ETHEREUM 2.0 IS (REALLY) ON THE WAY!
While Crypto Owl Newsletter celebrates its 1-month anniversary!
Coo! It’s Crypto Owl. Happy Friday! Today is a very special day for all of us. Crypto Owl Newsletter exists for 1 month, and our community has 23k+ members already! Hooray! 🎉🎉🎉
Let’s celebrate this with today’s part of the best crypto news straight away from my beak.
On Today’s Menu:
🍱 BIG AND DELICIOUS PARTY FOOD PLATTER: Ethereum Is One Step Closer To The Merge
🍰 PIECE OF CAKE: $1.2 Billion Hole In Celsius Balance Sheet
ETHEREUM IS ONE STEP CLOSER TO THE MERGE
Hopefully.
The Crypto community has been waiting for this “Ethereum to Ethereum 2.0” transformation (from proof-of-work consensus to proof-of-stake consensus) for quite a time. Remember the memes with old Vitalik or Skeleton waiting for the Merge?
Yes, I’m talking about these memes:
They’re funny until they’re not; the Ethereum 2.0. should have been launched back in 2019. Now, the Merge could be set for September 19th, 2022. That’s close. But this time, it seems like Ethereum 2.0 could be implemented as planned.
As you probably know, Ethereum is currently based on both proof-of-work, and proof-of-stake consensuses, but, due to proof-of-stake capacities and advantages (no computing power, less electricity usage, less damage to the environment, etc.), it aims to use only proof-of-stake;
Developers have to do a lot of research, perform countless tests, and so on. No surprise that it takes time. A LOT OF TIME. But, the good news is that one of the last tests, before transferring Ethereum fully on the Merge, went successfully!
The test was for creating the 9th shadow fork; I’ll try to explain what that thing is;
So, the shadow fork is like a blockchain fork, but it’s intended for testing. It’s not a real Ethereum fork, yet it receives the transactions and other information that is going through the ACTUAL Ethereum Network; if the shadow fork works successfully, it can become a fork (final product) that people can use for real;
Every shadow fork is used for testing different functions. The 9th shadow fork was focused on testing Ethereum’s MEV (maximal extractable value) feature. MEV refers to the process by which the individuals who create new blocks on the Ethereum blockchain, can further profit by controlling the network and prioritizing certain users’ transactions.
MEV mechanism is meant to increase and encourage competition between validators. Also, to increase validating profits, and reduce the risk of validators having too much leverage.
Only one test remains to be done until Merge can finally be launched. So, that’s really exciting! Today, Ethereum core developer Marius van der Wijden said that this 9th shadow fork test is “another step in the right direction”.
Well, I wish we all became witnesses of this in-coming majestic historic event in crypto history!
UPDATE ON CELSIUS BANKRUPTCY STORY
Once and for all: Celsius, will you please just stop???
If you think that bankruptcy for a person or company is the end game, well, it’s not. At least, it’s not for Celsius.
The bankruptcy filing just showed that the company owes $5.5 billion to its customers and creditors. Celsius recently paid its roughly $1 billion debts for several DeFi protocols (Compound, Aave, etc.), and now the company’s assets total around $4.3 billion. And what does that mean?
It makes Celsius insolvent and short for around $1.2 billion.
So, there you have it - quite a big hole, huh?
By the way, the native CEL tokens, included in the total Celsius assets, have around $600 million worth. However, yesterday, the token’s price dropped, and it’s probably going to affect the whole company’s assets' worth. Unless it will stabilize.
This whole story with Celsius is crazy. I wish all the world’s patience for Celsius clients and people who have to deal with this situation.
F.F.F: FANTASTIC FRIDAY FACTS
Let’s make this Friday more FAN-TAS-TIC!
If you’re living in the U.K. and you wish to sue somebody for crypto crimes, you can now do it via blockchain!
The crypto community predicts that the NFT market will be worth $231 Billion by 2030!
Do you know “South Park”? Even if not, you probably still heard of the series. So, in a recent episode, “South Park” pictured some celebrities that are crypto fans in real life. Just one thing to notice… this whole thing was a pure parody filled with irony (as usual). *Spoiler alert* Mat Damon drinks urine and Reese Witherspoon is playing a “pick an apple only with your teeth”. Apples floating in the pool filled (again) with urine (yikes, I know)!
Mastercard is partnering up with Fasset (Finance and Accounting Services Sector Education and Training Authority) to encourage crypto adoption in Indonesia!
SPARKLY DRINK
THIS NEWSLETTER FOUND YOU THANKS TO DOGFINITY!
First question: Do you love dogs? If you said “yes”, move to the next question.
Second question: Are you a fan of NFTs? If you said “yes”, then you’re lucky! Why?
Because DogFinity has the cutest collection of 3969 NFTs with dogs - you’re gonna love it.
But DogFinity is not only about NFTs. It’s a strong and building-up community that believes in WEB3, and ICP - the Internet Computer, which is going to be the future for all of us.
That’s their formula: DogFinity = Community Membership + Movement for the IC + Web3 Brand
As you can see, DogFinity is a movement for growing Internet Computer awareness and adoption. But you don’t have to wait for the future, you can do it now - early - by joining Early Dogs!
Interested? Check the DogFinity website and learn more!
P.s. DogFinity also has really cool merch! So definitely check it out!
To Dfinity And Beyond!
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Disclaimer: This newsletter is strictly educational. None of this information is intended to be financial advice. Always do your own research and act responsibly with your profits.