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| xDAI Stake 
| #STAKE
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| STAKE Price: | $0.12 | | Volume: | $160 | | All Time High: | $43.50 | | Market Cap: | — |
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| Circulating Supply: | — |
| Exchanges: | 4+
| | Total Supply: | 8,537,500 |
| Markets: | 8
| | Max Supply: | — |
| Pairs: | 9
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The price of #STAKE today is $0.12 USD.
The lowest STAKE price for this period was $0, the highest was $0.116, and the current live price for one STAKE coin is $0.11593.
The all-time high STAKE coin price was $43.50.
Use our custom price calculator to see the hypothetical price of STAKE with market cap of BTC or other crypto coins. |
The code for xDAI Stake crypto currency is #STAKE.
xDAI Stake is 5.7 years old. |
The current market capitalization for xDAI Stake is not available at this time.
xDAI Stake is ranked #1981, by market cap (and other factors). |
The trading volume is weak today for #STAKE.
Today's 24-hour trading volume across all exchanges for xDAI Stake is $160. |
The total supply of STAKE is 8,537,500 coins.
Note the limited supply of xDAI Stake coins which adds to rarity of this cryptocurrency and increases perceived market value. |
| Note that there are multiple coins that share the code #STAKE, and you can view them on our STAKE disambiguation page. |
DXdao at ETHDenver 2023
Swapr =/≠ MC², #BUIDLathon Winner, All seems Moovelous.. — Conferences are a whirlwind of one event after another, and days blur together. The MC² event with MetaCartel and Swapr by DXdao was the highlight while CoWSwap made a moovelous impression too. Without revealing anymore, see what the team had to say about their time at ETHDenver: — Explore like you were there :. — 10-day ThreadExpress, MC² — Not a lesson in relativity, The DAOreport, Denoted: 2023 #BUIDLathon Winner, — 10-day ThreadExpress - The week around ETHDenver at the new Spork Castle was a blast of non-stop energetic, Web3 conversations. There was plenty of fun to be had by all and this is how it went down for the DXdao contributors and community members… The week started with many impromptu gatherings around Camp Buidl and the Buidl Hub. Newcomers could engage with contributors and learn how to make the jump into DAOs:, — Sky 🦇🔊 | 🌶 | 🌐 | ℗⌐◨-◨ | (:D, ;D) on Twitter: "Super fun panel to kick off @EthereumDenver Buidl Week. Sharing ideas and lessons to help make the jump into DAO world with @karmaticacid @DekanBro @le_panch0 thanks to @BorrowLucid t.co / Twitter" - Super fun panel to kick off @EthereumDenver Buidl Week. Sharing ideas and lessons to help make the jump into DAO world with @karmaticacid @DekanBro @le_panch0 thanks to @BorrowLucid t.co The Opolis “Future of Work” Mini-... 
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DXdao Month in Review | February 2023
The February issue comes to you while a large portion of the crypto-verse has descended on Denver for the week-long ETHDenver gathering. Reports from Denver have confirmed that the Ethereum ecosystem and the larger crypto space are still going strong, and projects continue to build during this trying time. Our review is a little closer to home, covering DXdao. 😊 — Swapr V19 - Swapr Beta 19 February ended with a bang when the Swapr team released Beta V19. It was a monumental release that struck a chord with the community. Headlining the release was the integration of 1inch! This is a massive step for Swapr that really increases the firepower of the Eco Router. Beta 19 also included extended support for 0x to Arbitrum, Optimism, and BNB Chain and updates to allow Limit Orders on Pro Trading Mode. Users can now access any of their favorite protocols right from within the safety and comfort of Swapr. Congratulations to the Swapr team for an amazing release.MC² @ Mile High Station Swapr is present at ETHDenver and is supporting a special event, MC², alongside Charged Particles, MetaCartel, MetaCartel Ventures, Hedgey Finance, ConsenSys, and Lbank Labs. If decentralization, privacy, and unconquerable front ends are important to you, MC² at the Mile High Station will be the place to be. You will even be able to get your hands on some Limited Edition stickers espousing the Ethos of Swapr. Decentralization, Privacy, and...
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Swapr Beta V19 comes to market
The Swapr team has been hard at work, and you will not be disappointed. As always, we strive to give our users access to the best trades in the safest and most convenient environment possible. Our latest integrations and UX updates will do just that. See what Beta V19, which recently went live, has in store for you. — 1inch in the Eco Router 🦄 - In Beta, V19 users get access to our latest Eco Router integration, 1inch! 1inch offers users access to numerous liquidity sources across multiple chains and is, therefore, able to provide some of the most profitable trades in the DeFi. Swapr’s 100% decentralized front end will give users access to the impressive 1inch protocol across six major networks: Ethereum Mainnet, Gnosis Chain, Arbitrum, Polygon, Optimism, and BNB chain. A truly permissionless, decentralized, and secure experience. 1inch integration is a huge win for the community and so we’ve dedicated a post to this with more details here. — Extended 0x support - 0x is a powerful liquidity aggregator that utilizes smart order routing. Essentially this splits your transaction across multiple exchange networks resulting in some of the lowest slippage possible for traders. We have extended our support of 0x to Arbitrum, Optimism, and BNB chain. 0x is now available across all six networks supported by Swapr’s Eco Router. — Limit Order Updates - Limit Orders available on Pro Mode Our last release ...
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1inch comes to Swapr’s Eco Router
1inch integration into Swapr Swapr’s Eco Router keeps getting better with our latest integration of 1inch! Users will now have access to the impressive 1inch protocol right from within the decentralized front end of Swapr. With no extra fees to users, the Eco Router is one of Swapr’s most powerful features. It effortlessly finds you the best possible trades across multiple DEXs, AMMs and Aggregators. Existing on six major networks: Ethereum Mainnet, Gnosis Chain, Arbitrum, Polygon, Optimism, and BNB chain, there is a Swapr for everyone. Swapr’s decentralized front end is the epitome of a DeFi dapp: permissionless, decentralized, and secure.1inch in Swapr’s Eco Router 1inch serves up a leading-edge routing algorithm. It offers users access to numerous liquidity sources across multiple chains and is, therefore, able to provide some of the most profitable trades in the DeFi. With its latest iteration, the API v5: Pathfinder, the 1inch Aggregation Protocol can now split a token swap among multiple protocols while finding the most efficient and shortest path to execution. — Then, now and next. - 1inch has been routing through Swapr since 2021 and this integration marks the next step for the Swapr and 1inch communities, with more to come. Swapr’s Limit Orders went live mid-January, and now we are looking at how we can best integrate the 1inch Limit Order Protocol into the Swapr Limit Order Interface. Limit Order...
