Ether staking is too difficult, community members claim
After the Ethereum network’s transition to proof-of-stake (PoS), staking Ether (ETH) now plays a central role in validating blocks and securing the network. However, some community members believe that the staking process is too difficult, especially for regular people.
In the Ethereum subreddit, a member of the community raised the topic of ETH staking and its difficulties. According to the user, it took them an entire weekend just to get things up and running. The user said that this may be something that those with “unforgiving” schedules can’t accommodate. They wrote:
“The Ethereum community likes to sugarcoat usability but it’s healthier to just admit: this is not for everyone yet.”
After the Ethereum network’s transition to proof-of-stake (PoS), staking Ether (ETH) now plays a central role in validating blocks and securing the network. However, some community members believe that the staking process is too difficult, especially for regular people.
In the Ethereum subreddit, a member of the community raised the topic of ETH staking and its difficulties. According to the user, it took them an entire weekend just to get things up and running. The user said that this may be something that those with “unforgiving” schedules can’t accommodate. They wrote:
“The Ethereum community likes to sugarcoat usability but it’s healthier to just admit: this is not for everyone yet.”
T-Mobile Parent Company Says It Supports Ethereum As Giant Launches New Staking Validator
The parent company of mobile communications giant T-Mobile says it’s launching an Ethereum (ETH) staking validator as part of its support for the world’s second-largest blockchain by market cap.
According to a new press release, Deutsche Telekom is supporting Ethereum’s transition from a proof-of-work consensus mechanism into a proof-of-stake one by operating validator nodes through its subsidiary T-Systems MMS.
The press release also reveals that T-Systems MMS is teaming up with liquidity provider StakeWise to offer staking pools that allows ETH holders to hang on to their tokens without actually having to operate validator nodes themselves.
The parent company of mobile communications giant T-Mobile says it’s launching an Ethereum (ETH) staking validator as part of its support for the world’s second-largest blockchain by market cap.
According to a new press release, Deutsche Telekom is supporting Ethereum’s transition from a proof-of-work consensus mechanism into a proof-of-stake one by operating validator nodes through its subsidiary T-Systems MMS.
The press release also reveals that T-Systems MMS is teaming up with liquidity provider StakeWise to offer staking pools that allows ETH holders to hang on to their tokens without actually having to operate validator nodes themselves.
The number of users staking ATOM witnessed a massive growth especially in the last 30 days. However, with the FUD over the BNB hack, with ATOM‘s tiny involvement, could impact the stakers revenue and ultimately ATOM’s price in the long run.
The number of stakers who began to show interest in ATOM over the past month was huge as can be seen in the chart below. The number of stakers on the ATOM network grew by 123% over the last month. Furthermore, the number was observed to be on a steady incline since the last seven days week.
Another reason for ATOM’s growth could be the growth in the staker revenue. Over the last 30 days, ATOM’s miner revenue was also witnessed growth.
The number of stakers who began to show interest in ATOM over the past month was huge as can be seen in the chart below. The number of stakers on the ATOM network grew by 123% over the last month. Furthermore, the number was observed to be on a steady incline since the last seven days week.
Another reason for ATOM’s growth could be the growth in the staker revenue. Over the last 30 days, ATOM’s miner revenue was also witnessed growth.
EverRise develops cross-chain NFT staking lab
EverRise, a blockchain technology company, developed an NFT staking lab to allow its holders to build on-chain staking contracts. These contracts would connect to another five blockchains. This new development allows users to connect their staked assets over multiple chains and get the maximum profits.
Users need to stake their RISE tokens in the staking lab to create an on-chain NFT of the assets, which can be transferred, traded, and connected to other blockchains, including Ethereum, Avalanche, Polygon, Fantom, and BNB Chain. NFTs can be traded on OpenSea and similar marketplaces via Decentralized Finance (DeFi) wallets.
Staked RISE gives proportional payouts to stakers, which is one way in which users are encouraged through an automatic buyback protocol. This staking lab allows users to search for the top gains over different chains. It has to be noted that staking is allowed only in monthlong increments and hence does not provide optimum flexibility.
EverRise, a blockchain technology company, developed an NFT staking lab to allow its holders to build on-chain staking contracts. These contracts would connect to another five blockchains. This new development allows users to connect their staked assets over multiple chains and get the maximum profits.
Users need to stake their RISE tokens in the staking lab to create an on-chain NFT of the assets, which can be transferred, traded, and connected to other blockchains, including Ethereum, Avalanche, Polygon, Fantom, and BNB Chain. NFTs can be traded on OpenSea and similar marketplaces via Decentralized Finance (DeFi) wallets.
