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Chainlink said it will not provide support for forked versions of the Ethereum blockchain after the much-anticipated shift from Proof of Work (PoW) to Proof of Stake (PoS), also known as the Merge. However, the Chainlink protocol and services will remain available during and after the Merge.
“Users should be aware that forked versions of the Ethereum blockchain, including PoW forks, will not be supported by the Chainlink protocol. This is aligned with both the Ethereum Foundation’s and broader Ethereum community’s decision, achieved via social consensus, to upgrade the Ethereum blockchain to PoS consensus,” Chainlink said in a notification on its website.
Advises Safety Measures
The blog post advised the developers and dApp teams on the Ethereum network, who are not sure about their move with respect to the Merge, to put their smart contract operations on hold to “avoid unforeseen incidents and help protect end users.”
The blockchain oracle service provider, however, assured the users on the Ethereum network that it’s doubling down on its quality assurance process to meet the challenges of the upcoming network upgrade.
“dApps operating on forked versions of Ethereum, including PoW forks, might behave in unexpected ways due to both protocol and application-level issues, introducing increased risk for users,” it said.
Speculation of Hard Fork
Chainlink is a leading smart contract infrastructure provider on the Ethereum network with significant footprints in Defi, Enterprise, and NFT & Gaming arenas. Ahead of the Merge, speculation is rife that the network will split into ETHPOW and ETH2.0 or ETHS.
Blockchain security experts point to the possibility of ETH holders getting the airdrop, and scammers might take advantage of the fluid situation surrounding Ethereum’s transition. Chainlink’s clarification, therefore, that it will not support any forked version of Ethereum in the event of a split of the network makes things clear for developers and dApps on its network.
Chainlink Driving Adoption
A Bank of America analysis in February said that Chainlink, with over $60 billion of total locked value in smart contracts, will drive mainstream blockchain adoption across industries, including gaming, gambling, and insurance.
In June, Chainlink announced that its live price feed will be available on Solana, initially for BTC, ETH, and USDC, and will later be expanded to cover other coins. The very next month, Bybit announced the integration of Chainlink’s live price feeds for 35 coins to enhance price accuracy for its spot trading services.
The post Chainlink Will Not Support Ethereum Forks After the Merge appeared first on CryptoPotato.

Advises developers and dApps, who are not sure about their transition moves to halt smart contract operations until the network becomes stable.

cryptopotato.com

Chainlink Will Not Support Ethereum Forks After the Merge

[PRESS RELEASE – Singapore, Singapore, 7th August 2022]
DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, is thrilled to announce that its community has voted to offer lucrative liquidity mining rewards for the ERC-20 format of its native DFI token pairs on Uniswap. The proposal put forth by DeFiChain’s Lead Researcher received more than 96% votes in favor.
DeFiChain has allocated one million DFI tokens from the Community Fund to incentivize liquidity mining for the DFI-ETH, DFI-USDT, and the new DFI-USDC pairs on Uniswap.
The Community Fund receives a small percentage of the block rewards and has accumulated over 27,092,291 DFI tokens, which are available to anyone interested in developing on the DeFiChain blockchain. However, funds are only released if more than 51% of the nodes agree to the proposal. Masternodes are eligible to sign a message to either agree or deny a proposal.
With leading exchanges like Bybit and KuCoin now supporting DFI in ERC-20, the DeFiChain community voted to increase the token’s utility in the ERC-20 format. The incentives are aimed at increasing the trading volume of the ERC-20 format of DFI, and boosting the visibility and awareness of DFI in the wider DeFi ecosystem. The increased trading volume should also encourage more adoption of DFI by other exchanges and services.
Santiago Sabater, the CEO of DeFiChain Accelerator said, “With the new liquidity pools and the various upcoming projects to increase the utility of DFI on ERC-20, DeFiChain’s adoption is growing massively. DeFiChain is opening the gates to offer its decentralized assets such as decentralized stocks, commodities and ETFs to the whole DeFi community on the Ethereum blockchain. This will result in massive capital inflows, pleasuring DeFiChain’s investors while creating new use cases for Ethereum users.”
The liquidity mining rewards will be distributed in the following manner:

DFI-ETH pair at 0.5 DFI per Ethereum block
DFI-USDT pair at 0.25 DFI per Ethereum block
DFI-USDC pair at 0.25 DFI per Ethereum block

In total, one DFI token will be distributed per Ethereum block. Just like DFI emission rate on DeFiChain mainnet, block reward is scheduled to reduce by 4% every 7 days (in blocks) starting 9AM UTC on August 22. Before that, rewards will only be distributed at a constant rate of 1% of the above rates. It is estimated to allow the reward to sustain well over a year.
A smart contract will be published on Ethereum mainnet that allows the rewards to be paid out in accordance to the schedule. Upon publishing of the smart contract, DFI will be placed in the smart contract in tranches, for safety reasons.
An accompanying decentralized app will be launched for liquidity providers to take part in the liquidity mining program.
About DeFiChain
DeFiChain is a decentralized Proof-of-Stake blockchain created as a hard fork of the Bitcoin network to enable advanced DeFi applications. It is dedicated to enabling fast, intelligent, and transparent decentralized financial services. DeFiChain offers liquidity mining, staking, decentralized assets, and decentralized loans. The DeFiChain Foundation’s mission is to bring DeFi to the Bitcoin ecosystem.
The post DeFiChain Community Brings Attractive Rewards For DFI ERC-20 Pairs on Uniswap appeared first on CryptoPotato.

[PRESS RELEASE &#8211; Singapore, Singapore, 7th August 2022] DeFiChain, the world’s leading blockchain on the Bitcoin network dedicated to bringing decentralized financial applications and services to everyone, is thrilled to announce that its community has voted to offer lucrative liquidity min...

DeFiChain Community Brings Attractive Rewards For DFI ERC-20 Pairs on Uniswap

The first day of the main stage event included a keynote presentation from Ethereum's Vitalik Buterin, 1inch Network's Sergej Kunz, and Klaytn Foundation's Sam Seo. 

cointelegraph.com

Korea Blockchain Week, Aug. 8: First-day takeaways from the Cointelegraph team


Celsius Network has withdrawn its motion to hire former CFO Rod Bolger back. The company had planned to hire him to help with the bankruptcy proceedings.



Lending platform Celsius has withdrawn its motion to hire former Chief Financial Officer Rod Bolger, according to a court filing in the Southern District of New York. The company had filed a motion to hire Bolger at the start of the month, saying that it had needed his expertise to help navigate the bankruptcy proceedings.



The withdrawal takes place right before the hearing for it that was scheduled on Aug. 8. Celsius had planned to hire Bolger back at a salary of $92,000 a month for a minimum period of six weeks. Bolger had resigned from the company, serving the eight weeks’ notice period. He was the former CFO of the Royal Bank of Canada and divisions of the Bank of America.



Investors had also taken issue with the decision to rehire Bolger. Attorneys for some investors filed an objection, saying Celsius offered “little detail” as to why his expertise was necessary. One attorney said that the decision “reflects a level of callous indifference to the customers of Celsius.”



Celsius still enduring a tough time



The Celsius saga has been fraught with drama, and it remains to have a strong hold on the wider world’s attention. Its customers, meanwhile, are facing a pessimistic outlook, and it may be years before they have access to their funds.



The company also faced a data breach recently, adding to its woes. An Arkansas resident has also filed a class action lawsuit against the firm. This string of incidents does not make it easy for Celsius as it attempts to emerge from its financial stress.



Voyager to resume withdrawals



There have been some positive developments in the Voyager case, which should bring some relief to customers. The company announced in a blog post that it would resume withdrawals of up to $100,000 in a 24-hour period starting from Aug. 11.



Voyager was recently given the go-ahead to return $270 million to its customers. It also reportedly has multiple offers on the table and even received one from Alameda Research and FTX. Lawyers for the firm said that this offer was a low one and that the company is open to “serious proposals.”
The post Celsius Withdraws Motion to Rehire Former CFO appeared first on BeInCrypto.


