Ethereum
Ethereum co-founder Vitalik Buterin announced the release of a book he wrote. However, this did not provide any support for ETH – the coin rate continues to decline
Buterin Writer
Ethereum co-founder Vitalik Buterin announced on Twitter that the book he wrote is now available for purchase in both physical and digital formats. The book is called “Proof of Stake (The Making of and the Philosophy of Blockchains)» (Proof of Stake. Creation of Ethereum and blockchain philosophy). It collects various notes by Buterin made by him over the past decade.
The book is listed on Gitcoin. It can also be purchased from retailers such as Amazon. The paper version is $16.99 and the digital version is $12.99. For the most passionate Ethereum enthusiasts, there are also original signed digital copies of the book created in the non-fungible token (NFT) format.
In it, Buterin reviews the history of the Ethereum project since 2013, and also discusses the concept of the Proof-of-Work consensus algorithm and its evolution into the Proof-of-Stake mechanism.
Source: Twitter
After the Merge, the ETH exchange rate rose to 21%
However, this news did not affect the rate of the native coin of the Ethereum ecosystem in any way. At the time of writing, ETH has lost about 7.8% over the past 24 hours and is trading around $1,280.
The day before, the coin reached intraday highs on the outskirts of $1,400, but faced strong resistance here. The drawdown of the coin from the historical maximum, marked on November 10 last year at $4,878, is now about 74%.
Recall also that on September 15, the entire Ethereum mainnet, as part of the long-awaited Merge update, moved from the extremely energy-intensive Proof-of-Work (PoW) mechanism to the Proof-of-Stake (PoS) algorithm. This update was the most significant in the history of Ethereum. However, the markets have fully priced it in advance. If on the eve of the upgrade, ETH reached highs of $1,780, then after the Merge, the coin rate lost more than 21% at the time of writing.
Ethereum staking is on the rise
Meanwhile, the bearish dynamics of the coin does not affect the situation in the ETH staking segment, which continues to grow in popularity among all those interested in long-term investments.
At the moment, about 14 million ETH with a total value of about $18 billion are blocked on staking in the network. This forms about 11.6% of the total supply of coins, the emission of which has sharply decreased after the Merge..
Liquid staking assets, such as staked ETH on the Lido platform, are more flexible and efficient in terms of money management than simply holding ETH coins the old fashioned way. In this regard, it is possible that the trend to get rid of hodlers from ETH coins will gain momentum.
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