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DXdao Month in Review | January 2023
It’s hard to believe it is already time for the first Month in Review of 2023. January has seen DXdao so focused on implementing Phase 2 of the Restructuring and Refocus (R&R) initiative that we could almost call this issue “The Restructuring Review”. — DXdao Guilds are using DAVI - Phase 2 of the R&R initiative drastically changed the DAO’s operational structure. The original Squads evolved into more autonomous Guilds, with each Guild consequently authorized by the greater DAO to govern its treasury, goals, and objectives. The newly established autonomous Guilds needed a governance framework, and DAVI was the obvious choice.DAVI — Decentralized Autonomous Voting Interface DAVI is DXdao’s latest governance innovation. A decentralized on-chain governance framework developed for mass adoption by DAOs. DAVI is currently deployed on both Mainnet and Gnosis Chain and can do either liquid token staking or soulbound token governance. Learn more about DAVI and when you can use it here. In keeping with DXdao’s governance structure, DAVI for Guilds uses a soulbound token governance framework on Gnosis Chain. Deploying DAVI on Gnosis Chain was both a cost and accessibility-related decision. Being an EVM chain, transaction fees are minuscule, making DAVI accessible to all communities around the globe. — DXD Token Model Implementation - Coinciding with the R&R initiative was the New DXD Token M...
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What’s going on with DXdao’s Accessible Governance Framework DAVI?
DAOn the Governance Rabbit Hole with DXdao’s truly decentralized on-chain governance framework to govern your DAO. — With a long on-chain history dating back to 2019, DXdao places the utmost importance on autonomous on-chain governance. DAOs that are able to utilize on-chain tools and actionable proposals are able to harness the full extent of their autonomy. We view this as a crucial step in advancing decentralization in the DAO space. That is why we are so excited to share the developments we have made in building out the mechanisms needed by DAOs to do just that! Over the past few years DXdao has been building two very unique on-chain governance mechanisms, DXdao Guilds and Gov 2.0. Guilds is a flexible token governance mechanism with the ability to do liquid token staking or soulbound token governance. Guilds was designed for the purpose of spinning out DXdao products, soon to be Swapr, into self governing protocols. Gov 2.0 will be a hybrid of our current soulbond token governance, REP, and liquid token staking voting, DXD. Each token will be weighted accordingly through a New Voting Power Equation. A user interface was one of the components needed for both these governance systems. The DXgov team recognized that complex on-chain activity can be challenging and overwhelming for non-technical users. They realized they needed an interface that presented the various aspects of on-chain governance in an easy to use ...
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DXdao Restructures and Refocuses
The downturn of the markets in early 2022 marked a time for introspection. By turning inwards, DXdao reassessed its current position and future objectives. After a period of forum discussions and community calls, DXdao passed on-chain the multi-phase DXdao Restructuring and Refocus proposal. The aim of this proposal was two-fold: first, to ensure the DAO was prepared to endure a prolonged bear market; and second, to upgrade its operational and governance structure. The magnitude of this undertaking was the reason for a three phase process. From the quickest and least controversial in Phase 1 to the more complex and contentious to resolve in Phase 3, issues were separated in escalating order of significance. To clarify the DAOs overarching goals and exactly how to tackle them, the process has focused on open discussion, consensus, and shared commitment. The DAO started with the path of least resistance, Phase 1, moving quickly to tighten the budget and ensure a healthy runway in the event of an extended down market. — Phase 1: Low Hanging Fruit - Phase 1 Imaging Aptly named “Low Hanging Fruit”, Phase 1 represented issues that could be expedited as they were fast and agreeable. With the added bonus of yielding immediate benefits for the DAO, Phase 1 quickly passed through the governance process and the following actions were promptly implemented: Disengagement from contractors. Disengaging from contractors yielded i...
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DXdao’s New DXD Token Model
TL;DR, In the new DXdao ecosystem, DXD will get its value from DXdao’s treasury, which will grow from product revenue and its investments into decentralized technologies.DXD Token Model Est. 2022 In August 2022, DXdao launched the DXD Token Working Group to draft a sustainable, long-term model for DXD. The working group researched and compared multiple existing models, methods, and options and landed on the following three-pronged approach: Introduce four new tools in the DXD Monetary Policy Framework that will enable a fair and liquid market for DXD., Establish a DXD Monetary Policy Committee., Continue to fund product development and other initiatives that further DXdao’s core mission to enable community freedom., To further simplify and answer the question, “Why is DXD valuable?”, the Working Group affirmed: DXD gets its value from DXdao’s treasury, which grows from product revenue and its investments into decentralized technologies. What this means for your average DXD holder is direct alignment with DXdao’s activities and access to the underlying assets of the treasury. With these new financial instruments, DXD holders are supported with access to unlimited liquidity and now have the option to either realize the returns on their earlier investments or see continued growth as they remain in support of the DAO. Choices, is what the new DXD token model means for your average DXD Holder. One key short-term dev...
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Pushing DeFi Boundaries: Swapr Integrates with CoW Limit Orders
Pushing DeFi Boundaries: Swapr Integrates with CoW Limit Orders - Pushing the bounds of decentralized trading, Swapr has integrated with CoW Protocol Limit Orders. Coupled with Swapr’s decentralized front end, this integration gives users access to the most secure and comprehensive Limit Order offering on the market today. Beside giving users all the usual benefits, what really sets CoW Limit orders apart is its ability to provide users with an additional 4 distinct features: Unlimited order management — you can set and cancel as many orders as you want without paying any gas fees., Unlimited order placement — using the same crypto balance, place as many orders as you want. You also have the option to keep them active for up to a year and your orders only stop filling once the sell token limit has been reached., Surplus-capturing — by leveraging its batch settlement Coincidence of Wants, CoW is able to capture favorable price movements between the time orders are sent and the time they are settled on-chain, with the upside of these favorable price movements benefiting users., MEV protection — synonymous with CoW Protocol, MEV stands for Maximal/Maximum Extractable Value. It refers to the maximum value that can be extracted from block production in excess of the standard block reward and gas fees by including, excluding, and changing the order of transactions in a block. MEV harms participants by, ...
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DXdao’s 2022 Year in Review
The Holiday Recap. — Coming off the boom of 2021, 2022 started strong and looked like it was going to be another record-breaker. “Not quite” is probably a bit of an understatement, but let’s not delve too deep into the dark depths of despair now (lol). Especially on the eve of the end-of-year holidays, and let’s instead take the “glass is half full” approach to ring in 2023! At the beginning of 2022, participating as a sponsor, DXdao headed off to ETHDenver. With COVID-19 travel restrictions easing, it was a full house with contributors coming from around the globe. DXdao was strongly represented on stage, with Sky Minert discussing Future Proofing DAOs while Chris Powers Rocked the Boat to Better Governance. It was clear that DXdao’s soulbound-based governance still offers one of the best alternatives to regular liquid ERC20 token governance. Our stance on decentralization was rock solid then but undisputable now at the end of the year. ETHDenver was a momentous occasion with a robust DXdao presence, albeit a frosty February in Colorado.DXdao Sponsorship Booth at ETHDenver DXdao again acted as a sponsor at DAOist’s GGG22 in ETHAmsterdam and descended on the cycling capital of the world, determined to continue its efforts in DAO education. Punting privacy and shilling decentralized sovereignty Chris Powers highlighted the sovereignty that DXdao has and employs over its products. He specifically focused ...
