Tag: Metamask

BNB Chain and MetaMask Resolve Glitch Affecting opBNB Gas Fees

by Blockchain News

Key Takeaways

BNB Chain and MetaMask have resolved a glitch that made opBNB’s gas fees appear unusually high.

The issue was due to MetaMask’s default minimum recommendation price for gas, which was not aligned with opBNB’s lower gas fees.

The corrected algorithm now accurately reflects opBNB’s lower gas fees, offering users fast, cheap, and secure transactions.

The Glitch Explained

MetaMask had initially set a default minimum recommendation price for gas based on the average of all networks. While this approach generally works for most Layer 1 (L1) and Layer 2 (L2) networks, it did not align with the gas price structure of opBNB. As a result, users were under the impression that opBNB was more expensive or slower than it actually is.

Collaboration for a Solution

BNB Chain reached out to MetaMask to address the issue. MetaMask was “extremely helpful and agreed to update their algorithm to accurately reflect the true opBNB gas price,” according to BNB Chain’s official statement. This collaborative effort led to an immediate solution, ensuring that the gas fees displayed are now in line with what opBNB actually charges.

Verifying the Fix

Users can verify the corrected gas fees by switching to the opBNB network on MetaMask and comparing the gas fee with other networks. The update aims to provide a more accurate representation of opBNB’s competitive advantage in terms of lower gas fees, especially when the network is not congested.

Implications for the Web3 Ecosystem

The resolution of this glitch is a significant step towards building a more robust and user-friendly Web3 ecosystem. It not only saves users money, time, and energy but also supports a decentralized and scalable blockchain.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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MetaMask Developer ConsenSys Responds to European Banking Authority’s Consultation on Anti-Money Laundering Measures

by Blockchain News

The European Banking Authority (EBA) closed its public consultation on revising guidelines for money laundering and terrorist financing (ML/TF) risk factors on August 31, 2023. The amendments aim to extend the scope to include crypto-asset service providers (CASPs). The EBA proposes common regulatory expectations for CASPs to identify and mitigate ML/TF risks, offering sector-specific guidance. The guidelines also advise CASPs on adjusting their customer due diligence based on these risks. The consultation is part of the EBA’s ongoing efforts to strengthen the EU’s anti-money laundering and counter-financing of terrorism (AML/CFT) defenses.

ConsenSys, the development lead for the widely-used MetaMask crypto wallet and a significant force in the blockchain sector, has formally responded to the European Banking Authority’s (EBA) recent consultation on anti-money laundering and terrorist financing guidelines. The company’s stance was publicized by Bill Hughes, a ConsenSys attorney, in a tweet dated August 31, 2023. Known on social media as @BillHughesDC, Hughes has a multifaceted background that includes roles at the Department of Justice (DOJ), the White House (WH), and law firm Sullivan & Cromwell LLP (S&C). He holds degrees from the University of Virginia School of Law (UVA Law) and Vanderbilt University (Vandy).

Self-Hosted Wallets Not a Risk Indicator

ConsenSys emphasized that the use of a self-hosted wallet should not be considered a risk factor requiring enhanced due diligence by banks. “We agree that a customer’s use of a self-hosted wallet was not, on its own, indicia of risk that necessitates enhanced due diligence of that customer by a bank,” Hughes stated. ConsenSys urged the EBA to explicitly include this point in its guidance.

Multiple Wallets Not Necessarily Suspicious

The company also contested the notion that the use of multiple self-hosted wallets or numerous public addresses should be treated as a red flag for money laundering. “Use of many wallets and addresses is entirely commonplace, and to some extent is precisely how the system is designed to work,” said Hughes. Treating such behavior as suspicious, ConsenSys argues, would invert normal anti-money laundering (AML) due diligence processes.

Transaction Limits and Risk Mitigation

ConsenSys further commented on the issue of transaction limits, stating that while services that do not limit the value or volume of transactions may pose a greater risk, banks should not be encouraged to set extraordinarily low limits to avoid enhanced due diligence scrutiny.

