The transition to the Ethereum 2.0 proof-of-stake (PoS) blockchain is a long-awaited, and long-delayed, move to deal with the No. 2 blockchain’s growing congestion, which is causing delays and very high transaction costs. It will also be a much more eco-friendly version of Ethereum, which currently burns through almost as much electricity for mining as the entire country of Slovenia uses annually.
Flare Networks completes Spark token airdrop—but XRP’s price dives
XRP has dropped about 9% since the Dec. 12 drop, suggesting people sold up once the airdrop was over
Unfortunately for the world’s third-largest cryptocurrency, the Dec. 12 event proved to be a big drag on XRP, taking it down about 9% from its price of $0.55 the day before.
More than 1M ETH staked for Ethereum 2.0
Just 11 days after it struggled to reach the $316 million minimum, the funds stored in the Ethereum 2.0 staking contract are worth more than $611 million
The launch of Etherereum 2.0’s first version—called Phase 0, or beacon chain—was plagued by numerous delays before the Ethereum Foundation’s lead developer officially called for the launch in mid-September. It launched on Dec. 1.
Finally, Ethereum 2.0 launches
The preliminary stage of Ethereum’s long-delayed proof-of-stake blockchain has gone live, with the first block mined
Ethereum has dominated DApps for years, but the old proof-of-work Ethereum blockchain suffers from significant scalability limitations that, paired with the ongoing decentralized finance craze, resulted in slow transaction processing and high—and sometimes ludicrous—fees for the users of the network. This has pushed more than a few smart contract developers to choose competing blockchains, sidechains, or second-layer scalability solutions.