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 | Foresight Ventures Acquires Majority Stake in The Block
Foresight Ventures, a Singaporean Web3 VC firm, has announced it acquired a majority stake in The Block, a cryptocurrency-focused news outlet. The deal, which values The Block at around $70 million, will allow the news platform to purchase the stake belonging to former CEO Mike McCaffrey, who had received funding secretly from Alameda Research, an investment company co-founded by former FTX CEO Sam Bankman-Fried.
Foresight Ventures Acquires 80% Stake in The Block
Foresight Ventures, a Singaporean Web3 and crypto-focused investment firm, acquired a majority stake in The Block, a cryptocurrency news outlet. According to reports from Axios, the deal valued the company at $70 million and allowed the VC firm to acquire 80% of the company for roughly $60 million.
The funds will be used almost entirely to buy out the company's stake still in the hands of former The Block CEO Mike McCaffrey, who acknowledged he had received more than $40 million in loans from Alameda Research, a VC firm co-founded by former FTX CEO Sam Bankman Fried, in 2021 and 2020, to restructure the company given that it was in a 'precarious place.'
The purchase aims to steer The Block to acquire Asian users, a goal that has been difficult to reach for Western news companies due to several factors, including the language barrier. Tony Cheng, a Foresight Ventures partner who will now also be part of The Block's board, stated:
We're focused on helping companies bring in more users from Asia. We're seeing sig...
|  | With Bitcoin's Fourth Halving Under 200 Days Out, What's at Stake for Mi...
With fewer than 200 days to go, anticipation mounts for the halving, a four-year event that halves the supply rate. Bitcoin's fourth halving is projected to take place on or around April 24, 2024. This comprehensive guide will help you understand the halving's effects and what to anticipate.The Countdown to Halving and Understanding the Halving Mechanism
By current measurements, 193 days remain until the halving, set for April 2024. In essence, the Bitcoin halving, coded into Bitcoin by its founder, Satoshi Nakamoto, happens every 210,000 blocks, roughly every four years. When the network hits a certain block number, the mining reward - the bitcoin amount miners earn for verifying transactions - is halved.
For instance, the initial mining reward was 50 bitcoins per block, and it fell to 25 bitcoins per block after 2012's first halving. This system ensures a regulated supply rate that diminishes over time. To date, Bitcoin has undergone three halvings: the first on November 28, 2012, the second on July 9, 2016, and the third on May 11, 2020, when the reward declined to 6.25 BTC.
The upcoming reduction will slash the reward from 6.25 BTC to 3.125 BTC per block. This halving will decrease the inflation rate from 1.7% annually to 0.84%. Given current prices and the existing 900 BTC issued daily, miners earn about $24 million daily in new bitcoins. If bitcoin's price stays steady, that daily revenue would fall to $12 million, though many expect the value to significantly increase...
|  | Bankman-Fried's Legal Team Pushes to Present Anthropic Stake as Evidence
Lawyers representing Sam Bankman-Fried have formally requested the court's approval to introduce evidence related to his investment in Anthropic, an artificial intelligence startup. In a letter addressed to Judge Lewis A. Kaplan, SBF's legal team argued that the prosecutors' recent request to prevent any discussion of Anthropic misinterprets the significance of the evidence.
Sam Bankman-Fried's investment in Anthropic in 2022, which has seen a surge in valuation due to recent funding rounds, has the potential to lead to a complete payout for FTX creditors, according to a crypto bankruptcy lawyer's assessment last week.
SBF's Legal Team Says Anthropic Evidence is Relevant
The legal team representing SBF has emphasized that the evidence of the current value of the Anthropic investment is squarely relevant to rebutting the government's opening statement and testimony to date, as well as his good faith.
They pointed out that prosecutors have consistently brought up Alameda's venture investments throughout the trial, characterizing them as 'risky.'
Furthermore, Bankman-Fried's lawyers argued that they should be permitted to present testimony from Caroline Ellison regarding the portfolio nature of venture capital investing. They contended that the substantial increase in Anthropic's value since the previous year provides vital context and pertains to testimony provided by Ms. Ellison regarding expected value analyses.
Prosecutors Dismiss Anthropic Evidence
The Department of Justice...
|  | Why Mine Bitcoin Or Stake Ethereum, When Bitcoin Spark Makes It Much Eas...
Cryptocurrency mining or staking has become a popular way of engaging with cryptocurrency to earn rewards. Bitcoin Spark enters with an innovative approach that promises to make the process 100 times easier.
In a landscape dominated by complexity, what if there was a simpler and more efficient way to engage with the crypto realm and reap the benefits? Bitcoin Spark offers a streamlined and accessible approach to participate in the crypto revolution, making cryptocurrency engagement more attainable for everyone.
Bitcoin Mining
Bitcoin works with a Proof-of-work mining protocol. As the pioneering cryptocurrency, PoW is as old as BTC. Bitcoin mining is the process by which new Bitcoins enter circulation. It’s the mechanism through which transactions are verified and added to the public ledger called blockchain.
Miners use powerful computers to solve complex mathematical problems that validate and secure transactions on the network. When investors and traders transact on Bitcoin, the transaction must be verified on the network to ensure its validity.
They compete to solve a complex math problem based on the data in the block, and the first miner to solve this problem creates a new block. The problem requires significant computational power to solve but is easy to verify once solved. This is the essence of the proof-of-work mechanism. The miner who successfully added the block is rewarded with newly created bitcoins (the block reward) and transaction fees from the transactio...
|  | FBI Links $41 Million Stake Hack to North Korea's Lazarus Group
The US Federal Bureau of Investigations (FBI) claimed that the notorious North Korea-sponsored hacking syndicate Lazarus Group is responsible for the recent attack on the cryptocurrency sports betting and casino platform Stake.
The hack resulted in the loss of over $41 million worth of crypto assets from the gambling firm.
Lazarus Group Behind Stake Hack
In a press release issued on Sept. 6, 2023, the FBI said it carried out investigations into the Stake hack, which revealed Lazarus Group as the entity behind it. The agency further listed several cryptocurrency wallet addresses where Lazarus Group sent the stolen crypto funds.
'Private sector entities are encouraged to review the previously released Cyber Security Advisory on TraderTraitor and examine the blockchain data associated with the above-referenced virtual currency addresses and be vigilant in guarding against transactions directly with, or derived from, those addresses.'
Stake became the latest victim of a crypto-related hack on Sept. 4 after attackers drained millions of dollars from its platform. Web3 security company Cyvers first detected 'multiple suspicious transactions' on Stake, with data showing that attackers transferred approximately $16 million worth of ETH and other stablecoins from the gambling company.