Embracing Technology for Compliance

Lastly, the company applauded the EBA for recognizing the role of new technologies like blockchain analytics in risk mitigation. “We would further encourage the EBA and other supervisors to be open to allowing technology, as it develops, to not just supplement standard due diligence mechanisms but replace them,” Hughes added.

Implications for the Industry

The response from ConsenSys comes at a time when regulatory scrutiny around cryptocurrency and blockchain technology is intensifying globally. The EBA’s guidelines are expected to have a broad impact on how financial institutions interact with blockchain technologies and cryptocurrencies.

ConsenSys’ commentary is particularly noteworthy given its role in the blockchain ecosystem. The company is known for its development of MetaMask, a popular Ethereum-based wallet.

Conclusion

ConsenSys’ response to the EBA’s consultation reflects broader industry concerns about the potential for overregulation to stifle innovation and impose undue burdens on users. It also highlights the evolving role of technology in compliance and risk mitigation, suggesting a future where traditional and blockchain-based financial systems can coexist more harmoniously.

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Arbitrum Bridge: A Comprehensive Guide

by Blockchain News

Arbitrum Bridge is a Layer 2 solution that enables users to transfer assets from the Ethereum mainnet to the Arbitrum network. It is an essential part of the Arbitrum ecosystem, which attempts to increase the scalability of Ethereum by processing transactions off-chain while retaining the mainnet’s security..This article provides a comprehensive guide to the Arbitrum Bridge, including its functionality, supported assets, fees, security, troubleshooting, and alternatives.

Overview

Arbitrum, developed by Offchain Labs, is a Layer 2 scaling solution for Ethereum. It aims to address the scalability issues of Ethereum, which has been plagued by high gas fees and slow transaction times due to its limited capacity. By processing transactions off-chain, Arbitrum can significantly reduce these fees and increase transaction speed, making Ethereum more usable for everyday transactions.

The Arbitrum Bridge is a key feature of this solution. It allows users to transfer their assets from Ethereum to the Arbitrum network in a secure and trustless manner. This means that users do not need to trust any third party with their assets – the bridge ensures that the assets are safely locked on the Ethereum network and the corresponding amount is minted on the Arbitrum network.

Functionality

To use the Arbitrum Bridge, users need to connect their Ethereum wallet (such as MetaMask, Coinbase Wallet, Rainbow, Trust Wallet) to the bridge. Once connected, they can specify the amount of assets they wish to transfer. The bridge then locks the assets on the Ethereum network and mints the corresponding amount on the Arbitrum network.

This process is secure and trustless. The bridge does not have the ability to access or control the user’s assets. Instead, it uses smart contracts to lock the assets on the Ethereum network and mint the corresponding amount on the Arbitrum network. This ensures that the user always retains control over their assets.

Supported Assets

The Arbitrum Bridge supports a wide range of assets, including but not limited to ETH, WBTC, USDT, DAI, AVAX, BNB,USDC. This broad support enables users to transfer almost any asset they hold on the Ethereum network to the Arbitrum network.

Furthermore, the bridge supports multiple networks, including Ethereum, Avalanche, BNB Chain, Canto, Polygon, and 15 others. This makes the Arbitrum Bridge a versatile tool for users looking to move their assets between different blockchain networks.

Fees

The cost of using the Arbitrum Bridge can vary depending on the current gas prices on the Ethereum network. However, once the assets are on the Arbitrum network, transactions are significantly cheaper due to the reduced gas costs on Layer 2.

It’s worth noting that the cost to bridge assets from Ethereum to Arbitrum can be further reduced by using the Synapse Protocol’s native token, SYN, as your bridging crypto. This provides users with a cost-effective way to transfer their assets to the Arbitrum network.

Security

Security is a top priority for the Arbitrum Bridge. It relies on Ethereum’s Layer 1 for security, meaning that even though transactions are processed off-chain, they still benefit from the robust security of the Ethereum network.

The bridge has been audited by top smart contract risk assessment firms, ensuring its safety and reliability. It locally stores critical data like private keys on user devices, minimizing external risks. In addition, it ensures encrypted communication between devices and the bridge for added protection.

Troubleshooting

In case of any issues while using the Arbitrum Bridge, users can refer to the official documentation provided by the developers. This includes a comprehensive guide on how to use the bridge, as well as a troubleshooting section that addresses common problems and their solutions.

