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2024-05-02

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The rise of Ethereum staking since major network upgrades, the Merge and Shanghai, has come at the cost of higher centralization and lower staking yields, a new report by JPMorgan said.JPMorgan analysts, led by senior managing director Nikolaos Panigirtzoglou, issued a new investor note on Oct. 5, warning about the risks stemming from Ethereum’s growing centralization.Market share of top five liquid staking providers. Source: JPMorganThe top five liquid staking providers: Lido, Coinbase, Figment, Binance and Kraken, control over 50% of staking on the Ethereum network, JPMorgan analysts noted in the report, adding that Lido alone accounts for almost one-third.The analysts mentioned that the crypto community has seen the decentralized liquid staking platform Lido as a better alternative to centralized staking platforms associated with centralized exchanges like Coinbase or Binance. However, in practice, “even decentralized liquid staking platforms involve a high degree of centralization,” JPMorgan’s report said, adding that a single Lido node operator accounts for more than 7,000 validator sets or 230,000 Ether (ETH).These node operators get selected by Lido’s decentralized autonomous organization (DAO), which is controlled by a few wallet addresses, “making Lido’s platform rather centralized in its decision making,” the analysts wrote. The report mentioned a case when Lido’s DAO rejected a proposal to cap the staking share at 22% of Ethereum’s overall staking to avoid centralization.“Lido didn’t participate in the initiatives as its DAO rejected the proposal by an overwhelming majority of 99%,” JPMorgan analysts wrote, adding:“Needless to say that centralization by any entity or protocol creates risks to the Ethereum network as a concentrated number of liquidity providers or node operators could act as a single point of failure or become targets for attacks or collude to create an oligopoly [...]”Apart from higher centralization, post-Merge Ethereum is also associated with an overall staking yield decline, JPMorgan noted. The standard block rewards declined from 4.3% before the Shanghai upgrade to 3.5% currently, the analysts wrote. The total staking yield has declined from 7.3% before the Shanghai upgrade to around 5.5% currently, the report added.Related: Time to ‘pull the brakes’ on Ethereum and rotate back to Bitcoin: K33 reportJPMorgan analysts aren’t the only Ethereum observers who have noticed a significant increase in network centralization following the Merge upgrade. Executed on Sept. 15, 2022, the Merge has been seen as a major impediment to Ethereum’s decentralization and a major reason for dropping yields.you are the yield pic.twitter.com/ONJT6QmDch— Pledditor (@Pledditor) October 5, 2023 Like ProShares, Bitwise is offering investors choice in how they want to access exposure to ether futures. The company launched its Ethereum Strategy ETF (AETH) and Bitcoin and Ether Equal Weight Strategy ETF (BTOP) on Monday. Cryptocurrency Investing Bible: Your Complete Step-by-Step ...In an effort to raise awareness and prevent others from falling victim to similar scams, Yyctrader recounted the sequence of events that led to his unfortunate predicament. He revealed that the scam began when he was approached by an individual claiming to represent FriendMEX, the trading platform for friend.tech users. Disclaimer: The following article is part of Cryptonews Deals Series and was written as a promotional article in collaboration with the sponsor of this offer. If your company has an exclusive promotion that you would like to share with our readers, we invite you to reach out to us. Let’s build together.London, UK — In January 2023, decentralized options and social trading platform OptionBlitz, launched its community networks. The platform is now poised for a February deployment into Ethereum Layer protocol Arbitrum, to offer unique trading options like ‘zero-day’, and ‘Turbo’. OptionBlitz will also run a 2-stage (BLX) token presale from February 28th to March 28th, 2023.What is OptionBlitz?OptionBlitz is a decentralized, enterprise-grade options and social trading platform - powered by Ethereum Layer 2 