Friday, September 30, 2022

Coinbase Might Stop Staking Ethereum If Regulators Are Annoyed

Coinbase, one of the major crypto exchanges, has said that it will shut down Ethereum staking services if there is a problem with regulators following the Ethereum upgrade. Brian Armstrong, the exchange’s chief executive officer, said that doing so would preserve the integrity of the blockchain.

Twitter posed a question, “If regulators ask you to censor your validators at the Ethereum protocol level, will you comply and censor at the protocol level or maintain the integrity of the network by shutting down the staking service?” ” In response, Brian explained his firm’s plans to maintain the integrity of the Ethereum blockchain and stop staking services from Coinbase. of Ethereum upgrade May be launched soon. This upgrade is being called ‘Merge’. The upgrade is being awaited for the Total Terminal Difficulty (TTD) to reach a certain level. TTD is the total difficulty required for the final block to be ready on this blockchain.

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Recently, Goerli reached the final round of Merge testing on the test network. More than $100 billion of decentralized finance (DeFi) apps are supported on this blockchain, and because of this, the upgrade is being cautious. There have been hurdles in this project before. The upgrade completed a trial last month on the public test network Sepolia. The Sepolia testnet will be monitored for the next few days. The developers of Ethereum explained in a blog post that Sepolia is the second of three public testnets for Merge.

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The upgrade may also bring relief to investors in the crypto derivative token called stETH. Ethereum miners have to use large server farms to order transactions on the blockchain, resulting in higher electricity consumption and increased carbon emissions. One estimate stated that the electricity usage of one Ethereum transaction is equivalent to 1,40,893 Visa credit card transactions. After this upgrade, orders for Ethereum transactions will be placed from stakers. This system is called Proof of Stake.

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