MyEtherWallet Provides Easy Access to dApps With DappRadar Integration

  • Popular Ethereum wallet app MyEtherWallet (MEW) has provided an upgrade that decentralized application (Dapp) users will find welcome.
  • Earlier this week, the company announced that it had inked a partnership to provide easy access to Dapps on its mobile app, essentially allowing it to capture several growing crypto markets.

Easy Access to Over 2,000 Apps

A press release explained that MEW had partnered with top dApp analytics site dAppRadar on the initiative. Thanks to the partnership, MEW users will be able to access over 2,000 dApps on their MEW browser.

The new feature will allow MEW users to track applications across several sub-industries, including decentralized finance (DeFi), non-fungible tokens (NFTs), and more. It will also allow users to track their portfolios across apps and easily tap into the new wave of crypto-based financial services.

Users can search for specific dApps, and the partners believe that iOS users will be able to view rankings and critical metrics for the applications from later this year.

Currently, these metrics are only visible through web browsers within the MyEtherWallet app. They will most likely include numbers like active users, total value locked, periodic trading volumes, and more. In the announcement, Kosala Hemachandra, MEW’s chief executive, explained:

“Our dedication to bringing DApps to all of our users, no matter how they choose to access them, reflects our belief that wallets can, and should, become the hub where the entire Ethereum DApp ecosystem comes together.”

Gas Fees Reach New Highs

The move is sure to provide easier interaction across the Ethereum blockchain. MEW remains a top figure in the Ethereum ecosystem, and most dApps run on the Ethereum blockchain too. Considering that many of these users are interwoven, easy access between one Ethereum-based service and another should consolidate Ethereum’s influence in the decentralized space.

As for the Ethereum network itself, it continues to deal with the problem of rising gas fees, something that continues to threaten its dominance in the DeFi space primarily. According to data from YCharts, the average gas fees hit an all-time high of $17.50 per transaction on Wednesday, beating the previous record of $17.43 that was set exactly a month before.

The rise forced immediate reactions, with top crypto exchange Liquid announcing that it would have to suspend Ether withdrawals due to the gas hike.

As for the DeFi space, things are getting direr. Many DeFi projects require the execution of smart contracts, and there are now reports of fees associated with protocols running into the thousands of dollars.

It’s been widely reported that large transactions on Synthetix cost as high as $1,100, while simple swaps on exchanges like SushiSwap and UniSwap went as high as $75.

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Author: Jimmy Aki

Binance Supports Bitcoin’s Taproot Upgrade; Over 91% Mining Network in Favor Now

Binance Supports Bitcoin’s Taproot Upgrade; Over 91% Mining Network in Favor Now

The leading cryptocurrency exchange Binance has also announced its support for Bitcoin’s first big protocol change in three years.

Binance’s mining pool is fast climbing up the ranks, accounting for 11.23% of the bitcoin hashing power.

There are only two other mining pools, F2Pool and Poolin have a higher share at 19.28% and 12.49% respectively. Antpool and another exchange’s Huobi Pool are also among the top, but below Binance, with 10.05% and 9.71% share respectively.

Now, 91.05% of the total hashrate is in support of the Taproot upgrade that will bring privacy and smart contract flexibility to the world’s largest cryptocurrency network.

The last time such a big update was made to Bitcohttps://bitcoinexchangeguide.com/cryptocurrency-news/bitcoin/btc-price/in was in 2017 in the form of Segregated Witness (SegWit) that increased the block size limit, clearing up space or capacity to add more transactions to Bitcoin’s blockchain.

While the broad Bitcoin community is in support of this planned upgrade, there is yet to have a detailed activation plan to be settled upon as there are a few activation proposals.

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Author: AnTy

82% of Bitcoin Mining Pools in Support of Taproot Activation

The majority of the Bitcoin hash rate is in favor of Taproot, the biggest upgrade to the largest cryptocurrency network since SegWit implementation in 2017.

This upgrade will expand Bitcoin’s smart contract flexibility while bringing more privacy to the network.

“Taproot has a lot of use cases that will help with user privacy, save on block space, and should marginally reduce the overhead to run a node,” noted a developer.

As of writing, A total of 82.05% of Bitcoin mining pools have announced their support. That number was sitting at around 30% just two weeks ago.

This has been made possible because of the biggest Bitcoin mining pools, Poolin, F2Pool, Antpool, and BTC.com, all of which account for 10 to 20% of the global hash rate in the past month. Combined, they account for more than 50% of the Bitcoin mining hash power.

When it comes to the exchange mining pools, Huobi, which has a share of more than 10%, has also given its nod to the upgrade. The mining pool of the leading spot exchange, Binance Pool, which accounts for just under 10% of Bitcoin’s total hash rate, is yet to announce its support.

