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BNB Chain hard fork to improve security & compatibility with EVM chains

August 10, 2023 Coin Telegraph

Binance

Binance’s BNB Chain is set for two upgrades that are aimed at improving finality of the network and compatibility with other EVM blockchains.

Binance’s proprietary BNB Smart Chain (BSC) is set to undergo two hard forks through August 2023 that are aimed at reducing the possibility of a malicious blockchain reorganization and increasing the compatibility with other EVM blockchain networks.

The Plato and Hertz upgrades are scheduled for Aug. 10 and Aug. 30 respectively, following extensive testing. The Plato upgrade, which has already taken place, introduces BEP-126. The latest evolution proposal implements a fast finality mechanism that is expected to rule out the ability for blocks to be reverted.

*The Plato upgrade and hard fork was carried out Aug. 10 at block height 30724096. Source: bscscan.com*

Arno Bauer, Senior Solution Architect at BNB Chain, unpacked the specifics of the network upgrades in conversation with Cointelegraph. The fast finality mechanism is expected to reduce the chance of chain reogranization and stabilize block production, while allowing users to access accurate information from the latest finalized block instantly.

“Overall, BEP-126 aims to enhance blockchain security and efficiency on the BNB Smart Chain by introducing a fast finality mechanism.”

Bauer added that finality is a core concept of blockchain technology, referring to the point at which a transaction or block of transactions can no longer be altered or reversed. Finality remains a crucial component in maintaining trust and preventing double-spending in blockchain systems.

BEP-126 introduces fast finality through a series of steps. Validators begin by proposing a block to the network which is propagated to other validators. Validators then sign for the block using their private key, creating a vote message. Voting aggregation then takes place, with validator votes gathered into a pool and aggregated if the direct parent block has enough votes.

Validators must follow specific rules when voting for blocks, an example being not publishing two distinct votes for the same height. The finality rules also stipulate that a block is ‘justified’ if there’s an attestation in the child block's header, while it's finalized if it's justified and its direct child is justified.

The fork including the highest justified block is considered the longest chain, even if other chain forks have a higher difficulty sum. Producing blocks and finalizing blocks also have different requirements in terms of the number of validators needed.

Lastly, BNB Chain validators are rewarded for voting, and those who violate the vote rules are slashed in a similar manner to Ethereum’s proof of stake protocol.

The Hertz hard fork is earmarked for Aug. 30 and is aimed at keeping the BNB Chain up to date with the latest development of Ethereum Virtual Machine (EVM) blockchains. As Bauer explains, the BSC needs to keep its block and transaction structures as well as its base EVM updated to match Ethereum's recently implemented Berlin and London forks.

“Therefore, for compatibility reasons it is important that those EIPs are also enabled on BSC to ensure a smooth development and ecosystem growth.”

Bauer said that the fast finality mechanism should provide a more secure environment for decentralized applications (DApps), while faster transaction finality should improve responsiveness and efficiency of DApps running on BSC.

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Optimism network transactions surged 67% following Bedrock upgrade — Nansen

June 26, 2023 Coin Telegraph

Coin Telegraph

The Optimism layer-2 network saw less than 300,000 transactions per day around the time of the upgrade, but this number increased to over 500,000 afterward.

Transactions on the Optimism network surged 67% following its June 7 “Bedrock” upgrade, according to a June 26 Twitter thread from blockchain analytics firm Nansen. The network had been seeing less than 300,000 transactions per day before the upgrade, but this figure increased to over 550,000 by the middle of June.

Since Optimism's Bedrock upgrade on June 6

Its daily transactions have increased by about 67% to ~500k

And gas fees are reduced by about 50% to ~$50k pic.twitter.com/9ACIMMFHbl
— Nansen (@nansen_ai) June 26, 2023

Optimism, a layer 2 of Ethereum, implemented its Bedrock hard fork on June 6. It was intended to reduce deposit times and fees, as well as increase the network’s security. According to the June 26 Nansen report, daily fees have fallen from $80,000 worth of Ether (ETH) directly before the upgrade to only $50,000 as of late June.

Optimism saw a sharp increase in transactions immediately following the hard fork, rising to over 400,000 from approximately June 5 to 9. Volume rose slower after the initial spike, reaching a peak of over 550,000 on or around June 15. It then started to fall slowly, reaching 500,000 transactions per day by the end of the time data was collected around June 23, according to a chart posted in Nansen’s Twitter thread.

The top Optimism app leading up to the report was the decentralized credential protocol Galxe, which saw over 528,000 transactions during the week. The USD Coin (USDC) stablecoin had the second-highest transaction count at over 170,000. The remaining top five apps on Optimism included the Stargate Finance cross-chain bridge, the Perpetual Protocol futures trading app and the Gnosis Safe multisignature wallet.

The Bedrock upgrade was part of a broader set of proposals to create a “Superchain” consisting of multiple blockchain networks that rely on the same software for security and interoperability. Coinbase confirmed that its Base network would join Optimism as part of the Superchain. The Base team announced its “Path to Mainnet” preliminary roadmap on May 24.

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Ethereum whale population drops after Shapella — Will ETH price sink too?

May 2, 2023 Coin Telegraph

Coin Telegraph

Ethereum's supply across whale addresses has dropped consistently since March 2020, offset by greater retail interest.

The share of Ethereum (ETH) held by so-called whale addresses has dropped since Ethereum's Shapella upgrade in mid April, suggesting that large investors may be leaning bearish in t near term.