Staked RISE gives proportional payouts to stakers, which is one way in which users are encouraged through an automatic buyback protocol. This staking lab allows users to search for the top gains over different chains. It has to be noted that staking is allowed only in monthlong increments and hence does not provide optimum flexibility.
Kiln acquires €17M via funding round; aims to expand staking services
Kiln, a leading staking products provider, has acquired €17 million through a financing round.
The prominent firm, through the funds, intends to enhance its market outreach to broad users, as revealed in a press release shared with CryptoSlate.
Notable firms that contributed to the financing round included Consensys, Kraken Ventures, GSR, Leadblock partners, Sparkle Ventures XBTO, 3KVC, Blue Yard Capital, SV Angel, and Alven.
With the funds, Kiln will invent new services that will aid investors in staking their assets in wallets, custodians, and exchanges of their choice. Further, the firm aims to consolidate its dominating presence in the staking sector by placing itself in a favorable position to grow the industry.
Kiln, a leading staking products provider, has acquired €17 million through a financing round.
The prominent firm, through the funds, intends to enhance its market outreach to broad users, as revealed in a press release shared with CryptoSlate.
Notable firms that contributed to the financing round included Consensys, Kraken Ventures, GSR, Leadblock partners, Sparkle Ventures XBTO, 3KVC, Blue Yard Capital, SV Angel, and Alven.
With the funds, Kiln will invent new services that will aid investors in staking their assets in wallets, custodians, and exchanges of their choice. Further, the firm aims to consolidate its dominating presence in the staking sector by placing itself in a favorable position to grow the industry.
🏦 Coinbase strengthens European arm with new hires: Bloomberg
Crypto exchange Coinbase is reinforcing its European senior positions with a series of new hires and promotions, Bloomberg reports. The new hires come after, one week ago, Coinbase shares hit an all-time low. Crypto.com’s former general manager has come on board as country director for Ireland. The new director of controls in Germany is Michael Schroeder, leaving behind his position at smaller crypto exchange Bittrex as chief compliance and risk officer. In the UK, Elke Karskens is moving from senior director of marketing to regional director.
Crypto exchange Coinbase is reinforcing its European senior positions with a series of new hires and promotions, Bloomberg reports. The new hires come after, one week ago, Coinbase shares hit an all-time low. Crypto.com’s former general manager has come on board as country director for Ireland. The new director of controls in Germany is Michael Schroeder, leaving behind his position at smaller crypto exchange Bittrex as chief compliance and risk officer. In the UK, Elke Karskens is moving from senior director of marketing to regional director.
🟠 Binance moves $2 billion of bitcoin as part of reserves audit
Binance has moved 127,351 bitcoin ($2 billion) to verify to an auditor it has control over the claimed address. The transfer of such a large amount of bitcoin today from Binance to an unknown wallet led to questions among the crypto community. The pressure on centralized crypto exchanges to adopt “proof of reserves” has increased dramatically after the collapse of crypto exchange FTX. By publishing both the total amount of assets and liabilities, exchanges can indicate that they have the reserves on hand to meet customer withdrawal requests. However, these initial reserves don't necessarily show the full picture, as they don't provide details on the exchange's liabilities.
Binance has moved 127,351 bitcoin ($2 billion) to verify to an auditor it has control over the claimed address. The transfer of such a large amount of bitcoin today from Binance to an unknown wallet led to questions among the crypto community. The pressure on centralized crypto exchanges to adopt “proof of reserves” has increased dramatically after the collapse of crypto exchange FTX. By publishing both the total amount of assets and liabilities, exchanges can indicate that they have the reserves on hand to meet customer withdrawal requests. However, these initial reserves don't necessarily show the full picture, as they don't provide details on the exchange's liabilities.
🏦 Kraken cuts 30% of staff to 'weather crypto winter'
Kraken, one of the world’s largest crypto exchanges, will lay off 30% of its headcount, or 1,100 people, “in order to adapt to current market conditions,” co-founder and CEO Jesse Powell said on Wednesday.Kraken will offer 16 weeks of compensation as severance and will extend the affected employees’ vesting window. In a blog post titled “Kraken Takes Steps to Weather Crypto Winter,” Powell said that slowing growth, prompted by “macroeconomic and geopolitical factors,” had muted customer demand, lowered trading volumes and cut sign-ups. Sam Bankman-Fried’s crypto empire filed for bankruptcy on Nov. 28 and has shed several hundred employees in the restructuring process.