It is basically the smaller mines that have to signal their support, although a few like ViaBTC, 58COIN&1THash, SlushPool, and NovaBlock, which accounts for 7.85%, 6.36%, 2.60%, and 1.04% share respectively, have given their yes.

So, basically, Binance Pool and SigmaPool are the only ones left.

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Author: AnTy

Ethereum Classic Network Announces Latest Hardfork; ‘Thanos’ Upgrade Scheduled for Nov 29

The Ethereum Classic network is set to undergo a network upgrade on November 29, according to an announcement by ETC Core developer and Ethereum Classic Labs, the teams behind ETC’s blockchain ecosystem. Dubbed ‘Thanos,’ this hardfork is an Ethereum Classic Improvement Proposal (ECIP 1099) and is part of developing a stable ecosystem that can withstand 51% attacks.

Notably, ETC’s blockchain experienced three 51% attacks over the summer, calling for the need to upgrade its technical fundamentals. Per the estimated timeframe, the Ethereum Classic community’s consensus decision to initiate the Thanos hardfork will happen in a week.

Once this milestone is achieved, Ethereum classic stakeholders are optimistic that the network will continue to ‘drive innovations that will support existing miners and attract new ones while maintaining compatibility with Ethereum (ETH).’

Prior Solutions to the ETC 51% Attacks

While the Thanos hardfork is anticipated to mark a big milestone, Ethereum Classic had already launched some initiatives to counter the 51% attacks. One of these solutions is dubbed Modified Exponential Subjective Scoring (MESS) and goes by the ticker ‘ECIP 1100’. Ideally, this innovation makes it harder for 51% attacks by increasing the costs associated with chain re-organizations.

Ethereum Classic Labs Founder and Chairman, James Wo, commented that,

“After the successful implementation of MESS, the finality algorithm that provides 51% protection, we continue to see Ethereum Classic innovate and grow in a way that distinguishes itself and increases functionality for its users.”

Mainnet Activation

ETC’s Mordor Testnet, which went last month, has already implemented the Thanos upgrade, ahead of the Mainnet activation scheduled for block 11,700,000. This will happen around November 29, although the timeframe might change as the network narrows closer to the activation block (currently at block 11,672,555). Wo was keen to note that Thanos hardfork is the next natural thing after MESS,

“The Thanos hard fork is the natural next step for the network, reducing the DAG size to help cultivate a more distributed and healthy mining ecosystem, increasing hash rate, and allowing for miners to continue mining ETC and for new miners to join the ecosystem.”

Ethereum Classic has since advised its consumers to upgrade their software nodes to fork compatible versions ‘if they have not done so already to Core-geth v1.11.16 or later.’

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Author: Edwin Munyui

Ethereum 2.0 Deposit Contract Only at 18% Staked; Will It Launch on Dec 1?

The Ethereum 2.0 upgrade may not happen as soon as the community expected if the minimum threshold of 524k ETH isn’t met within the next week. Currently, 99,488 ETH has been staked in preparation for the launch, roughly 18.97% of the required ETH. Nonetheless, Ethereum 2.0 developers are still optimistic about the Dec 1 launch.

While there is a target date for the ETH 2.0 launch, hiccups hitting the minimum threshold could mean that this date will have to be rescheduled. Going by the updates from Dune Analytics, the eventuality of postponing the launch is more likely than not.

This is because all the ETH must be deposited seven days before the target launch date of Dec 1, according to Danny Ryan, a core researcher at the Ethereum Foundation. If the threshold is not met within the expected time frame, Ryan noted that the genesis would be triggered at a later date when it is achieved,

“If not … genesis will be triggered 7 days after this threshold has been met (whenever that may be).”

So far, a total of 458 contributors have deposited to the ETH 2.0 deposit contract, totaling 3,023 transactions as of press time. Some of the largest contributors include Ethereum’s co-founder Vitalik Buterin who has allocated 3,200 ETH, which is over $1.4 million as per the prevailing market prices.

With the December launch set to mark phase 0 of ETH 2.0, the upgrade to a PoS ecosystem will still be far from over. This will only lay the groundwork for phases 1 and 2, which are expected to roll out in the coming year as part of a full migration from the PoW consensus.

Notably, the Ethereum and larger crypto community have been waiting patiently for this shift. Basically, a migration from the PoW consensus means that Ethereum’s blockchain will be more scalable since less computing power is needed in the PoS model. If successful, the Ethereum blockchain will solve the underlying scalability challenges, which are a pain point to its booming ecosystem.

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Author: Edwin Munyui

Tezos ‘Delphi’ Upgrade Makes it More Attractive For Defi Projects; Reducing Gas Price By 75%

Tezos has completed the Delphi upgrade, which many believe would make the blockchain a hub for defi projects. As per the official announcement, the Delphi upgrade has brought down the gas fees significantly, allowing users and developers to deploy more complex smart contracts on the platform.

