Blockchain infrastructure firm Chain has announced new sponsorship deals with the New England Patriots of the National Football League (NFL) and the New England Revolution of Major League Soccer.
Under the terms of the four-year agreement, Chain will partner with Kraft Sports + Entertainment to create an innovative Web3 experience for visitors to Gillette Stadium, home of the New England Patriots and New England Revolution.
Following the announcement of the partnership, Chain CEO Deepak Thapliyal announced the purchase of the ENS domain name Patriots.eth for 75 ETH ($99,321.75).
It is reported that Thapliyaal also owns two ENS domains, Deepak.eth and nerev.eth, and also holds blue-chip NFTs such as CryptoPunks and Bored Ape Yacht Club.
Following the recent transition to a proof-of-stake (PoS) consensus mechanism, there are some specific concerns about the ethereum blockchain, with some exchanges and platforms already expressing support for the forked version, JPMorgan Chase (JPM) said in a research note on Wednesday. , which still uses a proof-of-work (PoW) mechanism and has at least 19 former ethereum pools active on it.
Forked chains have the potential to split the Ethereum community. Additionally, the second concern is that the ETH blockchain has become decentralised as only a few entities hold the majority of the staked ETH.
Star Trek Captain James T. Kirk played William Shatner in a post expressing his support for the completion of the merge and upgrade of Ethereum. He wrote: Congratulations to Vitalik Buterin and his team, Ethereum is now more environmentally friendly.
In addition, William Shatner was one of four participants in the second manned space test flight of Blue Origin’s New Shepard vehicle.
Data released by crypto analytics platform Santiment shows that after the Ethereum merger, more than 45% of Ethereum’s PoS nodes are run by two addresses. The two addresses have verified 293 blocks, accounting for 45.18% of all blocks.
The first address has verified 188 blocks, accounting for 28.97% of the shares. The second address has verified 105 blocks and has a 16.18% share.
According to Antoni Trenchev, co-founder of cryptocurrency lending platform Nexo, the merger of Ethereum is the most important thing that has ever happened in the history of the protocol.
However, he doesn’t think this will help Ethereum overtake Bitcoin as the most dominant digital asset. Trenchev said he is very bullish on these assets and keeps them in his portfolio for the long term. He admitted to increasing his Ethereum exposure a few months ago, expecting the token’s price to surge after the switch to PoS.
Unlike some who expected Ether’s valuation to soar immediately after the event, Nexo executives believe it will take some time. People should be aware of the use case for this development first, and then a price surge could follow.
They are technical risk, operational risk, economic risk and risk due to lack of customer diversity.
Coinbase Cloud stated, “As the merger is the most technically complex upgrade, it is likely that various bugs and technical defects (technical risks) will occur. If clients and validators fail to upgrade in a timely manner, the node participation rate on the mainnet may also be will decrease (operational risk). After the upgrade, the demand for Ethereum borrowing to obtain the PoW hard fork version of ETHW increases rapidly, resulting in a sharp rise in ETH interest rates in the lending market, and there is an economic risk. Finally, the lack of customer diversity is a risk, and errors may not be filtered out block proposal.”
According to the Ethereum merger countdown page of the OKLink multi-chain browser, the current Ethereum merger progress has been completed 99.65%. According to the current network conditions, the merger is expected to be carried out on September 15. The current average computing power of the entire Ethereum network is 876TH/S.
Due to the upcoming Ethereum merger, the Rainbow Bridge will be suspended on September 11 to avoid technical risks associated with the merger (such as transaction replay attacks) and potential risks associated with pre-merger ETH network congestion.
Aurora said that after the Ethereum merger, the Rainbow Bridge will be restored once the security of the new ETH network is determined.
It is important to note that Aurora will not suspend the token transfer function between NEAR and Aurora during this period.
The Ethereum expansion solution StarkWare will only support the PoS chain after the completion of the Ethereum merger. SyarkNet users do not need to do anything if they need to transfer funds to the PoS chain.
If you want to interact with the PoW chain, you need to propose Ethereum before merging.
Before the merger of the Ethereum network, the Swiss cryptocurrency platform SEBA Bank already provided Ethereum staking services for large customers. The bank said in a statement that it will allow its users to generate monthly rewards for their ether holdings.
It is reported that different lock-up periods can be set after the merger. Before the Ethereum Shanghai upgrade, any staked Ethereum could not be withdrawn from Ethereum’s beacon chain.
Mathias Schutz, the bank’s head of technology and client solutions, said in a statement: “Our launch of the Ethereum staking service will enable institutional investors to play a key role in securing the future of the network.”
Jess Houlgrave, head of crypto strategy at payments giant Checkout.com, argued in an interview that the merger could renew confidence in the cryptocurrency market despite a drop in trading volumes on the platform.
Houlgrave also said that the number of crypto wallet addresses on most major layer 1 blockchains is increasing. Despite the decrease in market volume, the platform reported an increase in wallet addresses and the creation of more wallets.
These wallets may be owned by current cryptocurrency holders or new holders who have just entered the market. It’s not actually necessarily driven by new traders coming online, new retail traders think of crypto as a currency and investment asset, it’s actually people starting to use real-world crypto applications, including remittances, buying NFTs, and other digital assets.
Andy Long, CEO of crypto miner White Rock Management, believes that the Ethereum merger will force PoW miners to look for other PoW blockchains, swamping other coins, increasing mining difficulty and reducing profitability.
Long noted that such a migration could force many cryptocurrency miners to abandon their expensive mining rigs.
“Hashpower will go to alternative GPU PoW coins. Many miners simply give up and try to sell their mining cards,” he said.
Ether derivatives trading is surging as the ETH merger nears, The Block found. Open interest in ethereum options surpassed bitcoin open interest for the first time in August, as ethereum broke through $8 billion to a new all-time high.
As of the end of August, the total open interest of ether options reached 6.8 billion US dollars, a continuous increase of 16.7% month-on-month. The monthly volume of ether options also increased by 6.1%.
The digital asset management platform Safe (formerly Gnosis Safe) issued an announcement stating that after the merger of Ethereum, it will only support the PoS chain, that is, users can no longer interact with the PoW chain through the official interface.
Safe users do not need to take any action due to the merge, and user assets remain safe.
However, users are still advised not to schedule any important transactions around the time of the merger, in case something goes wrong.
After the merger, there may be 2 Ethereum chains: PoW and PoS, and the created Safe account will exist on both chains.
After the merger, if users decide to interact with the PoW chain on their own, make sure they know what they are doing.