Onchain sleuth ZachXBT later noted that the hackers reportedly stole another $25.6 million on Polygon and Binance Smart Chain (BSC). Following revelations from security experts, Stake confirmed the att...
|  | Robinhood to Buy Back SBF's Stake for Over $605 Million
Online broker Robinhood is going to buy back the stake purchased by a company of crypto exchange FTX founder Sam Bankman-Fried (SBF). The fintech intends to pay $605.7 million for the shares that were transferred to the custody of the U.S. government after the bankruptcy of SBF’s businesses.Robinhood to Proceed With Planned Buyback of Shares From USMS
Online stock and crypto brokerage Robinhood Markets announced on Friday it had entered into a stock repurchase agreement with the United States Marshals Service (USMS) for shares acquired by crypto entrepreneur Sam Bankman-Fried’s Emergent Fidelity Technologies.
The stock was seized after FTX and Emergent filed for bankruptcy in 2022 and later transferred to the custody of the U.S. government, Reuters noted in a report. The collapse of the exchange, one of the largest in the crypto space, led to the arrest and indictment of SBF, whose trial on fraud and conspiracy charges is set to begin in October.
The Menlo Park, California-headquartered financial services firm is going to pay $605.7 million for 55.3 million shares. Robinhood first unveiled its plan to buy back the stake in February of this year after the company’s board authorized it to pursue purchasing most or all of the stock.
The deal was approved by U.S. District Judge Lewis Kaplan in Manhattan who oversees Sam Bankman-Fried’s case. In an order issued on Monday, he described Robinhood’s proposed share purchase agreement as “appropriate...
|  | Robinhood Repurchased Sam Bankman Fried's Stake For $605 Million
Crypto and stock trading platform Robinhood (HOOD) has executed a nine-figure buyback of its own shares from FTX’s former executives, including disgraced boss Sam Bankman-Fried and his fellow co-founder Gary Wang.
The purchase secured 55,273,469 HOOD shares worth $605.7 million.
Robinhood entered into the purchase agreement with the United States Marshal Service (USMS) on August 30, and closed the transaction the following day.
“The Company funded the purchase of the Shares from corporate cash available from its balance sheet,” stated the agreement’s Form 8-K filing on Thursday.
Robinhood’s Board of Directors had already authorized the company to pursue purchasing most or all of the shares on February 8, 2023. Before that, Bankman-Fried and Wang owned the shares via the former’s hedge fund Emergent Fidelity Technologies, which filed for bankruptcy at the time.
The government confiscated close to $700 million worth of Bankman-Fried’s assets in January, including $455 million worth of HOOD shares, despite his lawyers' fight to keep them. Prosecutors believe those shares were purchased using former FTX customers’ stolen money.
Robinhood’s average purchase price per share was $10.96 – below the market’s current trading value of $11.18.
The post Robinhood Repurchased Sam Bankman Fried’s Stake For $605 Million appeared first on CryptoPotato.
|  | Coinbase Acquires Equity Stake in Circle; Companies Reshape USDC's Futur...
In a joint statement, Jeremy Allaire, CEO of Circle, and Brian Armstrong, CEO of Coinbase, announced the dissolution of the Centre Consortium. Consequently, Circle will take exclusive charge of the issuance and governance of USDC. Additionally, Coinbase has acquired an equity stake in Circle while signaling a stronger commitment to stablecoins.
Circle, Coinbase Dissolve USDC's Centre Consortium
On Monday, Coinbase and Circle unveiled significant news in a blog post penned by both CEOs. The duo shared that USDC will soon integrate with six additional blockchain networks, expanding its connectivity to a total of 15 chains.
Circle contends that a multi-chain future for USDC will more effectively serve individuals and businesses that utilize the stablecoin. Allaire elaborated on the announcement on the social media platform X. He explained that before the onset of global regulatory clarity, the Centre Consortium's governance system was essential.
'Now, with regulatory clarity coming for stablecoins all around the world, including in the US, there's no longer the need for such a structure,' Allaire commented. Circle will now have complete authority over the USDC initiative. The blog post emphasized that all direct accountability will now rest with Circle. The company will hold the smart contract keys, ensure regulatory compliance, and manage the reserves across multiple blockchain networks.
Both Allaire and the blog post highlighted that Coinbase has secured an equity stake in Cir...
|  | Dogecoin Proof Of Stake Discussion Heats Up As Lead Dev Chimes In
Dogecoin Lead Developer, Mishaboar has expressed his doubts about a possible move to a Proof of Stake (PoS) blockchain consensus. The developer has stated that the transition to a POS mechanism is not a “sensible approach” and has highlighted several issues that could develop from the change.
Mishaboar Objects To PoS Transition
Mishaboar took to social media on August 20, to express his concerns about the potential impacts a PoS transformation could have on Dogecoin’s network and decentralized nature. In a recent Twitter post, he staunchly refuted the transition and stated that if the conversion pulls through, he may leave Dogecoin for another cryptocurrency network with a PoW consensus.
“If this refers to a remote possibility of Doge ever switching to PoS, after what I have seen over the past 2 years, I would probably then move to another PoW crypto and customize the logo in my wallet to have a dog in it,” Mishaboar commented in a Twitter post.
Mishaboar has highlighted the possibilities of power imbalances that could result from a PoS switch since a significant amount of a cryptocurrency’s supply is controlled by exchanges.
He stated that the change to a PoS consensus could increase the control and influence of exchanges over a network. The developer also pointed out that Dogecoin may face increased regulatory challenges with the transition.
Furthermore, Mishaboar explained that cryptocurrencies that have transiti...
|  | Binance and Coinbase Market Shares at Stake Amidst Regulatory Turmoil: D...
It has been a wild ride for the world’s largest cryptocurrency exchange - Binance, this year. As US watchdogs pursue it for alleged violation of federal laws, the platform appears to be losing its market share at a rapid pace.
Blockchain analytical firm Kaiko reported that Binance's spot market share has dropped to 50% from 64% earlier this year. That's a 22% decline in the last seven months. Besides the CZ-led exchange, Kaiko's data suggest that Coinbase also met a similar fate after plunging from 8% to 5.5% during the same period.
Binance, Coinbase Dwindling Market Share
With Binance and Coinbase's grip on the market dwindling, other prominent crypto exchanges have boosted their market shares. Kaiko's data suggest that the latter cohort witnessed growth from 26% since the beginning of the year to 44% in July.
Binance, for one, has been facing stiff competition from offshore exchanges such as OKX, Huobi, and Bybit since the start of 2023. All three have not only gained market share but have also scaled their footprints, especially in Asia.
Hong Kong has gained prominence as a crypto hub in Asia. But if Binance seeks refuge in the city-state, its uphill battle would involve making several operational adjustments just to score a license. Experts believe the SEC's lawsuit against the crypto exchange could prove to be a hurdle in establishing a meaningful presence in the Hong Kong market.
