Ethereum developers chose eight updates for Shanghai

The Ethereum Foundation made the announcement on November 24 that the developers working on the platform had reached a consensus on eight Ethereum Improvement Proposals (EIP) to investigate as part of the Shanghai update. This update is the next major upgrade following the Merge and the transition to proof-of-stake consensus.

Beacon Chain staked Ether (ETH) is scheduled to be unlocked as one of the primary features that are anticipated to be included in the Shanghai hard fork. This will make it possible for the assets to be withdrawn along with the upgrade, which means that users who had staked Ethereum prior to the Merge will be able to access those tokens in addition to any other rewards that may be available.

According to a prior roadmap, unlocked ETH was supposed to become available between 6 and 12 months following the Merge.

One of the ideas that was accepted is known as EIP 4844. This proposal focuses on using proto-danksharding technology, and it is anticipated that it would increase network throughput while simultaneously reducing transaction costs, which will be a big gain for scalability.

Other EIPs, such as EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450, deal with the modernization of Ethereum Virtual Machines.

One of the most-anticipated updates for the community is the Shanghai testnet version, which was given the name Shandong and went live on October 18. This version enables developers to work on implementations such as the Ethereum Virtual Machine (EVM) object format. This update is one of the most-anticipated updates because it separates coding from data, which may be beneficial for on-chain validators.


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Ethereum Foundation Releases Grants worth $750,000 to Fund ETH Research

With knowledge being a flywheel for Ethereum (ETH), the Ethereum Foundation has deemed it fit to explore the network’s potential through academic research by releaseing a new wave of grants worth $750,000.

Per the announcement:

“This grants round aims to support formal research on Ethereum and related domains while bringing more actors into the ecosystem. The more knowledge and research is shared among the global community; the more Ethereum can evolve to make a greater and positive impact.”

This decision was reached because the Ethereum Foundation noted that the academic community should advance the ETH ecosystem. 

Therefore, the foundation has asked all those interested in ETH research, such as PhD students, research centres, and academics, to submit project proposals because this approach is seen as a stepping stone towards solving major problems. 

Furthermore, the funds will be channelled towards systemic, scientific, and formal research, as well as open-source content aimed at Ethereum. 

The Ethereum ecosystem has evolved tremendously, transforming arts and culture and changing the economics and finance context. For instance, it is one of the sought-after blockchains in the booming non-fungible tokens (NFTs) and decentralized finance (DeFi) sectors. 

The Ethereum Foundation has been revamping the ecosystem, given that it recently rebranded Ethereum 2.0 to the consensus layer so that a broader audience could comprehend its content because it previously triggered an inaccurate representation. 

The advancement of the Ethereum network calls for more measures beyond protocol development, like a critical shift in terminologies used, the foundation added.

The consensus layer continues to gain steam because validators recently hit the 300,000 mark. It is seen as a game-changer that will transition the current proof of work (PoW) framework to a proof of stake (PoS) consensus mechanism, deemed more cost-effective and environmentally friendly. 

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Ethereum Leaves ETH 2.0 In The Past In New Roadmap Rebrand

Ethereum 2.0 is one of the most-anticipated upgrades in crypto presently. The upgrade which will bring better scalability and cheaper prices to the network is nothing short of needed given that demand has driven these two things to its brink on the network. This is why Ethereum developers have been hard at work for two years trying to usher in this new era.

However, it seems that the name ETH 2.0 is no longer doing justice to the upgrades being performed on the network. In a recent announcement, Ethereum Foundation announced that it is retiring the name ETH 2.0 in favor of something that better describes the work being done on the network.

ETH 2.0 Is Now Consensus Layer

In a blog post on its official website, the Ethereum Foundation announced its decision to change the name of the upcoming upgrade from ETH 2.0 to the “Consensus layer”. The post explains that the reason for this was the need for terminology that clearly embodies the changes that were being made to the network.

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ETH 2.0 had worked while at the beginning when the goal was simply to move users from the present proof of work chain, also known as ETH 1.0, to the new proof of stake mechanism. The goal has changed drastically since then.

Related Reading | Ethereum Fee Averages Remain Above $30 Despite 35% Drop. Price Pump Incoming?

For the total completion of the upgrade, developers had discovered that it would take several years to complete. Additionally, the upgrade had evolved at various points to make changes focused on the long-term rather than just moving to the proof of stake mechanism.

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Ethereum price chart from

ETH climbs back to $2,400 | Source: ETHUSD on

The new terminology provides a better understanding of what is being done on the network. This way, users are no longer confused when it comes to distinguishing between the two. This would greatly reduce scams that take advantage of the confusion generated by the terminology by asking them to swap their ETH for ‘ETH2’. It would also clear up the confusion that arises with staking, where stakers might believe they might be getting ‘ETH2’ tokens and not ETH tokens.

How Is Ethereum Price Affected?

The announcement of the new terminology has had no bearing on the value of the altcoin in the market. Ethereum which had suffered greatly in the crash, losing about 40% of its value, has trended upward in the last day. However, the change in value remains insignificant as ETH is still a long way away from hitting the $3,000 point. Prompting users to speculate that the bear market is here.