ETH whale population shrinks post-Shapella

The amount of Ether held by addresses with 1,000-10,000 ETH, or "whales," was over 14.033 million ETH on May 1, according to Glassnode data. In comparison, the count was 14.167 million ETH on April 12, when Shapella went live on Ethereum.

*Ethereum whale net position change. Source: Glassnode*

Interestingly, a week before the Shapella upgrade, the Ethereum whale cohort held 14.303 million ETH, the highest amount in 2023

"Shrimps" only ones buying ETH since Shapella

Ether's price is down over 3.5% since the Shapella upgrade— suggesting that several whales may have indeed "sold the news."

Interestingly, other address cohorts also showed a decline, including sharks (100-1,000 ETH), fishes (10-100 ETH), crabs (1-10 ETH), and even mega-whales (10,000+ ETH).

Only shrimps (<1 ETH) accumulated during the period, with their net position slightly increasing from 1.79 million ETH on April 12 to 1.80 million ETH on May 1.

*Ethereum shrimp net position change. Source: TradingView*

Shapella enabled investors to withdraw the ETH locked via staking, which some argued would increase selling pressure.

Since the Shapella upgrade, investors have withdrawn over 1.97 million ETH worth around $3.6 billion, according to Beaconcha.in. Nevertheless, no major changes in cryptocurrency exchanges' ETH balances have been seen to date.

Ethereum whales vs. shrimps

Historically, less Ethereum whales typically means heightened downside risk for ETH price.

Whale activity typically acts as a leading market indicator. So, rich investors accumulating typically precedes a price rise, and vice versa.

The price-whale positive correlation existed until March 2020, as shown in the chart below. Afterward, retail mania took over alongside the Federal Reserve's quantitative easing and the correlation snapped.

Notably, ETH price rallied from $110 in March 2020 to over $4,950 in November 2021 despite the declining whales. The inverse correlation continued throughout the price downtrend to around $850 in June 2022.

But since then, whale holdings have risen by nearly 1 million ETH. Meanwhile, ETH's price has more than doubled to around $1,850, hinting at a possible return of the price-whale correlation, which would be a bullish sign for Ethereum.

Where can ETH price go next?

The $2,000-level is an important psychological resistance level for ETH/USD that bulls have been unable to break upon multiple attempts in 2023.

On the daily chart, ETH/USD holds above the short-term support provided by its 50-day exponential moving average (50-day EMA; the red wave), near $1,840. A successful rebound from here opens $2,000-$2,125 as the next upside target range in Q2.

*ETH/USD daily price chart. Source: TradingView*

Conversely, a break below the 50-day EMA risks sending ETH toward its 200-day EMA (the blue wave) near $1,670, down about 10% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Ethereum’s Shapella Upgrade Unlocks Staked Ether, Over 860K ETH Poised for Withdrawal, Price Surges 6%

April 13, 2023 Bitcoin.com

Can Ethereum crack $2K? ETH price inches closer despite new unlocked supply

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Can Ethereum crack K? ETH price inches closer despite new unlocked supply

Coin Telegraph

Ethereum staking withdrawals are picking momentum. But they have not been able to cause a major selloff as many had anticipated post the Shanghai upgrade.

The price of Ethereum's Ether (ETH) token came just a few dollars from hitting $2,000 a day after the launch of the network's long-anticipated Shanghai upgrade.

Ethereum ducks sell-the-news fears

On April 13, Ether's price gained roughly 4% to reach an intraday high of $1,996 on Coinbase, ignoring the potential selloff pressure the Shanghai upgrade could potentially bring to the market.

To recap: the Shanghai hard fork, also known as "Shapella," enables users to withdraw their ETH from Ethereum's proof-of-stake smart contract.

As of 09:00 UTC, April 13, over 98,000 ETH worth around $194.8 million has left Ethereum's voting balance reserves since the Shanghai launch a day ago, according to Nansen. In other words, nearly $200 million in potential selling pressure has entered the market.

*ETH deposits vs. withdrawals. Source: Nansen*

But Ether's price rise since the Shanghai launch suggests that the market had no problem absorbing any selling pressure arising from this event so far. It's also possible that most users have decided to hold onto their ETH staking rewards rather than sell them in anticipation of further gains.

About 15% of Ethereum's total supply in circulation, nearly 120.4 million ETH, is currently staked.

Interestingly, more than 70% of the ETH staked is still underwater compared to current price levels, according to data gathered by Dune Analytics. This reduces the possibility of a sell-off in the near term from Shanghai's staking withdrawals.

Ethereum price risks 10% correction

The ongoing run-up in the Ethereum market has left ETH/USD slightly overbought, raising the likelihood of a short-term price correction this month.

Notably, ETH's daily relative strength index (RSI) is merely two points below its overbought threshold of 70. In addition, ETH/USD tests a critical resistance level near $1,990, which in May 2022 and August 2022 preceded price pullbacks.

A repeat of this scenario likely means a correction toward its 50-day exponential moving average (50-day EMA; the red wave) near $1,750 in April, down about 10% than the current price levels. This ETH price level is also close to the historical support/resistance line.

Conversely, a decisive breakout above $2,000 — a psychological resistance level — could have Ether price start its potential climb toward $3,000.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Hard Fork

ETH whale population shrinks post-Shapella

"Shrimps" only ones buying ETH since Shapella

Ethereum whales vs. shrimps

Where can ETH price go next?

Ethereum ducks sell-the-news fears

Ethereum price risks 10% correction

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