For example, when initiating a withdrawal from Arbitrum chains (One and Nova), the process will typically take roughly one week. However, some users opt to use third-party fast bridges, which often bypass this delay.

Alternatives

While the Arbitrum Bridge is a popular choice for transferring assets to the Arbitrum network, there are also other bridges available. These include the Celer Network’s cBridge and Connext’s cross-chain bridge. Each of these alternatives has its own set of features and advantages, and users can choose the one that best fits their needs.

Conclusion

The Arbitrum Bridge is a powerful tool that enables users to leverage the benefits of Layer 2 scaling on the Ethereum network. By providing a secure, efficient, and cost-effective way to transfer assets between networks, the Arbitrum Bridge is a key component of the broader Ethereum ecosystem.

As the Ethereum network continues to grow and evolve, tools like the Arbitrum Bridge will play an increasingly important role in enhancing its scalability and usability. Whether you’re a seasoned Ethereum user or new to the world of blockchain, the Arbitrum Bridge provides a simple and secure way to take advantage of the benefits of Layer 2 scaling.

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MetaMask Developer ConsenSys Challenges SEC’s Proposed ‘Exchange’ Definition, Citing Blockchain Misunderstandings

by Blockchain News

Blockchain tech company ConsenSys, represented by lawyer Bill Hughes, has formally objected to the Securities and Exchange Commission’s (SEC) Notice of Proposed Rulemaking (NPRM) concerning the redefinition of a securities “exchange”. Hughes voiced these objections in a series of tweets today.

ConsenSys contends that the amendments proposed by the SEC would be unlawful if finalized in their current form, as they are intended to apply to blockchain protocols. They allege that the reopening release fails to rectify key legal deficiencies in the proposed amendments, misinterprets the term “exchange” as per the ’34 Act, and inappropriately aims to redefine exchanges in order to strengthen the registration of broker-dealers.

Furthermore, Hughes stressed that the proposal contains major misconceptions about blockchain technology and the dynamics of the broader ecosystem. Given these substantial shortcomings, ConsenSys has urged the SEC to withdraw the proposed amendments in their entirety.

Citing their prior 2022 comment, ConsenSys asserts that the Commission cannot lawfully enact the amendments as they currently stand. They argue that any further SEC action should exclude blockchain-based systems from the rule.

According to Hughes, these systems don’t align with a proper understanding of “exchange” under the ’34 Act, and thus cannot be regulated under it. Moreover, they state that SEC regulation in the broader blockchain context is inappropriate due to unresolved questions about the extent of the SEC’s jurisdiction over blockchain-based systems, and the Commission’s limited understanding of blockchain technology and ecosystem dynamics.

The lawyer also drew attention to Congress’s ongoing efforts to establish a comprehensive regulatory framework in this area. This framework, he said, will include specific provisions pertaining to the proper role of securities laws and the SEC. He therefore cautioned against the Commission’s potential to disrupt this large and growing economic sector with hastily and poorly thought-out regulations based on an unproven assertion of jurisdiction.

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MetaMask Denies Involvement in Massive Wallet-Draining Exploit

by Blockchain News

MetaMask, a leading cryptocurrency wallet provider, has recently been accused of being involved in a massive wallet-draining operation that resulted in the loss of over 5,000 ETH, worth more than $10.5 million in crypto and nonfungible tokens (NFTs) since December 2022. However, MetaMask has strongly denied these claims, stating that the exploit was not specific to its wallet.

In response to a series of tweets by Taylor Monahan, the founder of Ethereum wallet manager MyCrypto, MetaMask issued a statement on April 18, saying that recent reporting on Monahan’s thread has incorrectly claimed that a massive wallet-draining operation is a result of a MetaMask exploit. The wallet provider confirmed that the 5,000 ETH was stolen “from various addresses across 11 blockchains,” adding that the claim that funds were hacked from MetaMask “is incorrect.”

MetaMask’s security team is currently researching the source of the exploit and is working with others across the Web3 wallet space. According to an official statement from the company, it is possible that there had been “some sort of private key or seed phrase leak.” There are also numerous independent security researchers who are investigating the incident.