Kraken, one of the world’s largest crypto exchanges, will lay off 30% of its headcount, or 1,100 people, “in order to adapt to current market conditions,” co-founder and CEO Jesse Powell said on Wednesday.Kraken will offer 16 weeks of compensation as severance and will extend the affected employees’ vesting window. In a blog post titled “Kraken Takes Steps to Weather Crypto Winter,” Powell said that slowing growth, prompted by “macroeconomic and geopolitical factors,” had muted customer demand, lowered trading volumes and cut sign-ups. Sam Bankman-Fried’s crypto empire filed for bankruptcy on Nov. 28 and has shed several hundred employees in the restructuring process.
🇮🇹 Nexo secures registration in Italy
Crypto lender Nexo has gained a registration as a “virtual currency operator” in Italy, the company said in an announcement today. This allows the European-based firm to legally provide its services to Italian citizens. The license is issued by Organismo Agenti e Mediatori. The European Union is set to pass a set of laws on crypto assets that will allow firms to passport their license across the 27-nation bloc. Nexo plans to take advantage of this under the Markets in Crypto Assets regulation, according to the statement. The new rules are anticipated to come into force in 2024. Nexo’s website shows registrations in several U.S. states and six other countries.
Crypto lender Nexo has gained a registration as a “virtual currency operator” in Italy, the company said in an announcement today. This allows the European-based firm to legally provide its services to Italian citizens. The license is issued by Organismo Agenti e Mediatori. The European Union is set to pass a set of laws on crypto assets that will allow firms to passport their license across the 27-nation bloc. Nexo plans to take advantage of this under the Markets in Crypto Assets regulation, according to the statement. The new rules are anticipated to come into force in 2024. Nexo’s website shows registrations in several U.S. states and six other countries.
🇧🇷 Brazil's long-awaited crypto bill inches to the finish line after seven years
After a series of legislative twists and turns spanning seven years, Brazil's long-awaited crypto bill could finally reach the president's desk. Brazil's Chamber of Deputies voted on Tuesday to pass on a crypto regulation bill to Brazil's president, Jair Bolsonaro, whose term ends on Dec. 31. The crypto regulation is to define digital assets and their service providers, as well as help guard against money laundering and fraud. The bill gained momentum after Brazil's Senate approved a version of it in April, but slowed in the past few months as it sat in the Chamber of Deputies awaiting a decision after several points in the Senate version were stripped out.
After a series of legislative twists and turns spanning seven years, Brazil's long-awaited crypto bill could finally reach the president's desk. Brazil's Chamber of Deputies voted on Tuesday to pass on a crypto regulation bill to Brazil's president, Jair Bolsonaro, whose term ends on Dec. 31. The crypto regulation is to define digital assets and their service providers, as well as help guard against money laundering and fraud. The bill gained momentum after Brazil's Senate approved a version of it in April, but slowed in the past few months as it sat in the Chamber of Deputies awaiting a decision after several points in the Senate version were stripped out.
💰 Bitcoin mining revenue lowest in two years, hash rate on the decline
The revenue earned by Bitcoin (BTC) miners fell to two-year lows owing to poor market performance and a heavier computational demand amid rising network difficulty. However, an ongoing downturn in the Bitcoin hash rate over the past month. The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500. Adding to the above, the difficulty of mining a Bitcoin block has skyrocketed to an all-time high of almost 37 trillion — forcing Bitcoin miners to spend more energy and computational power to stay competitive.
The revenue earned by Bitcoin (BTC) miners fell to two-year lows owing to poor market performance and a heavier computational demand amid rising network difficulty. However, an ongoing downturn in the Bitcoin hash rate over the past month. The total Bitcoin mining revenue — block rewards and transaction fees — in U.S. dollars fell down to $11.67 million, a number last seen on Nov. 2, 2020, when Bitcoin’s trading price was around $13,500. Adding to the above, the difficulty of mining a Bitcoin block has skyrocketed to an all-time high of almost 37 trillion — forcing Bitcoin miners to spend more energy and computational power to stay competitive.
🇸🇻 El Salvador Launches a National Bitcoin Office (ONBTC)
The “specialized administrative unit” ONBTC will coordinate and consult all bitcoin projects in El Salvador. El Salvador’s government doubled down on its crypto initiatives by creating a National Bitcoin Office (ONBTC) that will oversee all local projects related to the asset. Despite the prolonged bear market, El Salvador’s authorities seem determined to advance their bitcoin strategy. According to a recent LinkedIn post, the government created a National Bitcoin Office that will function as a “specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic.”. The entity will analyze all individuals who wish to meet the BTC-loving President Nayib Bukele to discuss the nation’s.