protocol, Arbitrum. The Arbitrum Protocol underpins all of the platform's trading options including Zero-day, Barrier, American/European options, and the world's first DeFi Perpetual option, known as ‘Turbo’.Zero-day Options and MoreThe OptionBlitz platform offers a multitude of cutting-edge trading options, unique features, and over 22 different trading pairs. Zero-day options are one of the fastest-growing trends in the financial markets and one of the pillars of the OptionBlitz platform. Zero-day options expire the same day that they are purchased, allowing traders to take advantage of ultra short-term trades, which they can enter & exit almost instantaneously. The OptionBlitz platform also features various American & European options with maturities from 24h down to as low as 10 seconds, allowing for highly-customizable trading control. The liquidity Provider program is another great feature that offers traders excellent returns, boosted by up to +50% when USDC capital is staked with the platform’s native BLX token.What About Perpetual Turbo?OptionBlitz is currently the only platform that offers Perpetual Turbo Options. Turbos are an exciting new form of derivative which are like a cross between a perpetual futures contract and an option. Instead of paying margin, the trader pays an initial outlay depending on the leverage selected. Turbos have different characteristics to other perpetuals, including:1:200 LeverageNo MarginNo expirationFixed 0.1% TX Fee0% Slippage No margin means no margin calls, so highly volatile markets can be supported even with high leverage. A Turbo is liquidated by the risk engine if its barrier level is touched, the barrier level is set according to the leverage selected and it moves according to a funding rate mechanism. Social Trading & BLX Token EconomyOptionBlitz has integrated numerous features to promote community growth through social trading. The platform uses a Web 3.0-enabled in-app chat, deep social sentiment analytics, free trading signals, and indicators — all built around the platform’s BLX token economy and incentive model. Deep integration with affiliate networks offers traders an opportunity to build their own brand with verifiable on-chain proof of trade delivered through the OptionBlitz social hub.More Reasons to Use OptionBlitzBesides the unique perpetual turbo and Zero-day options, there are many other reasons to start trading on OptionBlitz. For example, the platform uses advanced risk management systems to keep liquidity secure & maintain product pricing in line with the market. The platform's native BLX token also gives traders huge discounts on fees, boosts liquidity provider rewards, and unlocks exclusive features. And if that wasn’t enough, traders do not have to worry about onboarding, lengthy sign-up processes, or even KYC.The Future of DeFi OptionsOptionBlitz is intent on becoming the most popular decentralized trading platform for options, leveraged trading, and investing. The platform is already on the way to achieving this and is soon to introduce decentralized managed funds and robo funds to supercharge their trading community.OptionBlitz will also bring unique, freely transferable, unrestricted, tokenized stocks to the blockchain and turn the platform into a fully featured investment hub. It will also Integrate with other DeFi partners committed to a transparent, open, and censorship-resistant future. BLX Token SaleOptionBlitz is launching a two-stage BLX token presale from 28th February to 28th of March 2023. The token pricing for stage one is 0.1 USDC/BLX. Pricing for stage two will start at 0.1 USDC/BLX, rising to 0.41 USDC/BLX should the sale sell out.The BLX Token has been audited by award-winning company Shellboxes and will initially launch on Uniswap. The company has also established agreements in principle that will see the BLX token listed on Bitmart, Lbank and Probit exchanges respectively. OptionBlitz SocialsTwitter | Telegram | Medium | Discord | Reddit Media Contact DetailsContact Name: ArtemisContact Email: [email protected] OptionBlitz is the source of this content. This Press Release is for informational purposes only. The information does not constitute investment advice or an offer to investFirst Exchange with a Cold Wallet Welcomes Newcomers