Monahan, in her thread on the exploit, stated that “no one knows how” this massive attack was conducted, but her “best guess” was that a significant amount of old data was obtained and used to extract the funds. She also originally claimed that the attacker was draining long-time MetaMask users and employees by using the wallet. However, she later stated that the exploit is not specific to MetaMask, and “users of all wallets, even those created on a hardware wallet,” have been impacted by the exploit.

MetaMask is known for its strong security features, and the company has taken steps to address the issue. It is essential to note that users should always take precautions when storing their crypto assets in any wallet, as there is always a risk of theft or hacking. It is crucial to keep private keys and seed phrases secure, and to use multi-factor authentication whenever possible.

In conclusion, MetaMask denies its involvement in the massive wallet-draining exploit that has impacted many cryptocurrency users across different wallets. The company’s security team is currently working to determine the source of the exploit, and it is essential that all crypto users take necessary security precautions when storing their assets.

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Unidentified Exploit Steals Over $10.5 Million in NFTs and Coins

by Blockchain News

Since December 2022, an unidentified exploit has drained more than $10.5 million in non-fungible tokens (NFTs) and coins from experienced members of the crypto community who believed they were “reasonably secure.” The alarming incident was first brought to light by MetaMask developer Taylor Monahan, who revealed that over 5,000 Ether (ETH) had been stolen. However, the extent of the losses is yet to be determined. Monahan also cautioned that no one knows how the exploit works yet.

What is particularly worrying about this exploit is that it does not target crypto newbies but rather those who are experienced in safeguarding their digital assets. As Monahan noted, the exploit is not like the usual phishing attempts or random scammers. It targets those who are “crypto native,” with multiple addresses and work within the space. Some of the known commonalities about the exploit are that it targets keys that were created from 2014 to 2022.

To safeguard their digital assets, Monahan advised crypto veterans to use a hardware wallet or migrate their funds. Those who have their assets in a single private key are especially vulnerable and should consider splitting up their assets or getting a hardware wallet. Community member Jacky Goh echoed this sentiment, stating that the unknown hack is yet another reminder to use a hardware wallet. Goh recommended moving assets worth more than $1,000 for more than a week to a hardware wallet, which can save one in the long run.

The crypto community has been grappling with cybersecurity threats, with data published by cybersecurity and anti-virus provider Kaspersky indicating that it detected over 5 million crypto phishing attacks in 2022 alone. This marks a 40% year-on-year increase compared to 2021 when the company detected around 3.5 million attacks. The rise in cyberattacks targeting the crypto community highlights the need for robust cybersecurity measures.

Moreover, the exploit highlights the need for greater awareness and education around digital asset protection. While many crypto veterans are well-versed in securing their digital assets, it is essential to stay up to date with emerging threats and vulnerabilities. The fast-paced and rapidly evolving nature of the crypto space means that vigilance is essential. By keeping a close eye on one’s digital assets and using best practices for digital asset security, one can reduce the risk of falling victim to cyberattacks.

In conclusion, the recent exploit that has stolen over $10.5 million in NFTs and coins serves as a sobering reminder of the importance of robust cybersecurity measures for crypto assets. The crypto community must remain vigilant and educate themselves on emerging threats to safeguard their digital assets effectively. By adopting best practices and staying up to date with the latest cybersecurity trends, crypto veterans can protect their assets from theft and loss.

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MetaMask Users Email Addresses Exposed in Cybersecurity Incident

by Blockchain News

MetaMask, the popular Ethereum wallet, recently experienced a cybersecurity incident that exposed the email addresses of some of its users who submitted a customer support ticket between August 1, 2021, and February 10, 2023. Parent company ConsenSys released a blog post on April 14, 2023, which disclosed the details of the incident.

According to the post, unauthorized actors gained access to a third-party computer system that was used to process customer service requests. This allowed them to potentially view customer support tickets submitted by MetaMask users. While the tickets did not ask for information other than what was necessary to help the user, they did include a free text field that some users may have used to submit personally identifying information. This may have included economic or financial information, name, surname, date of birth, phone number, and postal address.

