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As The Merge inches closer, many discussions have emerged against the Proof-of-Stake mechanism. Let’s look into the conversations around this topic and other noteworthy events that took place in crypto market this week.
Bitcoin
150,000 BTC could flood the market as Mt Gox creditors look set to receive repayment.
Ethereum
The Ethereum Merge is getting closer as the second-to-last testnet, Sepolia, moved over to the Proof-of-Stake protocol.
Ethereum founder Vitalik Buterin has responded, defending PoS against allegations that it does not offer decentralized consensus.
Co-founder of the Cardano blockchain, Charles Hoskinson, joined Buterin in expressing his displeasure over the recent criticism of the Proof-of-Stake consensus mechanism.
Ethereum’s gas fees have plummeted, hitting a 20-month low as the market downturn saw a sharp decline in user activity.
DeFi
Celsius Network has paid another $120 million of its Bitcoin loan to Maker DAO through several DAI transactions.
Altcoins
A class-action lawsuit has been filed against Solana Labs and its CEO Anatoly Yakovenko for allegedly breaking securities law.
The successful forking of the Cardano testnet signifies that the only step left in the Vasil Upgrade is the forking of the mainnet.
Technology
Ethereum scaling solution Polygon has announced that it is partnering with phone maker Nothing to bring Web3 technology to mobile users.
In a bid to boost the crypto industry in the country, the Italian government has announced that it will be providing subsidies worth $46 million for blockchain projects.
Meta (formerly Facebook) is pulling the plug on its crypto payments wallet, Novi, claiming to repurpose the technology into other projects.
The music streaming service Napster outlined the launch of its $NAPSTER token on the Algorand blockchain in its latest litepaper.
Business
WonderFi has closed a deal to acquire regulated crypto trading platform , as the company looks to take advantage of prevailing market conditions.
According to Voyager Digital’s recent bankruptcy filings, crypto trading firm Alameda Research had heavily borrowed funds from the lending platform.
Elon Musk’s The Boring Company has announced that customers will be ble to use Dogecoin to pay for rides on Loop.
Regulation
The United States Treasury Department has turned over a report to President Joe Biden detailing an international-level framework to address the risks and benefits of digital assets.
Her Majesty’s Revenue and Customs agency (HMRC) has opened an 8-week tax consultation period for collecting evidence on crypto taxes, and specifically on DeFi activities.
NFT
The social media company Reddit has announced the launch of an NFT marketplace for collectible avatars that users can purchase and use as their profile pictures.
Lamborghini-backed Vincenzo Sospiri GT team, has announced that it would be using NFTs to certify and authenticate factory car parts.