The Delphi upgrade is believed to bring down the gas fee by a whopping 75% along with a four-times lower storage cost.

Tezos network makes use of gas just like Ethereum, but with a different implementation. While the Ethereum blockchain uses gas as a transaction fee, the Tezos network uses it as a limit setter for the consumption of computing power for a transaction. However, the transaction cost is determined by the amount of gas used for that transaction.

Gabriel Alfour, the lead developer at Marigold—and one of the core development teams that worked on Delphi, explained the importance of the lower gas fees and how it can propel the Tezos network to be a leading blockchain when it comes to the deployment of complex smart contracts. He said,

The motivation for such an interim proposal is straightforward. The size and complexity of smart contracts is limited by gas constraints, and so people attempting to build contracts with rich functionality have needed improvements to those constraints for some time.

Thus, such improvements are crucial to enable novel applications on Tezos that target areas like DeFi (“Decentralized Finance”), collectibles, and gaming.

Luckily, in August, we finalized some long-standing work on improving the performance of the Michelson type checker and interpreter, and on refining the cost model, thus mitigating the gas problem.

Growing gas fees due to the network congestion has been a substantial problem for Ethereums mainnet since defi gained traction, and its volume increased significantly. While the launch of ETH 2.0 is believed to solve many of the scaling problems for Ethereum, in the meantime, other blockchains such as Tezos can attract higher numbers of customers to its platform.

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Author: Hank Klinger

1inch Exchange Upgrades Its DEX to V2; Roll Out Has Enhanced UI & Faster Response Times

The team behind 1inch Exchange announced plans to upgrade its DEX aggregation platform and make it next-gen, officially calling it 1inch v2.

Yesterday, November 5th, 1inch announced plans to launch the next-gen version of its DEX aggregation platform with several new improvements.

What changes are coming with 1inch v2?

According to the project’s team, one of the new features will be an API known as Pathfinder, which offers a new routing and discovery algorithm. The team further explained that Pathfinder basically finds the best paths for token swaps and that it is very time-efficient, as it can do it in a record time.

In fact, the team plans to boost speed as much as possible. 1inch CEO and co-founder Sergej Kunz noted that the so-called ‘1inch v2′ will focus on speed as its most vital improvement and that this will be something that its users will be able to feel immediately.

Additionally, v2 will also include other changes, such as significant improvements to the user interface. The team wanted to change the UI so much that they created the new one entirely from scratch.

1Inch DEX UI

Apparently, the changes that the project aims to implement will improve the project by quite a bit. The team has had enough in the way of funding to secure the best for its users, thanks to the seed funding round led by Binance Labs a few months ago.

Back then, the DEX aggregation platform managed to raise as much as $2.8 million after the leading exchange’s incubator startup took it under its wing. It attracted many major, influential investors, including FTX, Dragonfly Capital, and even Mike Novogratz’s Galaxy Digital.

DEX volume has been surging for months until October

Of course, the increase in interest in DEXes and DEX aggregators alike rose significantly this year, thanks to the DeFi sector explosion. As some may know, DEX aggregators function as unified portals to the ecosystem of DEXes, which has significantly improved their usability.

Basically, DEX aggregators draw together many different liquidity sources to provide them for DEXes’ traders. With liquidity issues solved, traders are free to trade on numerous different marketplaces with speed and ease.

Of course, it is also worth mentioning that DEXes did see a drop in volume throughout October 2020. Before October, their volumes have been surging for months, only to see a sudden drop last month.

According to available data, DEX volume for September 2020, when DEX was at its peak, at $24 billion every month. However, once October had ended, analysts reported that the monthly volume of decentralized exchanges has dropped to $18.46 billion, which is slightly lower than what was seen in August of this year. However, this is still higher than the volume seen in July.

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Author: Ali Raza

Blockstream Reveals MuSig2; An Easy & Privacy-Focused 2-Round Schnorr Multisignature Scheme

As the Bitcoin Taproot upgrade approaches, a multi-signature solution is in development by Blockstream engineers, according to a medium blog post on Nov 4. Two engineers, Tim Ruffing and Jonas Nick said that they have already published a blueprint for MuSig2, an advanced version of the MuSig multi-signature scheme built to facilitate collective ownership of some Bitcoin and the creation of a single authorization signature.

Notably, Blockstream had debuted MuSig1 back in 2018 but is now seeking to solve communication shortcomings in the MuSig scheme’s initial version. MuSig1 brought in a privacy aspect that previously did not exist in the CHECKMULTISIG code; this version also reduced the transaction fees. However, this particular version had implemented multiple backs and forth signing process; something that Musig2 is designed to solve.