ConsenSys emphasized that it does not ask for personally identifying information in customer conversations, but some users may have provided it anyway. The breach may have affected up to 7,000 MetaMask users who submitted customer support tickets during the affected timeframe.

As a response to the incident, hardware wallet provider Keystone warned MetaMask users that they might receive more phishing emails. The attacker may use this swiped email database to look for potential victims. Phishing is a scam that tricks a user into providing sensitive information to an attacker. It is often performed by sending an email to the victim that appears to be from a trusted party or someone the victim knows.

ConsenSys said it had taken steps to eliminate unauthorized access in the future. As a result, tickets submitted after February 10 should be unaffected by the incident. The company also contacted the Data Protection Commission of Ireland and the Information Commissioner’s Office of the United Kingdom to report the breach. Additionally, the company’s third-party customer service provider is working with a cybersecurity and forensics team to perform a more detailed investigation of the incident.

This is not the first time MetaMask has come under scrutiny from privacy advocates. In late 2022, the company revealed that it sometimes logged users’ IP addresses. However, it updated its app in March to give users more control over which providers could obtain this information.

The incident highlights the importance of cybersecurity in the cryptocurrency industry. Users should remain vigilant and take steps to protect their personal information, such as using strong and unique passwords and enabling two-factor authentication.

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Twitter and Alibaba Enter Global AI Race

by Blockchain News

In the rapidly evolving world of technology, artificial intelligence (AI) has become a focal point for many companies. Twitter and Alibaba have reportedly joined the global AI race by integrating the technology into their businesses. Twitter plans to use AI to “detect & highlight manipulation of public opinion,” while Alibaba is developing its own chatbot assistant called Tongyi Qianwen.

Meanwhile, the co-founders of cryptocurrency exchange Gemini, Tyler and Cameron Winklevoss, have funded their business with a personal loan of $100 million. The move comes after previous attempts to raise capital from external investors failed. The Winklevoss brothers are funding Gemini amid regulatory scrutiny in the United States, including charges from the Securities and Exchange Commission related to the exchange’s Earn program.

In addition, MetaMask has launched a new feature that allows users to purchase cryptocurrency with fiat currency directly from its Portfolio Dapp. The service is available in over 189 countries and accepts debit and credit cards, PayPal, bank transfers, and instant ACH. MetaMask claims the service follows local regulations and takes the user’s location into account.

The integration of AI into businesses is not without controversy. Twitter CEO Elon Musk, who recently purchased nearly 10,000 graphics processing units (GPUs) for the platform, previously spearheaded a letter calling for the halt of advanced AI development due to societal concerns. However, many companies see the potential benefits of AI and are investing heavily in the technology.

In the cryptocurrency world, the Winklevoss brothers’ loan to Gemini underscores the challenges that exchanges face in a volatile market and amid regulatory scrutiny. However, the loan also highlights the dedication of entrepreneurs to build a successful business in the face of adversity.

Meanwhile, MetaMask’s new feature for purchasing cryptocurrency with fiat currency is a welcome addition for many users who find it challenging to navigate the complex world of cryptocurrency exchanges. The service’s availability in over 189 countries and its acceptance of a wide range of payment methods make it an attractive option for those looking to invest in cryptocurrency.

Finally, Alibaba’s entry into the AI race with its chatbot assistant underscores the company’s commitment to innovation and its vast ecosystem of tech businesses. As the world becomes increasingly reliant on technology, the integration of AI into businesses will likely continue to be a significant trend. However, companies must balance the potential benefits of AI with the societal concerns surrounding the technology.

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MetaMask Launches “Buy Crypto” Feature

by Blockchain News

Popular cryptocurrency wallet and supplier of decentralized applications MetaMask has introduced a new feature that enables users to purchase cryptocurrencies with fiat cash straight from inside its Portfolio Dapp. This new feature can be found on the MetaMask website. It is anticipated that the newly added “Buy Crypto” function would make it simpler for customers to acquire cryptocurrency using a variety of payment methods, including debit or credit cards, PayPal, bank transfers, and quick ACH.