Its rivals, OKX and Huobi, which also possess Chinese roots, have also been eyeing a ...
|  | Vanguard Group Buys 10% Stake In Bitcoin Miner Riot
The $7 trillion asset management giant Vanguard Group now owns a 10.24% stake in Riot Blockchain (NASDAQ: RIOT) – the world’s largest Bitcoin mining company.
A filing with the Securities and Exchange Commission (SEC) on Monday showed that Vanguard has upped its exposure to the firm from 15.2 million shares to 17.9 million.
Based on Riot’s current share price, Vanguard’s stake is now worth $295 million.
The company also bought millions of shares in competing firm Marathon Digital, increasing its holdings from 10.9 million shares to 17.5 million. The investment is of roughly equal value to Vanguard’s Riot stake at $296 million.
Both Riot and Marathon are up roughly 400% year to date, mimicking the trajectory of other mining firms, and outperforming the already strong gains of Bitcoin (BTC) itself.
Like many other mining firms, Riot has invested tens of millions of dollars into expanding mining infrastructure capacity this year in preparation for Bitcoin’s “halving” next year, which is widely believed to catalyze Bitcoin bull markets.
Two years ago, Vanguard claimed on its site that the investment potential in cryptocurrencies is “weak”, yet its half-a-billion dollar stake in the mining industry may indicate a change of heart.
Fellow asset manager BlackRock has also grown more fond of the industry with time. Once a skeptic, CEO Larry Fink likened Bitcoin to “digital gold” earlier this month, shortly after h...
|  | FTX Pauses Sale of $500 Million Stake in AI Startup Anthropic
Failed crypto exchange FTX has unexpectedly halted the sale of its stake in the artificial intelligence (AI) startup Anthropic. The stock has been viewed as a source of funds that can be used to compensate customers who suffered losses as a result of the coin trading platform’s collapse. Cryptocurrency Exchange FTX Postpones Sale of Anthropic Shares
Bankrupt crypto exchange FTX has decided to hold off the sale of its stake in the AI company Anthropic. The stock, worth $500 million, has been among the exchange’s most sought-after assets, Bloomberg noted in a report.
According to sources who chose to remain anonymous, bidders have been informed this month about the pause by Perella Weinberg Partners, the financial services firm acting as an advisor in FTX’s bankruptcy which was looking to sell the Anthropic shares.
The AI startup was established in 2021 by former employees of Openai, the developer of the chatbot Chatgpt. In May of this year, Anthropic announced it had raised $450 million to support the development of its AI bot named ‘Claude.’
Anthropic has been recently valued at $4.6 billion and secondary market buyers have been seeking to acquire shares of the company. FTX’s stake in the AI firm is one of the biggest investments made by what was one the largest digital asset exchanges.
FTX filed for bankruptcy protection amid liquidity issues in November 2022. The sale of the Anthropic stake was halted a day after FTX’s new CEO, Joh...
|  | FTX Sells Back Stake in Mysten Labs: Report
Yesterday, lawyers from the FTX Group announced their intention to settle out of court with Modulo Capital, a measure that effectively wiped the VC firms’ books by about 99%.
Mysten Takes it in Stride
Today, in another bid to raise as many funds as possible, FTX outlined intentions to sell its stake in Mysten Labs back to Mysten.
Unlike Modulo – a company whose capital seems to have been almost entirely FTX-sourced – Mysten Labs, the creators of the Sui blockchain, is a solid firm whose funding round last year saw it hit a valuation of $2 billion.
The funding round in question was, indeed, led by FTX. However, the failed exchange was not the only big-league backer: a16z, Binance Labs, Franklin Templeton, Circle Ventures, Coinbase Ventures, and many more well-known firms also invested substantial amounts into Mysten Labs.
At the time, FTX bought $1 million worth of SUI tokens and approximately $101 million worth of preferred stock in the company, according to Reuters.
Mysten Agrees to Buy Back Shares
Legally, a recently bankrupted company can attempt to claw back funds for up to one year.
However, Mysten has agreed to settle out of court and is willing to buy back both its stock and SUI tokens, albeit at a slightly lower price than they were originally sold for.
“The Debtors carefully considered and analyzed the offer as set forth in the Agreement in comparison to its other options and concluded that a sale of the Interests will result in obtaining maxi...
|  | Report: Shanghai Bank Mulls Buying Silicon Valley Bank's Stake in Chines...
According to reports, Shanghai Pudong Development Bank may acquire the China-based subsidiary of Silicon Valley Bank (SVB). Authorities in the Chinese city of Shanghai reportedly back the acquisition, which may help minimize the impact of SVB's shutdown. In its statement following SVB’s demise, SPD Silicon Valley Bank reportedly said its operations remained stable.Shanghai Authorities Seek to Limit Impact of SVB's Demise
Silicon Valley Bank’s joint venture partner Shanghai Pudong Development Bank (SPDB) plans to take over the collapsed financial institution’s China-based subsidiary, a report has said. According to the report, the SPDB is likely to acquire 50% of the collapsed U.S. bank’s stake in the subsidiary.
The plan to keep the financial institution’s subsidiary running came just days after the Bank of England helped to facilitate HSBC’s acquisition of the collapsed bank’s subsidiary in the United Kingdom. British authorities have lauded the acquisition of the subsidiary for £1 ($1.22) which protects depositors ostensibly without using taxpayers’ money.
According to a report in the South China Morning Post, Shanghai banking authorities may back the acquisition, which may help the city weather the storm sparked by SVB's abrupt shutdown. The report added that the local government and the city banking regulators had discussed the possibility of SPDB’s takeover of the subsidiary which operates as SPD Silicon Valley ...
|  | Lido Finance Records Highest Daily Stake Inflow of Over 150,000 ETH
Liquid staking protocol Lido Finance recorded its highest daily stake inflow on Saturday, with more than 150,000 ether (ETH) staked on the platform.
According to Web3 data analytics platform Lookonchain, Tron blockchain founder Justin Sun staked 150,100 ETH worth $240 million on Lido. On-chain data shows Sun deposited the assets in four separate transactions.
Lido Activates Staking Rate Limit
About four hours after Lookonchain's tweets, Lido Finance noted that the large inflow caused the protocol to activate its Staking Rate Limit, a safety feature designed to avoid any side effects due to such inflows by limiting the number of staked ETH (stETH) that can be minted in a timeframe.
The platform noted that the limit would affect all parties trying to mint stETH regardless of their approach. It is denominated in ether and so applies to stETH and wrapped staked ether (wstETH).
'It works by decreasing how much total stETH can be minted at any one time based on recent deposits (sliding 24h window), and then replenishing this capacity on a block-by-block basis. Due to the rate of recovery (~6.2K ETH/hr), most users are unlikely to be affected,' Lido said.
Ethereum's Upcoming Shanghai Upgrade
The latest development, which includes increased ETH staking on the Lido protocol, can be attributed to the upcoming Shanghai upgrade, one of Ethereum's planned upgrades.