The “specialized administrative unit” ONBTC will coordinate and consult all bitcoin projects in El Salvador. El Salvador’s government doubled down on its crypto initiatives by creating a National Bitcoin Office (ONBTC) that will oversee all local projects related to the asset. Despite the prolonged bear market, El Salvador’s authorities seem determined to advance their bitcoin strategy. According to a recent LinkedIn post, the government created a National Bitcoin Office that will function as a “specialized administrative unit, with functional and technical autonomy within the Presidency of the Republic.”. The entity will analyze all individuals who wish to meet the BTC-loving President Nayib Bukele to discuss the nation’s.
📶 Ethereum Sharks And Whales’ ETH Accumulation Tops Two-Year High
Ethereum’s sharks and whales are buying ether at the fastest rate seen in years – according to a major analytics firm – a factor said could accelerate the value of the second-largest cryptocurrency in the next bull run. the digital asset surged by 50% in about a month. Ethereum’s active shark and whale addresses continue accumulating with prices less than a quarter of their All-Time High levels a year ago. In October/November 2020, these 100 to 100,000 ETH addresses assisted in pushing ETH to a +50% price rise over 5 weeks’’ Santiment tweeted. At the time of writing, ETH was changing hands for $1,219.
Ethereum’s sharks and whales are buying ether at the fastest rate seen in years – according to a major analytics firm – a factor said could accelerate the value of the second-largest cryptocurrency in the next bull run. the digital asset surged by 50% in about a month. Ethereum’s active shark and whale addresses continue accumulating with prices less than a quarter of their All-Time High levels a year ago. In October/November 2020, these 100 to 100,000 ETH addresses assisted in pushing ETH to a +50% price rise over 5 weeks’’ Santiment tweeted. At the time of writing, ETH was changing hands for $1,219.
🇷🇺 Putin calls for blockchain-based international payment system
The Russian President criticized Western's sanctions and urged for a system "independent of external interference". Russian President Vladimir Putin criticized monopoly in global financial payment systems and called for an independent and blockchain-based settlement network on Nov 24. Putin also noted that global payments and nations are at risk due to tense relations between Russia and the West following Ukraine's invasion, labeling sanctions imposed by countries as "illegitimate restrictions". Another recent development, a bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 legalizing cryptocurrency mining and the sale of the cryptocurrency mined , laying down a legal framework for a national exchange.
The Russian President criticized Western's sanctions and urged for a system "independent of external interference". Russian President Vladimir Putin criticized monopoly in global financial payment systems and called for an independent and blockchain-based settlement network on Nov 24. Putin also noted that global payments and nations are at risk due to tense relations between Russia and the West following Ukraine's invasion, labeling sanctions imposed by countries as "illegitimate restrictions". Another recent development, a bill was introduced into the Russian State Duma, the lower house of parliament, on Nov. 17 legalizing cryptocurrency mining and the sale of the cryptocurrency mined , laying down a legal framework for a national exchange.
🇸🇻 El Salvador President Bukele Launches Special Agency to Handle All Things Bitcoin
El Salvador has become the global face of Bitcoin adoption. It has been over a year since the Central American country adopted Bitcoin as a legal tender. The country has been buying one Bitcoin per day since Nov. 18. On Wednesday, El Salvador introduced a digital asset issuance bill for crypto adoption. According to a LinkedIn post by Torres Legal, the government of El Salvador created the National Bitcoin Office (ONBTC) to manage all things related to cryptocurrency. Torres Legal is a group of lawyers with business and financial trading operating in El Salvador. The President of El Salvador and the Ministry of Tourism signed the creation of the entity through Decree No. 49, published in the Official Gazette of Nov. 17.
El Salvador has become the global face of Bitcoin adoption. It has been over a year since the Central American country adopted Bitcoin as a legal tender. The country has been buying one Bitcoin per day since Nov. 18. On Wednesday, El Salvador introduced a digital asset issuance bill for crypto adoption. According to a LinkedIn post by Torres Legal, the government of El Salvador created the National Bitcoin Office (ONBTC) to manage all things related to cryptocurrency. Torres Legal is a group of lawyers with business and financial trading operating in El Salvador. The President of El Salvador and the Ministry of Tourism signed the creation of the entity through Decree No. 49, published in the Official Gazette of Nov. 17.