This service is accessible to users in more than 189 countries and provides access to more than 90 tokens distributed over eight distinct networks. These networks include Ethereum, Polygon, Arbitrum, BNB Smart Chain, Avalanche Contract Chain, Fantom, Optimis, and Celo. Users of MetaMask may have access to this functionality by either connecting their wallets to the Portfolio Dapp or clicking on the “Buy” button in the MetaMask extension wallet. Alternatively, users can click here.

After the user has gained access to the functionality, they will have the option to pick their area, payment method, the token, and the network on which they want to make a purchase. When generating a personalized price estimate for each transaction, the function takes into consideration a number of criteria, including the location of the user as well as any applicable regional legislation. Following the user’s selection of a quotation, they will be sent to the website of a third-party service provider in order to complete the transaction. After that, the cash will be sent in an immediate manner into the user’s MetaMask wallet.

MetaMask has formed strategic alliances with a number of different companies throughout the course of its existence in order to bring new users into its platform. In 2022, MetaMask entered into a partnership with PayPal to provide its customers with the ability to buy and transfer ether (ETH) via PayPal’s website. customers are able to acquire Ethereum with PayPal and then transfer it to their MetaMask wallet by entering into their Mobile MetaMask app, which then takes them to their PayPal account to complete the transaction. This service is available to customers worldwide.

On March 21, 2019, MetaMask made a recent announcement about a new connection with the cryptocurrency financial firm MoonPay. This connection makes it possible for users in Nigeria to acquire cryptocurrencies via quick bank transfers, and it is accessible through both the mobile version of MetaMask and the Portfolio DApp. Without having to use a credit card or debit card, this function makes it possible to purchase cryptocurrency in a quicker and more cost-effective manner.

It is anticipated that the release of this new “Buy Crypto” function by MetaMask will be a game-changer in the cryptocurrency industry. This new tool will provide users with an easier way to acquire bitcoins utilizing a variety of payment methods. In addition, this function considers a number of parameters, such as the location of the user and the legislation in effect in the user’s area, in order to provide a unique price estimate for each transaction. As a result of this action by MetaMask, it is anticipated that additional users will be onboarded to its platform, which will contribute to an increase in the worldwide usage of cryptocurrencies.

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MetaMask Launches Ethereum Staking Marketplace

by Blockchain News

The most recent product that MetaMask Institutional has to offer is a staking marketplace that is designed to make the process of institutional staking for Ethereum more straightforward. This action represents a big step forward for institutions who are working for validator status on the Ethereum network.

Institutions who make use of MetaMask’s institutional-grade wallet and custody service now have the ability to handle their Ether (ETH) staking via a total of four different vendors. These vendors are ConsenSys Staking, Allnodes, Blockdaemon, and Kiln. The staking marketplace will provide an alternative to solo staking that is more streamlined and will make it simpler for institutions to participate in the Ethereum network as validators.

Because of the many costs, terms and conditions, rebates, and reporting criteria involved in institutional staking, a new marketplace for staking has been developed in order to handle this complexity. The solution provided by MetaMask streamlines the procedure and makes it easier for institutions to use it.

It is anticipated that the new offering would entice other institutions to engage in the Ethereum network, which will subsequently increase the network’s decentralization as well as its security. The risk of assaults and other breaches in network security will decrease as more institutions join the network and take on the role of validators. In addition, validators have the opportunity to receive benefits for their engagement in the network, which further serves to encourage such participation.

This most recent turn of events comes on the heels of a declaration made by Shanghai that it would facilitate deposit withdrawals for Ethereum validators. This indicates that solo stakers who have staked the required 32 ETH can now access their accumulated staking rewards and withdraw their tokens from their staked wallets. In the past, only liquidity provider pools permitted users to deposit and withdraw amounts of ETH that were below a certain threshold.

It is anticipated that the staking marketplace offered by MetaMask Institutional will prove to be a significant step forward for institutional staking on the Ethereum network. The procedure is made easier to understand and is made available to a greater number of institutions as a result. Ethereum’s decentralization and security are strengthened as more institutions become validators on the network. This makes Ethereum an even more robust and secure blockchain ecosystem than it already was.

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