The Shanghai upgrade (EIP-4895) is a fork scheduled to go live in March 2023. It is expected to enable validators and ...
|  | Liquid Staking Platform Lido Sees Largest Daily Stake Inflow, Receives 1...
On Saturday, the liquid staking protocol Lido tweeted about the largest daily stake inflow to date as 150,000 ethereum was staked. Reports indicate that the ethereum, worth more than $240 million, belongs to Justin Sun, founder of Tron.Liquid Staking Protocol Lido Records 150,000 Ether Inflow
Lido, the liquid staking platform with the highest amount of ethereum (ETH) value locked, noted that it received the largest daily stake inflow to date, with 150,000 ether worth $240 million. 'Lido protocol has registered its largest daily stake inflow so far with over 150,000 ETH staked,' Lido said. 'Upon reaching this number, a curious (but important) protocol safety feature called Staking Rate Limit was activated.'
Lido stated that the Staking Rate Limit is a dynamic mechanism that manages large inflow spikes by reducing the chance of diluting value without explicitly pausing stake deposits. In the last 24 hours, Lido's total value locked (TVL) experienced a 2.09% spike, according to statistics. Over the last month, Lido's TVL increased by 9.02% to $8.93 billion.
Tron Founder Reportedly Deposited the Ether
Of the total $8.93 billion, $8.7 billion is in staked ether (STETH), making it the 12th largest crypto asset in terms of market capitalization. According to Hildobby, a researcher and data analyst at Dragonfly Capital, the 150,000 ETH deposit into Lido was reportedly made by Justin Sun of Tron.
'Today [Justin Sun] staked 150K [ether] through [Lido Finance] (~0.9% of all staked ETH)...
|  | Silvergate Bank Becomes Most Shorted Stock in US, but Sees Boost With Ci...
Recent data shows that Silvergate Bank, a crypto-friendly financial institution, has become the most shorted stock in the United States, according to the Financial Industry Regulatory Authority. On Tuesday, Silvergate's stock saw a rise after it was discovered that Citadel Securities holds a 5.5% stake in the bank, according to a Schedule 13G filing with the Securities and Exchange Commission (SEC).As Silvergate Shares Are the Most Shorted Stock on Wall Street, Citadel Securities Claims 5.5% Stake in the Crypto-Friendly Bank
According to current market data, shares of the crypto bank Silvergate have fallen 85.62% over the past six months. Additionally, as of Feb. 9, 2023, the Financial Industry Regulatory Authority reports that Silvergate Capital's shares are the most shorted stock in the country.
However, over the last month, Silvergate's stock has risen 14.48% against the U.S. dollar, and there has been some improvement in price growth in 2023 compared to 2022.
The Short Interest Reporting also indicated that as of Jan. 31, 2023, 72% of Silvergate's shares were being used for shorting. In recent months, Silvergate has been dealing with negative news regarding the bank's relationship with the now-defunct Alameda Research and FTX.
The company's Q4 2022 earnings report showed a loss of $1 billion. However, the recent rebound in the cryptocurrency market in 2023 has helped to some extent, and an SEC filing from Citadel Securities shows an investment in the firm.
A Securities a...
|  | JPMorgan Estimates Ethereum Shanghai Upgrade Might Bring More Investors ...
JPMorgan, one of the biggest financial institutions in the world, estimates that the arrival of the next Ethereum upgrade, codenamed Shanghai, will bring more investors to stake their funds in the protocol. The firm believes that this number might reach 60% of the ether issued, a number already staked in other blockchain networks.
JPMorgan Expects Ethereum Shanghai Upgrade to Bring More Funds to the Network
A recent report by JPMorgan has revealed that the upcoming Shanghai upgrade, slated to be applied in March, might bring more capital to the network. The investment bank estimates that Shanghai will bring Ethereum's stake percentage to the number of other popular proof of stake networks have, more than four times the ether currently staked.
The report explained:
Assuming the staking rate converges over time to the 60% average of other large networks, the number of validators could increase from $0.5 million to$ 2.2 million and the annual yield in ETH would fall from 7.4% today to around 5%.
14% of the issuance of ether is currently staked, and cannot be withdrawn until the Shanghai update is finally applied. Other protocols, like Solana and Cardano, have approximately 70% of their issuance staked, according to data from Staking rewards.
New Staking Trends
JPMorgan also elaborated on the destiny of these new funds that they estimate new investors will be staking. The firm believes that most of these funds will go toward pl...
|  | Blackrock Increases Stake In Silvergate To 7.2%
BlackRock, a global investment company managing over $10 trillion of assets as of January 2022, has increased its stake in Silvergate Bank, a crypto-friendly bank, to 7.2%, according to a filing with the United States Securities and Exchange Commission (SEC) on January 31 shows.
Silvergate Share Price Rising
Following the announcement, Silvergate Bank's stock prices rose by around 10.8% to session highs of over $13.50. However, the stock is still down over 87% from 2021 peaks.
BlackRock reveals that it owns 2,285,197 SI shares, an increase over the past two years. Records showed that BlackRock bought more shares, pushing their stake from 1,144,811 shares, or 6.10%, as of February 2021 to 1,871,537 shares, or 6.30%, in February 2022.
By early last year, top venture capitals, including Vanguard Group Inc, held positions in Silvergate. However, the largest shareholder was PARNX - Parnassus Fund Investor Shares, which had 9,938,796 shares, representing a 31.45% stake in the bank.
Per their huge holding, based on February 2022 information, Parnassus appeared to be bullish on crypto's long-term prospects. Still, parallel data shows that Parnassus' products with crypto exposure via their Silvergate only represented 2% of their total assets by the close of 2022.
Turbulence In Crypto
Despite institutions' confidence in crypto and some of the industry's infrastructure providers, falling crypto prices and Fear, Uncertainty, and Doubt (FUD) following ...
|  | SkyBridge Capital to Buy Back the Stake it Sold to FTX, Says Scaramucci
The Founder of SkyBridge Capital - Anthony Scaramucci - said his company could buy back the major stake it previously sold to the bankrupt cryptocurrency exchange FTX in the next few months.
He also alleged the platform and its former CEO - Sam Bankman-Fried (SBF) - of committing fraud.
The FTX Case Will Resolve Itself 'Favorably'
In a recent interview for CNBC, Scaramucci raised hopes that SkyBridge Capital could purchase back the 30% stake it sold to FTX in the following months. This will happen once the relevant participants outline all details around the trading venue's demise:
'We're waiting for the clearance from the bankruptcy people, the lawyers, and the investment bankers to figure out exactly what we're going to be buying back and when.'
Anthony Scaramucci, Source: CNBC
SkyBridge, which had to cope with some severe issues due to the bear market, pledged to use part of the capital ($40 million) generated from selling the stake to FTX to pay old investors and reinforce its balance sheet.
The former White House official also maintained for the first time that SBF's actions resemble blatant fraud.
'I think it's very clear now that there was a fraud. We'll, of course, have to let the legal system determine all of those things,' he said during his latest appearance.
