.8 billion TSD tokens, and then trade them via PancakeSwap.
True Seignorage is a project to have a stablecoin based on the dollar, and available on multiple networks at once (Ethereum and BSC).
The protocol team, while affected by the attack, said it was still a normal use of their project’s DAO.
DC Comics wants to ride the NFTs wave
DC Comics is interested in NFTs. The company is reportedly looking for a way to create NFTs with their most popular works and heroes, or even new works.
In the same vein, DC Comics wants to prohibit the creation of NFTs representing its most popular characters, such as Wonder Woman or Batman, without prior approval by the company. This follows the sale of a Wonder Woman-themed NFT for $1.85 million.
Sushiswap, conquering Avalanche
The Sushiswap protocol, which last week had deployed its contracts on several new networks, is going after the Avalanche network. This follows the deployment of the Bridge between Ethereum and Avalanche last month, allowing the rapid transfer of liquidity to the new network.
Many new users on Metamask
Due to the popularity of NFTs, Metamask has gained many new users. The team behind the extension has announced that they will continue to improve their product, and want to offer features related to NFTs, but also the ability for developers to connect their application to multiple channels at once, whether sidechains or Layer2.
Figures of the week
New All-Time High for Bitcoin
For the first time in its history, the price of a bitcoin exceeded $60,000 on Saturday.
NFTs are definitely on the rise
Google searches for the keyword “NFT” are exploding, and platforms offering NFTs saw over 400,000 users last week.
Bitcoin, more interesting than Covid-19?
On Google Trends, the keyword Bitcoin is searched twice as much as Covid-19.
A statistic on Ethereum 2.0
There is now $6.5 billion deposited in Ethereum 2.0 staking.
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