MuSig2 Non-Interactivity Signature

As highlighted, this MuSig scheme version introduces a less interactive signing process; to be precise, only two communication rounds are required. The initiative, which is currently undergoing a peer review, is set for presentation at the Real World Crypto Conference scheduled for next year. Per the blog, MuSig2 leverages a non-interactive signing approach to enhance the utility in MuSig1. It reads,

“As the name suggests, MuSig2 is intended to be the successor of MuSig1.

It offers the same functionality and security as MuSig1 but makes it possible to eliminate almost all interaction between signers.”

Basically, MuSig2 combines the best of MuSig1 and CHECKMULTISIG functionalities to provide an ecosystem with both privacy and efficient communication. With the Taproot integration around the corner, Blockstream is set to update the Schnorr signature code library by replacing MuSig1 with MuSig2. The blog also hinted that they might test MuSig2 on Taproot code earlier, in preparation for deployment on the Bitcoin Mainnet.

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Author: Edwin Munyui

Coinbase and Circle Launch Major Upgrade in USDC 2.0; Stablecoin Sees ‘Unprecedented Adoption’

Coinbase and Circle, the members of the Centre Consortium, has announced a major upgrade to the stablecoin USD Coin (USDC) protocol and smart contract.

Launched in September 2018, this regulated stablecoin saw an “unprecedented adoption” during the pandemic, surpassing $1.4 billion, up from about $450 million at the beginning of March, and recording more than $90 billion in on-chain transaction volume.

With the latest upgrade, USDC will become “significantly easier for people to use USDC in payments, commerce, and peer-to-peer transactions,” besides adding additional security to the smart contract.

More importantly, Centre says USDC 2.0 is introducing “gasless sends.” Transaction on the Ethereum network involves “gas fees” and in order to pay this, most digital wallets are required to purchase and hold a balance of Ether (ETH).

Now, with the latest upgrade, the idea is to remove the barrier to “mainstream adoption and broad usage of digital dollar stablecoins for internet payments.”

The official announcement states USDC 2.0 enables users to delegate the payment of the gas fees to another address, giving the developers the option to either pay the fee on behalf of the customer or deduct the fees in USDC.

As such, customers will be able to send and receive USDC payments on a peer-to-peer basis using only USDC.

“These simplified and improved user experience flows will accelerate the virality of making and receiving payments using USDC on the internet.”

Another thing USDC 2.0 introduces is a new set of on-chain multiple signature contracts which means administrative operations can be managed on-chain, in a result, improving the “security, auditability and in turn resilience.”

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Author: AnTy

DeFi App, Aave, Releases Aavenomics Upgrade as It Prepares to Launch Its Governance Tokenv

Aave, the Ethereum based DeFi protocol, has released a tokenomics upgrade proposal dubbed ‘Aavenomics’ that will define its shift to a more decentralized governance ecosystem.

The firm announced this milestone on July 29 via a medium blog, noting that it is another exciting phase for Aave. Aave’s founder and CEO, Stani Kulechov, has since confirmed that the new governance tokens have been under development since we began the year.

The protocol is set to join the likes of Compound and Synthetic, which already launched its governance tokens. Notably, the debut of Compound’s token saw the DeFi market rally to new ATH’s as this protocol overtook Maker in terms of total value locked (TVL). This position, however, has not held given Maker regained its position as the leading DeFi protocol; over $1 billion are currently locked within its ecosystem.

Aave’s Governance Token

Currently, Aave’s DeFi platform uses LEND as its native token, but these are now set to be swapped for the upcoming governance token, AAVE. These governance tokens will supposedly introduce a financial services ecosystem that is pegged on a future proof framework and distributed governance to enhance safety and sustainability.

The LEND token supply, which is currently 1.3 billion, will be reduced to a bare 16 million AAVE tokens once the Aavenomics proposal is fully integrated. Thirteen million of these AAVE tokens will be redeemed by token holders, while the remaining 3 million will be allocated to Aave Ecosystem reserve. Going by these stats, Aave set the conversion rate for LEND against the new governance token at 100:1 to achieve the target numbers.

To initiate the swap, a governance vote will be conducted via the existing LEND token holders. Once approved, the underlying smart contracts will then facilitate the swap in a move that will see Aave achieve more decentralization in its governance.

The 3 million tokens allocated to Aave’s Ecosystem reserve will be used to incentivize development, hence safety and economic incentives in the rewards pool. Their allocation will be heavily dependent on Aave’s community, a decision they can now voice via a governance token.

Aave’s DeFi Footprint

At the moment, Aave is the fourth DeFi in terms of TVL with a significant $445 million in locked digital assets, up 14.6% in the last 24 hours. The project launched in 2017, and went by ‘EthLend‘ at the time; this name was, however, changed in September 2018 to what is now ‘Aave.’

Some highlights by this ETH financial service protocol include its $18 million ICO funding. This was later topped up by other funding rounds that have seen Aave gather over $3 million from the sale of LEND tokens after 2017.

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Author: Edwin Munyui