🇹🇷 Turkey to Confiscate ‘Suspicious’ Assets Related to FTX: Report
Turkey’s MASAK is willing to seize assets associated with FTX and launch an investigation against SBF. The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX. The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a thorough inspection on FTX and its dubious activities over the years. The entity vowed to confiscate “suspicious” assets related to the platform should the regulators give their approval. MASAK is also willing to examine the actions of Bankman-Fried and determine his role.
Turkey’s MASAK is willing to seize assets associated with FTX and launch an investigation against SBF. The Financial Crimes Investigation Board of Turkey (MASAK) seeks to seize “suspicious” assets linked to the battered cryptocurrency exchange FTX. The Turkish agency sought a greenglight from the Istanbul Chief Public Prosecutor’s Office to launch a thorough inspection on FTX and its dubious activities over the years. The entity vowed to confiscate “suspicious” assets related to the platform should the regulators give their approval. MASAK is also willing to examine the actions of Bankman-Fried and determine his role.
💰 MakerDAO Disposes of renBTC as Stablecoin Collateral
MakerDAO – the issuer of the decentralized stablecoin DAI – unanimously passed a proposal this week to remove renBTC as a form of reserve collateral. The Bitcoin-pegged token was deemed too risky to hold exposure to in light of its connections to the now-bankrupt trading desk Alameda Research. As announced by MakerDAO over Twitter on Thursday, Maker’s governance voted to offboard the RENBTC-A Vault type in a governance poll that opened on Monday.“Considering the acquisition of the Ren project by Alameda Research and the recent bankruptcy of the latter, the Ren development team disabled the Ren network mints,” said Maker. Ren 1.0 network, it said, will shut down within 30 days after November 18th.
MakerDAO – the issuer of the decentralized stablecoin DAI – unanimously passed a proposal this week to remove renBTC as a form of reserve collateral. The Bitcoin-pegged token was deemed too risky to hold exposure to in light of its connections to the now-bankrupt trading desk Alameda Research. As announced by MakerDAO over Twitter on Thursday, Maker’s governance voted to offboard the RENBTC-A Vault type in a governance poll that opened on Monday.“Considering the acquisition of the Ren project by Alameda Research and the recent bankruptcy of the latter, the Ren development team disabled the Ren network mints,” said Maker. Ren 1.0 network, it said, will shut down within 30 days after November 18th.
🟠 Binance’s Zhao says industry is ‘healthier’ after a ‘nasty’ year
Binance CEO Chanpeng Zhao said the industry is in a "healthier" place after a "nasty" 2022, and he expects better things in 2023. He declined, however, to make any specific predictions. "The trick for us is to monitor the industry and then whatever is trending we try to support it," Zhao said. The CEO, who launched a recovery fund for troubled crypto companies in the wake of FTX's collapse, did not mince words when it came to his former competitor. Binance earlier today released its proof-of-reserves system, starting with bitcoin, in order to show that the exchange is healthy and solvent. For bitcoin, Binance has provided a snapshot of account balances and the exchange's bitcoin reserves
Binance CEO Chanpeng Zhao said the industry is in a "healthier" place after a "nasty" 2022, and he expects better things in 2023. He declined, however, to make any specific predictions. "The trick for us is to monitor the industry and then whatever is trending we try to support it," Zhao said. The CEO, who launched a recovery fund for troubled crypto companies in the wake of FTX's collapse, did not mince words when it came to his former competitor. Binance earlier today released its proof-of-reserves system, starting with bitcoin, in order to show that the exchange is healthy and solvent. For bitcoin, Binance has provided a snapshot of account balances and the exchange's bitcoin reserves
🪙 Binance clarifies initial $1 billion recovery fund deposit came from own assets
Crypto exchange Binance clarified that an initial $1 billion deposit to its crypto industry recovery fund came from its own assets after details of the transferring wallet raised questions among some commentators on Twitter. On-chain transactions show the funds came from one of Binance's cold wallets for BUSD, the exchange's dollar-pegged stablecoin. This wallet was recently listed in Binance's proof of funds documentation, which shows all the cold and hot wallets the exchange owns as part of a transparency push following this month's collapse of rival crypto exchange FTX.
Crypto exchange Binance clarified that an initial $1 billion deposit to its crypto industry recovery fund came from its own assets after details of the transferring wallet raised questions among some commentators on Twitter. On-chain transactions show the funds came from one of Binance's cold wallets for BUSD, the exchange's dollar-pegged stablecoin. This wallet was recently listed in Binance's proof of funds documentation, which shows all the cold and hot wallets the exchange owns as part of a transparency push following this month's collapse of rival crypto exchange FTX.