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Bitstamp is arguably one of the biggest backers of XRP. The trading platform joined other exchanges, including Coinbase, to relist the coin in July after Judge Analisa Torres declared it a non-security. This decrease was evidently a result of increased selling pressure. While there have been some attempts to push up the price, bears have ensured that CHZ did not cross the $0.056 region. If bulls fail to take charge, CHZ may fall further. In fact, it can drop as low as $0.45 depending on buyers’ or sellers’ presence in the market. Buy Ethereum ETH with credit card-Lijur SanchezIf you search the term “smart contract” on the internet, you will get various definitions from different sources. However, you’ll see that they all have the same concept and use the same basic terminology to describe a smart contract. Metamask Developer Consensys Requests IRS

Young people who are interested in technology and specialists in the field find the concept of conversing via avatars to be novel and fascinating. Hours earlier, on Oct. 9, Ordswap posted a stark warning to users not to connect to its domain as it was not in control of it. It pinned the issue on Netlify, a website development and hosting firm.We are working on publishing source for metamask users to obtain their key if they have not already. The issue appears to be with Netlify, but we are still working through it. https://t.co/uYGxJkzGfj— Ordswap (@ordswap) October 9, 2023 Cryptocurrency Price Fluctuation In MarketThe Nemots: This is a smart NFT-based blockchain-powered multiplayer collectible card-building game. In this week’s newsletter, read about how a nonfungible token (NFT) artist raised money to support a cancer charity and why payments platform PayPal has filed a patent application for an NFT marketplace. Check out Meta’s new photorealistic metaverse avatars and, in other news, learn why Neal Stephenson’s metaverse blockchain project remains optimistic despite waning interest.NFT artist raises $140,000 for cancer support charityNFT artist Trevor Jones donated almost $140,000 to Maggie’s Edinburgh — an organization dedicated to cancer treatments — after raising funds from a Web3 event in France. The amount raised from the event will help 4,000 patients affected by cancer and those who need critical support. According to Maggie’s Edinburgh, the funds raised by Jones will be the highest single donation from an art event in the organization’s history. The money collected will support services for cancer patients and their families.Continue readingPayPal applies for NFT marketplace patent for on- or off-chain asset tradingPayment platform PayPal filed a patent application for an NFT transfer and purchase system. The patent application was filed at the United States Patent and Trademark Office in March and was made available publicly in September. The patent described a system that lets users buy and sell NFTs through a service provider. While the provider was not mentioned, the document did mention Ethereum, suggesting that it may be based in the network. Continue readingThe metaverse is real: Zuck’s “incredible” photorealistic tech wows Crypto TwitterAs critics continue to declare the metaverse dead, Meta CEO Mark Zuckerberg showcased the company’s developments in the space in a podcast using photorealistic avatars in the metaverse. Using Meta’s Quest 3 headsets and noise-canceling headphones, Zuckerberg and podcast host Lex Fridman engaged in an hour-long interview using metaverse avatars. The improvements got the attention of Crypto Twitter, with some comparing previous iterations of Zuckerberg’s metaverse with the present one, saying the “metaverse has upgraded.”Continue readingNeal Stephenson’s blockchain project holds discovery month as metaverse hype wanesMetaverse blockchain project Lamina1 is holding an event called the Open Metaverse Discovery Month to let builders and creators experience the metaverse. The company believes that despite the lower interest in the metaverse, the concept will live as long as people are willing to spend time and money on it. According to Lamina1 CEO Rebecca Barkin, the project was able to attract 50,000 builders despite the crypto winter and people writing eulogies for the metaverse. The executive remains optimistic that its founder, Neal Stephenson’s vision of the metaverse will challenge corporate greed and give more autonomy to creators. Continue readingCHECK OUT COINTELEGRAPH’S NFT STEEZ PODCASTThanks for reading this digest of the week’s most notable developments in the NFT space. Come again next Wednesday for more reports and insights into this actively evolving space.DAOs can help scientists find funding and community, says Nature science journal

The rising popularity of GameFi can be attributed to the increasing acceptance of cryptocurrencies and the growing interest in online gaming. As blockchain technology continues to evolve and more people appreciate its potential, the future of GameFi shines even brighter. The real question is, which gaming tokens and coins will lead the way? BAPE, meanwhile, has done a wide variety of collaborations with gaming brands and beyond, and recently revealed its upcoming Bored Ape Yacht Club alliance. The brand will release apparel that pairs its own iconography with that of the prominent NFT collection, initially through a token-gated portal for NFT owners and eventually to the public.Improbable stands tall amidst metaverse chaos Dogecoin to PKR: Today 1 dogecoin to Pakistan Rupee, 7th May 2021Shiba Inu: Shibarium Launch and Robinhood's Holdings What do you think about Axie’s downturn since the project’s peak? Share your thoughts and opinions about this subject in the comments section below.

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