Friday, May 12, 2023

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Going into the weekend in the red

Ethereum's Beacon Chain experienced a technical issue that prevented transactions from being finalized for about 25 minutes.

Ethereum core developers identified the issue but did not disclose its cause. This is not the first time such a problem has occurred. In March, low validator participation rates caused a delay on the Goerli testnet version of Ethereum's "Shapella" upgrade.

Following the incident, a pseudonymous Ethereum consultant known as Superphiz noted that greater diversity among software clients could have prevented the loss of finality. Client diversity is critical to network validators, ensuring a more secure and robust network.

In today's news, Coinbase screws up, CZ looking to sell, and Coinbase garners support.

Read on!

Ethereum Staking Statistics 2023

ETH staking is booming, with an all-time high of 19.2 million ETH staked as of April 30, 2023.

Currently, 15.6% of total ETH circulating supply is staked, growing steadily as staked ETH outpaces the growth in circulating supply. Despite being withdrawable, inflows of staked ETH have outpaced outflows.

24h Hot Searches Worldwide

Polygon (-1.0%)
PancakeSwap (-5.9%)
Bitcoin (-3.9%)
Ethereum (-3.0%)
SnailBrook (-15.0%)
Aptos (-3.9%)
Sui (-6.2%)

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Any Bids?

Binance.US and its founder, Changpeng Zhao, are considering ways to reduce Zhao's ownership in the crypto exchange to improve the company's reputation among US regulatory authorities, according to The Information.

Zhao, popularly known as CZ, has been looking to sell his shares since last summer, before the US Commodity Futures Trading Commission sued the exchange.

CoinDesk

"We Screwed Up"

Coinbase's Chief Legal Officer, Paul Grewal, apologized to the PepeCoin (PEPE) community for describing the Pepe the Frog meme as being "co-opted as a hate symbol by alt-right groups" in a newsletter.

This comes after fans and holders of PEPE instigated a vocal campaign against the major crypto exchange, resulting in the hashtag "#DeleteCoinbase" trending on Twitter. Pepe the Frog was created by artist Matt Furie as an innocuous animated frog character but was embraced by the alt-right and white supremacists during the 2016 U.S. presidential election.

Decrypt

Rallying support!

The US Chamber of Commerce has filed an amicus brief in support of Coinbase's lawsuit against the SEC, accusing the regulator of intentionally muddying the waters by claiming sweeping authority over digital assets while deploying a haphazard, enforcement-based approach.

The brief alleges that the SEC's lack of a response has "destabilized" the regulatory environment surrounding crypto. Coinbase is seeking a court to force the SEC to respond to its "petition for rulemaking" filed last July, asking the regulator to propose and adopt rules for digital assets and answer questions related to regulation.

An amicus brief is a legal document containing information or advice related to a specific court case and is provided by third parties.

Decrypt

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