Lido Watch Out! Vitalik’s 1 ETH Proposal Could Redefine Ethereum Staking | Key Points | Oct. 15, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s daily recap: Vitalik suggests slashing Ethereum’s 32 ETH minimum for staking.
Here are the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $65,507.98, up 2.2% over the last 24 hours.
- Ethereum (ETH): $2,617.91, up 4.0% over the last 24 hours.
- Solana (SOL): $155.96, up 2.6% vs the previous day.
Trending Coins Update
- ParallelAI: $0.3230, up 138.0% vs the previous day.
- higher: $0.0286, up 93.8% over the last 24 hours.
- Maga Hat: $0.0001, down 13.5% vs the previous day.
For the daily price update, check out our post on Facebook.
Feature News: Vitalik Buterin Proposes Changes to Ethereum’s Proof-of-Stake Model
Ethereum co-founder Vitalik Buterin is proposing adjustments to Ethereum’s proof-of-stake (PoS) model, the key point being — lowering the barriers to entry for solo stakers and speeding up transaction finality.
Key Details from Buterin’s Blog Post:
- Staking Requirements:
- Current minimum: 32 ETH (~$84,000).
- Proposed minimum: 1 ETH (~$2,600) to encourage more solo stakers.
- Buterin notes that the high minimum has slowed the addition of new validators since the network hit 1 million validators in April 2024.
- Centralization Concerns:
- Lido Finance controls 28% of staked Ethereum.
- Lowering the staking threshold could encourage more decentralized participation.
- Transaction Finality Improvements:
- Current finalization takes about 15 minutes due to Ethereum’s epoch system (6.4 minutes per epoch).
- Buterin suggests introducing “single-slot finality,” reducing finalization time to 12 seconds.
- Challenges:
- Buterin outlined multiple approaches to achieve single-slot finality, from advanced cryptography to multi-tiered staking models.
Next Steps for Ethereum
- Upcoming Pectra Upgrade:
- Developers will roll out the upgrade in two phases, with the first part scheduled for February 2025.
- The changes aim to refine staking rewards and further optimize the network.
Buterin’s latest proposals should spark more discussions in the Ethereum community, which are set to converge at upcoming Devcon 2024 in Bangkok, Thailand.
Philippine Crypto News 🇵🇭
- Scarletbox’s Sentro Artista Silent Auction: Spectrums & Visions starts today.
- Coins.ph listed the token $BDC.
- BitPinas article: BreederDAO, YGG Pilipinas, and ED3N Ventures launched questing platform GIG.
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- Former FTX executive Ryan Salame began serving a seven-and-a-half-year prison sentence at FCI Cumberland in Maryland after pleading guilty.
- The Avalanche Foundation reached a deal to repurchase nearly 2 million AVAX tokens, worth over $55 million, that were sold to the Luna Foundation Guard.
- Mt. Gox Bitcoin repayments have been delayed to October 31, 2025.
Educational Corner 🎓
- The Celo Philippines DAO recently official launched $PUSO, decentralized stablecoin pegged to the Philippine Peso.
- Learn where to buy the stablecoin and on what platforms here.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- South Africa’s tax authority warns crypto holders to declare assets or face audits, as it ramps up compliance with support from local exchanges.
- In 2024, U.S. regulators received over $19 billion in settlements from crypto companies
- Utah Republicans warned that federal and state overregulation, along with a potential central bank digital currency, could threaten the cryptocurrency industry.
Community Spotlight 🔦
Meet Stephen Guasch: He is web3 expert with 5 years of experience
- He is part of Volaris Labs.
- Guasch is also one of the founders of Airdrop Ng Mga Bobo, which recently hosted The Bobong Event.
- He previously talked during the Regional Blockchain Conference in Pampanga and discussed Web3 Games and Opportunities.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- An advisor for World Liberty Financial (WLFI) claims the Trump family’s DeFi platform is not a political stunt to attract crypto support.
- A sentient AI funded by Marc Andreessen endorsed the $GOAT memecoin, driving its market cap to $19 million after promoting it on social media.
- A report highlighted that Uniswap’s new layer 2, Unichain, could generate $468 million annually for Uniswap Labs and UNI holders.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- Web3 game Off The Grid briefly topped the Epic Games Store’s free-to-play charts.
- The Machines Arena launched Overdrive mode for high-speed gameplay, followed by The Ultimate Trials.
- In The Sandbox Alpha Season 4, players can earn the exclusive Chef’s Flaming Boots NFT by completing the Adventure Quest in Fork Off.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- IC Hangout: October 16, 2024
- Geeks On A Beach Mixer Night: October 17, 2024
- Bicol Blockchain Conference & Bicol IT Business and Franchise Expo: October 25-26, 2024
- Tader’s Fair- Davao: October 26, 2024
Stay Connected:
- Follow us on Twitter 🐦
- Check us out on Facebook!
- Join our Telegram group for real-time discussions!
We’d love to hear from you! Reply with your thoughts or questions.
This article is published on BitPinas: Lido Watch Out! Vitalik’s 1 ETH Proposal Could Redefine Ethereum Staking | Key Points | Oct. 15, 2024
