The most discussed news at the start of August in the world of all things crypto revolves around the current chatter regarding the Merge, which is the next step in the evolution of ETH 2.0 on their way to asserting dominance in the Web3.0 landscape. With this, Ethereum classic posted a 154% gain, causing this popular coin to also raise itself in relation to the USD. Vitalik Buterin has previously endorsed ETC, stating that users who prefer this landscape (a proof-of-work network) should use this blockchain. The sudden surge in hash rates suggests that miners have already begun making the switch, diverting some of their computing power over to the ETC landscape.
As a result of this announcement, Lida DAO (LDO) coin rallied 215% in a week and is currently sitting at over 380% change in the 7-day chart. This comes also on the announcement that the lead development team of Ethereum provided a tentative date for the rollout of “The Merge”, a word constructed to mean that the proof-of-work system will merge with another platform to adopt a complete proof-of-stake system. As staking is becoming more and more common, retail platforms such as Lido are feeling the positive blowback from the migration of users. Lido currently has over 5 billion dollars worth of ETH staked from users throughout the world.
Below are two other Altcoins making recent news in the market.
Yearn Finance (YFI)
Yearn Finance coin has recently swelled as well, finally breaking (and still surpassing) the ceiling at $10,000USD per coin. Yearn Finance Coin is a coin based on the Ethereum system, which has definitely benefited from the recent announcement related to the tentative date related to The Merge. It is expected that a more powerful version of halving will occur, leading to the ETH 2.0 rollout, making the platform much more valuable in two different ways: the use of technology, and the scarcity created within the mining program.
The value can be seen by the switch from proof-of-work to proof-of-stake, which promises to be an extremely fast network that can verify and authenticate transactions with not only more accuracy but much more velocity. This ensures that the integrity of the program is kept in check. Furthermore, this means that all coins on the ETH platform will become more intrinsically valuable, coupled with artificial scarcity. ETH promises to make the algorithms more difficult, so miners will need to further invest in their infrastructure to get the same number of coins from its dwindling supply.
Yearn continues to rally, but large holders have already been making profits. Even so, the wave is not looking to stop anytime soon.
Stepping away from the ETH spotlight, Filecoin has seen a recent breakout to the tune of a 105% gain on the 7-day chart. Filecoin is a decentralized system that uses its space as a storage mechanism for digital assets. They endeavor to change the world by having a secure place to store, access and trust that their valuable projects are in the right place. The FIL sentiment has exploded due to the recent introduction of NFT storage on the platform, both for the asset itself and the related metadata.
With Filecoin, the secret seems to be in the sauce. Trusting that a website or cloud platform is “secure” due to an HTTP or HTTPS protocol is a thing of the past, as it has been demonstrated that this is not always the case. Filecoin provides NFT storage with IPFS URIs, which empowers users with the knowledge that their assets are immutable.
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