Initially, Scaramucci said he felt 'distressed' about FTX's collapse but refused to describe the event as a 'fraud.' He opined that the regulators are the ones to determine the nature of the crash while...
|  | Report: Fanatics to Sell 60% of Candy Digital Stake Amid Struggling NFT ...
Fanatics, the retailer specializing in licensed sports merchandise, is divesting 60% of its stake in the non-fungible token (NFT) company Candy Digital, according to reports. The company is selling its Candy Digital stake to an investor group associated with billionaire Mike Novogratz and his firm, Galaxy Digital.Report Says Sports Retail Giant Fanatics to Sell Majority of Candy Digital Stake
After a rough 2022 in the non-fungible token (NFT) industry, licensed sports merchandise firm Fanatics has decided to sell 60% of its Candy Digital shares, according to a CNBC report published on Jan. 4, 2023. CNBC obtained an internal email citing Fanatics CEO Michael Rubin.
“Divesting our ownership stake at this time allowed us to ensure investors were able to recoup most of their investment via cash or additional shares in Fanatics – a favorable outcome for investors, especially in an imploding NFT market that has seen precipitous drops in both transaction volumes and prices for standalone NFTs,” the email allegedly written by Rubin details.
The news of Fanatics dropping 60% of its stake in Candy follows the NFT company reportedly laying off over a third of its staff at the end of Nov. 2022, according to multiple people familiar with the situation. The founder and executive chairman of Fanatics further detailed that the decision to sell its Candy shares was a 'rather straightforward and easy decision for us to make for several reasons.'
“Over the past year, it...
|  | Elon Musk Confirms Bankman-Fried Owns 0% of Twitter Dismissing Reports C...
Tesla CEO and Twitter chief Elon Musk has clarified that Sam Bankman-Fried, former CEO of collapsed crypto exchange FTX, does not own any stake in Twitter. This followed an article published by a Bankman-Fried-backed publication suggesting that Musk took $100 million from the former FTX executive.Elon Musk on SBF's Alleged Investment in Twitter
Elon Musk has clarified that Sam Bankman-Fried (SBF), FTX's co-founder and former CEO, currently owns 0% of Twitter.
The confirmation followed an article published Wednesday by Bankman-Fried-backed publication Semafor indicating that SBF owns a $100 million stake in the social media platform. The article claimed to have obtained a private text message between Musk and Bankman-Fried as proof of the stake.
Semafor debuted on Oct 18, just a few weeks before the FTX meltdown began. The crypto exchange filed for Chapter 11 bankruptcy on Nov. 11 and SBF stepped down as the CEO.
Musk tweeted Wednesday: 'Semafor is owned by SBF. This is a massive conflict of interest in your reporting.' Responding to an editor of the publication insisting that he took money from SBF, Musk tweeted:
As I said, neither I nor Twitter have taken any investment from SBF/FTX. Your article is a lie.
The editor of the SBF-backed publication tweeted the text message in question Thursday. In the text message, Bankman-Fried claimed to have over $100 million in Twitter (TWTR) shares that he would like 'to roll' if possible. Musk responded with a standard reply he gave to a...
|  | MakerDAO Invests Hefty Amount Becoming The Largest Stake Holder In USDC
The extended bearish trend caused panic and massive sell-offs in the crypto space. But it seems that the industry still records progressive moves. For example, a recent report shows a new partnership between Coinbase and MakerDAO.
This collaboration aims to become the largest USDC holder. The world's largest crypto exchange Coinbase announced the partnership.
According to the announcement, MakerDAO, the lending protocol, and Coinbase Prime, an institutional client of the exchange, will custody a total of $1.6 billion USD Coins. Also, the report disclosed that the partners would earn 1.5% returns from the assets.
Before agreeing to this collaboration, MakerDAO protocol conducted a vote which gained 75% support for the proposal.
Coinbase Excited About USDC Holding
According to the reports, Coinbase is excited about this move. The reason is that stablecoins have seen a boost in recognition recently. As a result, investors now rely on these assets to protect the value of their investments.
When other crypto prices fluctuate sporadically, stablecoins remain stable without depegging. Cases of depegs have been recorded in the past. But they only occurred on specific occasions, such as the general market crash of 2022.
Due to the nature of these cryptos, many investors see them as an essential part of future finance. For a stablecoin such as USDC, the goal is to become the number one, overtaking USDT in market cap. As a result, it has continued to gain, covering the gap between its ...
|  | Here's Why Coinbase CEO Brian Armstrong Wants to Sell 2% of His Company ...
The CEO of the US-based crypto giant said he wants to sell 2% of his entire stake in the company throughout the next several months.
His intentions are to use that capital to fund some scientific research and companies.
Armstrong took it to Twitter to inform the community about his decision, which is based on his desire to help accelerate science and tech to 'help solve some of the biggest challenges in the world.'
As such, he will sell 2% of his Coinbase holdings over the next 12 months to fund companies like NewLimit and ResearchHub.
The former says it's working towards 'radical extension of human healthspan using epigenetic reprogramming' and is followed by Armstrong, as well as SkyBridge Capital's Anthony Scaramucci.
The latter is focused on 'accelerating the pace of science by rewarding the open sharing and discussion of academic research.' Aside from Coinbase's CEO, its Twitter follower list includes Tron's Justin Sun.
Despite planning to sell a small portion of his company holdings, Armstrong said he intends to be the chief executive 'for a very long time' and remains 'super bullish on crypto and Coinbase.' This is somewhat contrasting to the current trends in the industry, as many execs stepped down in the past few months, including Kraken's CEO.
For the avoidance of doubt, I intend to be CEO of Coinbase for a very long time and I remain super bullish on crypto and Coinbase. I’m fully dedicated to growing our business and advancing our mission, but I am also ...
|  | Report: Hong Kong-Based Asset Management Firm Acquires Controlling Stake...
Li Lin's controlling stake in Huobi, one of Asia's largest cryptocurrency exchanges, was recently acquired by About Capital Management for an undisclosed sum. Huobi's acquisition by the Hong Kong-based asset management firm came shortly after the crypto exchange had exited the Chinese market.Lin's Arrest in 2020 a Key Event for the Huobi Founder
The Hong Kong-based asset management company, About Capital Management, recently became the biggest shareholder in the crypto exchange Huobi after it acquired founder Li Lin's stake in the firm. The Asian crypto exchange's acquisition by the 'secretive' asset management firm has put an end to rumors suggesting that Sam Bankman-Fried's FTX, Binance, and Justin Sun were interested in buying, or had already bought, Huobi.
According to a Wublockchain report, following his arrest in 2020 by local law enforcement, Lin hinted he wanted to quit the Chinese market.
'Without Huobi, everyone still has Binance and Okx. If you are disappointed, I'm sorry,' Lin reportedly said in a post shared via Wechat.