Celsius Network has withdrawn its motion to hire former CFO Rod Bolger back. The company had planned to hire him to help with the bankruptcy proceedings.
The post Celsius Withdraws Motion to Rehire Former CFO appeared first on BeInCrypto.


beincrypto.com

Celsius Withdraws Motion to Rehire Former CFO

In 43 days, the Ethereum network could finally see a full transition from proof-of-work (PoW) to proof-of-stake (PoS) via The Merge. Meanwhile, during the last 38 days, Ethereum’s layer one (L1) onchain transaction fees have dropped below the $5 mark and tumbled even lower by the end of July. At the time of writing, the average Ethereum network fee is 0.00086 ether or $1.46 per transfer. Median-sized fees are even less, as statistics show transfer fees have been as low as $0.21 to $0.576 per transaction on Sunday morning (EST).
Ethereum Gas Costs Remain at the Lowest Rates Since December 2020, Ether Transfers Top Opensea’s Burn Rate
For quite some time now, Ethereum data fees to transact on the network have been much lower than usual. In fact, today’s average Ethereum network fee is 0.00086 ether or $1.46 per transfer, a low not seen since December 12, 2020.
Essentially, a gas fee is the quantity of ethereum (ETH) required to transfer data onchain, and the fee to simply push ETH is cheaper than the fees tied to transferring an ERC20 token and interacting with a smart contract.

While the average Ethereum network fee is around $1.46 per transfer today, statistics from etherscan.io’s Gas Tracker indicate that gas fees are between 5 to 6 qwei per transfer or $0.21 to $0.32. The Gas Tracker also shows that the cost to execute an Opensea sale can be between $0.73 to $1.10 per transaction, and decentralized exchange (dex) swaps can cost anywhere between $1.88 to $2.82 per transfer.

To push an ERC20 token like USDT or USDC, the transfer cost is estimated to be around $0.55 to $0.83 per transfer on Sunday morning (EST). Data from bitinfocharts.com shows Sunday’s median-sized fees are 0.00034 ether or $0.576 per transaction. Ethereum transfers are a large contributor to the burning of ETH that stems from Ethereum Improvement Proposal (EIP) 1559.
Opensea was once the largest contributor to the 2,573,837 ethereum (ETH) destroyed so far. However, Ethereum transfers are now the biggest contributors to destroying ether with 232,233 ETH burned to date. As ETH’s supply growth jumps by 5.5 million per year, EIP-1559’s deflationary burn mechanism destroys around 0.2 million ether annually.
Since EIP-1559’s inception, traditional ethereum transactions equaled approximately 156,422,214 transactions and roughly 649.79 ether was destroyed during the last 24 hours from ETH transactions and a variety of other types of data transfers.

L2 Fees Offer Cheaper Ethereum Transfer Alternatives
As far as layer two (L2) transactions are concerned, fees via L2 are much cheaper than L1. At the time of writing, Loopring and Zksync offer the cheapest L2 alternatives. Loopring fees are $0.01 per transaction, while Zksync fees are also a U.S. penny in value per transaction. The cost to swap tokens using these L2 platforms can cost a touch more, as the estimated Zksync swap fee is $0.02 today, but Loopring swapping fees are upwards of $0.42 per transaction.

Optimism L2 gas costs are roughly $0.03 per transaction, while Arbitrum One can cost $0.05 per transfer. To swap via Optimism’s platform, estimates show it could cost a user $0.05, while Arbitrum swaps are estimated to be around $0.08 today. On August 7, L2 fees are also cheaper on Metis, Boba, and Aztec networks and Polygon Hermez as well.
What do you think about Ethereum network fees remaining at the lowest gas rates since December 2020? Let us know your thoughts about this subject in the comments section below. 



























In 43 days, the Ethereum network could finally see a full transition from proof-of-work (PoW) to proof-of-stake (PoS) via The Merge. Meanwhile, during the last 38 days, Ethereum&#x2019;s layer one (L1) onchain transaction fees have dropped below the $5 mark and tumbled even lower by the end of Ju...

Nervos Network price	$0.004915
Low - High 24H	$0.004793 - $0.005153
Market cap	$164.92M
Volume 24H	$5.99M
All time high	$0.043706 -88.68% March 31st 2021
All time low	$0.002487 98.91% March 13th 2020
Genesis date	N/A

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