Ethereum Foundation Confirms Date for Merge Upgrade - Top Crypto Updates
Ethereum Foundation confirms date for merge upgrade
The Ethereum Foundation announced that the ETH merge upgrade will be fully completed between September 10 and 20. The network will move from a proof-of-work consensus mechanism to a proof-of-stake blockchain next month in a much-awaited upgrade known as “the merge.”
In proof-of-work, crypto transactions are verified through mining. Meanwhile, in proof of stake, a network participant gets selected to add the latest batch of transactions to the blockchain and earn some crypto in exchange.
Crypto prices today: Bitcoin up 1.3%, ETH rises 3.4%
Bitcoin is currently trading at $21,697.9, an increase of 1.3% over the previous day. Ethereum is up 3.45% over the last 24 hours to $1,702.09. Solana rose 2.7% to $36.1, while Cardano is trading higher by 0.97% at $0.465. Uniswap (UNI) is up 2.4% to $7.19. The global crypto market cap stands at $1.05 trillion, a 1.7% increase over the previous day.
Cybercriminals have stolen over $100 Million in NFTs: Report
As per a report by blockchain analysis provider Elliptic, over $100 million in non-fungible tokens (NFTs) have been stolen in the last year. Nearly $8 million in illicit funds has been laundered using NFTs since 2017. Cybercriminals netted an average of $300,000 per scam. The report reveals that $24 million in NFTs were stolen through scams in May 2022 alone.
Coinbase to launch liquid staking token before Ethereum merge
Coinbase (COIN) will introduce its own liquid staking token called, Coinbase Wrapped Staked ETH (cbETH), ahead of the Ethereum blockchain’s Merge in September. After the merge, the token can be used to stake ether (ETH) through Coinbase. Liquid staking allows investors to generate extra yield on top of standard rewards for staking or locking coins in a network.
Crypto startup weTrade to offer zero trading fees on crypto coins
weTrade, a Bengaluru-based crypto startup, has announced plans to offer zero trading fees for buying and selling coins on its platform. Users will be able to conduct crypto transactions for as low as ₹100. The company has eliminated trading fees for the 50+ coins available on its platform, including Bitcoin, Solana, and Ethereum.