Huobi Encountered More Problems After Exiting the Chinese Market
After initially blocking Chinese residents from the platform in 2021, Huobi - which has licenses to operate in the United States, Hong Kong, South Korea, and Japan - proceeded to exit its biggest market in 2022. Nevertheless, the troubles that the crypto exchange encountered after it exited the Chinese market may have forced Lin to consider leaving the crypto exchange business compl...
|  | Crypto Lender Nexo Acquires Stake in US Chartered Bank
Leading cryptocurrency lender Nexo has acquired a stake in Hulett Bancorp (DBA Mode Eleven) and its subsidiary federally chartered bank Summit National Bank, regulated under the US Office of the Comptroller of the Currency.
The deal will allow the crypto lender, which has around $4 billion in assets under management, to further scale its financial product offerings across the US crypto market and strengthen its foothold in the region.
Nexo to Offer Crypto Services to US Customers
Under the acquisition agreement, Nexo will offer retail and institutional customers in the US a broad range of services, including opening bank accounts, asset-backed loans, and card programs. The company will also provide users with escrow and custodial solutions through Summit National Bank infrastructure.
In return, the US chartered bank will leverage Nexo's experience and position as one of the leading lenders in the crypto industry to bridge the gap between traditional finance and Web 3. The bank will benefit from Nexo's complete suite of products and services to satisfy customers' needs as it migrates to a modern financial institution.
The new collaboration aligns with the bank's mission to reinvent itself and its offerings to join the emerging economy as a regulated financial institution in the United States.
Summit National Bank was established in 1984 with four branches in Montana and Idaho.
'We are excited to be partnering with Nexo as we combine Summit...
|  | Ethereum Blockchain Migrates to Proof of Stake After Completion of The M...
The Ethereum blockchain officially migrated to the proof-of-stake (PoS) consensus mechanism as the anticipated 'Merge' finally occurred around block height 15537391 on September 15. The protocol's co-founder Vitalik Buterin has described The Merge as 'a big moment for the Ethereum ecosystem.'ETH Merges on September 15 as Predicted
After months of waiting and tension, The Merge - the Ethereum blockchain's much-anticipated migration to a proof-of-stake (PoS) consensus mechanism - has happened. As some players in the space, including one of the protocol's co-founders Vitalik Buterin had hoped, The Merge occurred on September 15 around block height 15537391 at around 2:42:42 a.m. ET.
In his reaction following The Merge, Buterin tweeted:
And we finalized! Happy merge all. This is a big moment for the Ethereum ecosystem. Everyone who helped make the merge happen should feel very proud today.
In terms of the network's hashrate, data shows that it dropped from over 807 TH/s (terahash per second) 24 hours earlier to just under 750 TH/s minutes after the event. Compared with the week before the migration, the hash rate appeared not to have plummeted by as much as 50% as predicted.
While Ethereum ceased to be a proof-of-work (PoW) blockchain immediately after The Merge, not all miners went along with the decision to migrate. As previously reported by Bitcoin.com News, miners opposed to The Merge are expected to continue mining other assets such as ETHW, as well as already established P...
|  | The Merge is Official: Ethereum's Transition to Proof of Stake Now Compl...
What was arguably the most highly-anticipated event in the cryptocurrency space over the past few years is now complete. Ethereum's proof-of-work mainnet officially merged with the proof-of-stake Beacon Chain, marking the official transition of the entire protocol to PoS.
The Merge is Official
The Paris upgrade, which is more commonly referred to as 'the Merge,' just went through at a Total Terminal Difficulty of 58750000000000000000000.
This marked the official transition of Ethereum from a proof-of-work consensus algorithm to one that's governed by proof-of-stake. It's also introducing entirely different token emission dynamics and tokenomics to the protocol that are expected to have considerable long-term effects on the entire ecosystem.
The Merge itself marks the consolidation of the consensus layer (formerly the Beacon Chain) and the execution layer (formerly the PoW chain).
Perhaps one of the impacts with the most significant economic implications for ETH holders is the fact that mining is officially halted. This will reduce the emission of fresh ETH to the market by some 90%, essentially reducing the amount of money needed to support current prices substantially.
Even though the Merge is now complete, it's important to note that there's still a long road ahead for Ethereum to fulfill the vision of its team.
What's Next?
The promise of Ethereum's transition to Proof-of-Stake is one that exceeds reduced ETH emissions and is more focused on optimizing the network for grea...
|  | FTX Ventures to Acquire 30% Stake in Anthony Scaramucci's SkyBridge (Rep...
After the market turmoil that brought massive pain to numerous crypto-related companies, FTX continues to channel money into such entities.
The latest one in which the SBF-spearheaded organization will acquire a large stake is SkyBridge Capital.
According to a CNBC report from earlier on September 9, FTX Ventures will take a 30% stake in SkyBridge Capital.
The leaders of the two entities - Sam Bankman-Fried and Anthony Scaramucci, are set to provide further details on the deal later today.
SkyBridge will reportedly use a portion of the funds (around $40 million) to pay old investors and strengthen its balance sheet.
The firm began struggling due to its substantial exposure to the cryptocurrency industry after the market sank a few months ago.
As such, its flagship fund, as well as other company products, saw a significant investor exodus, as reported before.
SkyBridge also had to pause withdrawals for one fund that actually had exposure to FTX.
Scaramucci later admitted that going so big on bitcoin and the entire industry could have been a short-term mistake.
FTX, on the other hand, has been on a buying/investing spree in the past few months, offering to acquire portions in many of the struggling companies, such as BlockFi and Voyager Digital.
The post FTX Ventures to Acquire 30% Stake in Anthony Scaramucci's SkyBridge (Report) appeared first on CryptoPotato.
|  | Huobi's Founder Looking to Sell His Stake in the Company for $3 Billion ...
The founder of the cryptocurrency exchange Huobi Group - Leon Li - is said to be in talks with numerous investors regarding selling his majority stake in the firm for nearly $3 billion. Some of those in discussion with him are supposedly Justin Sun and Sam Bankman-Fried.
As reported by Bloomberg, the Chinese crypto mogul Leon Li seeks to sell his stake in Huobi, which represents 60% of the entity he established nearly ten years ago.
According to people familiar with the matter, Li has informed major financial backers of his firm, including ZhenFund and Sequoia China, about his decision. The deal (which is expected to range between $2 billion and $3 billion) could be signed as soon as the end of August. A spokesman confirmed Li's intentions, saying:
He hopes that the new shareholders will be more powerful and resourceful and that they will value the Huobi brand and invest more capital and energy to drive the growth of Huobi.
Prominent names in the sector, such as Justin Sun and Sam Bankman-Fried, are rumored to be some of the potential buyers. However, Sun said he had not discussed the deal with Li, while an FTX spokesperson declined to comment.
A separate report released a month ago also hinted at Li's intentions to sell his stake in the trading venue. Back then, many joked that Sam Bankman-Fried had the best chances to ink an agreement with Huobi's executive since FTX had been on a shopping spree during the bear market.
Huobi Group is among the leading crypto exchange wor...
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