Related Reading | Market May Be Suffering But Bitcoin And Ethereum Will Pull Back Stronger, Bloomberg Analyst

As for ETH 2.0, now known as the “Consensus layer”, it is still unknown if the scheduled merge will actually take place this year. The project has so far been rocked by delays as devs encounter new issues. But for now, the upgrade remains on track.

As per the announcement, the ethereum base layer, also known as ETH1, will now be called the execution layer. While ETH 2.0 will be referred to as the consensus layer. Both of these layers combined are what make up the Ethereum blockchain.

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The Ethereum Foundation Sold At The Top Again. Did They Know Something We Didn’t?

Apparently, the Ethereum Foundation employs incredible traders. Once again, they managed to cash out at the very top. On November 16th, ETH was worth an all-time high of $4891. On the very next day, the Ethereum Foundation sent 20,000 ETH to Kraken and sold them. Is this suspicious at all? Not per se, but this is the second time that they pull the same magic move. 

Related Reading | Why The Ethereum Foundation Launched A Client Incentive Program

A professional trader that goes by the name Edward Morra on Twitter was the first to spot the trade. “Friendly reminder that ETH foundation cashed out at the top (again). ETH down 40+% since then,” he said. Morra also provided a chart that shows ETH’s sharp decline in price since the sale.

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To add insult to injury, the Ethereum Foundation only paid $20 in gas fees. That might be the most impressive feat of them all.

At the time of writing, the Ethereum Foundation’s wallet holds 353,318 ETH, which is approximately $835K at current prices.

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What Do We Know About The Organization’s Previous Sell-Off?

Back to Morra, his Twitter followers told him that this information was of no use to them this late in the game. The trader surprised the world and pulled an ace up his sleeve. As it turns out, Morra tweeted about the trade at the time it happened. Not only that, he warned them, “They cashed out 35k ETH on 17th of May this year, marked on the chart.”

As you can see on the chart, on May 17th the price of ETH was near its previous peak. And after the Ethereum Foundation sold, ETH trended down for months and months. Is this a coincidence? Does the foundation employ great traders? Or, is there something else to this story? Did they dump on retail ETH holders? Did the Ethereum Foundation know anything that the rest of the world didn’t?

At the time of the first sell-off, journalist Colin Wu highlighted the trade and said, “The Ethereum Foundation transferred 35,000 Eth to the Kraken Exchange on May 17. Vitalik said bubbles could have ended already on May 20.” Analyzing the move, Wu said, “This is a normal operation, but it also means that the Foundation thought that bear market is coming.”

The gas fee for this operation was 0.00240474 ETH, or $5.66 at the time of writing. Wow.

ETHUSD price chart for 01/25/2022 - TradingView

ETH price chart for 01/25/2022 on Bitfinex | Source: BTC/USD on

What’s The Ethereum Foundation Anyway?

According to Ethereum’s official site:

“The EF is not a company, or even a traditional non-profit. Their role is not to control or lead Ethereum, nor they are the only organization that funds critical development of Ethereum-related technologies. The EF is one part of a much larger ecosystem.”

The Ethereum Foundation distributes funds to developers via the Ecosystem Support Program and the Fellowship Program, organizes Devcom, and more. To do all that, they surely need Fiat currency in some capacity. The trade makes sense from that angle.

Related Reading | Ethereum Foundation Devs Discuss ETH2 Launch & Economics

The question, though, is, did they know that a crash was coming? And if they did, did they reach that conclusion through technical and on-chain analysis or by… other methods?

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Transition to PoS will Improve Ethereum Efficiency 2000 Times: Ethereum Foundation:

Thanks to the proof of stake (PoS) consensus mechanism, a greener future is on the horizon for Ethereum, which will make the efficiency of the network two thousand times more.

A report by the Ethereum Foundation noted:

“With proof-of-stake being  aorund 2000 times more efficient than proof-of-work, the energy expenditure of Ethereum will be roughly equal to the cost of running a home computer for each node on the network.”

The Ethereum Foundation also acknowledged that the PoS framework would trigger a 99.95% reduction in total energy use.


The Ethereum network uses a proof-of-work (PoW) system where miners solve a computational puzzle to validate a block. 

Nevertheless, for the PoS consensus mechanism, validation of blocks is dependent on the amount of ETH staked because it is used as collateral against dishonest behaviour. Furthermore, validators will be required to have 51% of the total ETH staked running in the network to maintain a fraudulent blockchain.

The Ethereum Foundation stated that a transition to the proof of stake from the present proof of work is expected to happen in the second quarter of 2022. However, the Ethereum 2.0 deposit contract launched in December 2020 shows the viability of the PoS consensus mechanism. 

Meanwhile, the proof of stake framework has gained steam in 2021 based on some of the advantages it presents, like cost-effectiveness and environmentally friendliness. 

As a result, PoS networks like Solana, Polkadot, and Cardano are opening opportunities for staking-as-a-service (STaaS) providers. 

With staking involving locking up crypto assets for a certain period of time to earn interest or rewards, this market is experiencing significant growth. For instance, Solana recently emerged as the most staked crypto with a value of $78.49 billion. 

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