No, Jack Dorsey isn’t trolling ETH by making its logo the Ethiopian flag

“Great to see Jack and the crypto community supporting the #ETH athletes!” the Official Olympics account posted earlier today after Ethereum got a new ‘logo’.

Crypto Twitter was united in amusement today when the hashtag #eth began to automatically show the Ethiopian flag as the Ethereum ‘logo’.

Given Twitter CEO Jack Dorsey’s love of Bitcoin and the fact Bitcoin has its own Twitter icon many wondered if Dorsey was subtly trolling Ethereum (ETH). After all he’s a staunch Bitcoin (BTC) maximalist that has refused to consider buying into ETH and other altcoins on multiple occasions and has repeatedly stated that Bitcoin will become the internet’s native currency.

The Twitter and Square founder certainly saw the funny side of it, Tweeting “#eth”  which drew the attention of the official Olympics account which said it was “great to see Jack and the crypto community supporting the #ETH athletes!”

Twitter influencer Crypto Cobain also found the funny side and tweeted “HAHA” to his 403,400 followers that “this is perfect.”

NFL footballer Sean Culkin, who is converting his entire 2021 NFL salary into Bitcoin, wondered why so many people were “not realizing its a troll”

Bitcoiners such as “Bitcoin Meme Hub” jumped in the joke by posting fake Tweets from Ethereum co-founder Vitalik Buterin supposedly stating that “this is not funny Jack.”

Hashflags

In fact, the Ethiopian flag had nothing to do with Ethereum at all. The social media platform has been attaching flags to hashtags of nations competing in the 2021 Tokyo Olympics. The promotion is part of a ‘hashflags‘ campaign that the platform also did for the 2016 Olympics in Rio De Janeiro.

Related: Aave founder hints at developing ‘Twitter on Ethereum’

Interestingly the Twitter CEO used the Ethiopian flag to promote Bitcoin earlier this year, after he retweeted lobbying efforts from a group of Ethiopian-based entrepreneurs dubbed “Project Mano” who were urging their government to consider mining and hodling BTC.

Dorsey this week spoke at “The ₿ Word,” — a virtual Bitcoin event alongside Tesla CEO Elon Musk and Ark Invest CEO Cathie Wood. During the event, Dorsey outlined his hope that Bitcoin “creates world peace or helps create world peace.”

“We have all these monopolies off balance and the individual doesn’t have power and the amount of cost and distraction that comes from our monetary system today is real and it takes away attention from the bigger problems,” he said as he emphasized Bitcoin’s potential for solving financial inequality.

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Staking giant Lido looks to bring services to Solana

Infrastructure provider Chorus One believes they can help Lido corner 25% of all staked SOL.

One of the largest ETH 2.0 and Terra staking services is now looking to expand to other proof-of-stake chains, starting with upstart layer 1 Solana. 

In a proposal today on Lido’s governance forums, crypto infrastructure provider Chorus One laid out a plan to build “a liquid staking token (for now: stSOL) that will accrue staking rewards and represent staking positions with Lido validators on Solana,” similar to Lido’s current interest-accruing stETH token.

Development funding to bring Lido’s services to an additional chain would come from the Lido Ecosystem Grants Organization, a program Lido’s governance kicked off in March. Chorus One’s requested a compensation package including 2,000,000 vested LDO tokens and a revenue-sharing model that would entitle Chorus One to 20% of the revenue from protocol fees that would go to the Lido treasury.

The milestones for Chorus One’s vesting unlocks are notably ambitious, including a 1 year cliff to “capture 2.5% of the staked SOL supply,” as well as 1,000,000 tokens scheduled to begin a one year vesting schedule “when Lido for Solana manages to capture 25% of the staked SOL supply.” The proposal notes that Chorus One is currently the largest SOL staker with $600 million in tokens.

A representative for Lido told Cointelegraph that an expansion could be a boon for the protocol’s income.

“For the Lido DAO, an expansion to liquid staking on Solana could bring with it a similar protocol fee set-up as we’re currently seeing with stETH/liquid staking on Ethereum, whereby a 10% fee on staking rewards is collected and split between node operators and the Lido DAO treasury (e.g. to grow an insurance fund),” they said.

They also noted that the door remains open to expanding to other Proof of Stake chains.

“Lido has a very simple mission – keep Ethereum staking simple, secure and decentralised – and we will look to extend this to other networks where possible,” they said.

Per Lido’s website, the services currently accounts for 256,964 ETH staked (worth over $700 billion) across nearly 5000 addresses earning 7.1% APY, and is the third-largest staking pool currently live per Nansen. While estimates vary, once ETH 2.0 launches, the APY rewards are expected to increase significantly.

Lido’s $LDO token has been on a tear as of late, rising 54% on a 24 hour basis to $2.9 and 216% on the week — a run possibly fueled by another governance proposal that would diversify a portion of the treasury to a group of notable venture capital funds, including Delphi Digital, Digital Currency Group, Three Arrows Capital, and Alameda Research.

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What Ethereum killer? On-chain data shows competitor networks are still behind

Critics say Ethereum’s soaring gas fees will cause the project to fall victim to its competitor blockchains but on-chain data suggests otherwise.

Ether (ETH) remains the second-largest cryptocurrency and it absolutely dominates the smart contract industry according to an array of network usage metrics. Even though the network has been overwhelmed by peak activity which is causing median fees to surpass $10, the network effect of its large user and developer base seems to be enough to sustain its position as the second ranked cryptocurrency by market capitalization.

Nevertheless, some key on-chain metrics are beginning to show a potential change in Etheruem’s supremacy, which raises the age old question of whether an “Ethereum killer” will be able to dethrone the top network?

Smart contracts Total Value Locked (TVL) ranking. Source: defillama.com

As shown above, the Ethereum network vastly dominates decentralized applications (dApps). Due to its high gas fees for transactions, when analyzing the number of active addresses, the Ethereum newtork appears to be at a disadvantage to its competitors.

Over the past week, FLOW blockchain’s NBA Top Shot had almost 80,000 active addresses which is five times larger than Ethereum’s Rarible NFT marketplace or even SushiSwap. Thus, the first data to analyze is the daily active addresses number across each blockchain.

Daily active addresses. Source: coinmetrics.io

The chart above shows that Tron (TRX) has recently surpassed Ethereum in daily active addresses, although this metric can be easily inflated. The Tron network has virtually zero fees for simple transactions which creates an unfair comparison.

By measuring effective transactions and transfers,it’s easier to exclude the addresses that are not contributing to the network.

Transactions and transfers, adjusted, USD. Source: coinmetrics.io

By doing this we can see that Tron doesn’t come even close to Ethereum’s numbers, although Cardano’s (ADA) recent price growth has led to a virtual tie between the two.

Oddly enough, the Tron network holds over 14.5 billion of the Tether (USDT) in circulation, which by itself should boost network usage metrics. Meanwhile, Cardano has 90% fewer daily active addresses than Ethereum, yet, both networks handle the same amount of transfers and transactions.

This is especially problematic as Ethereum handles 20 billion Tether tokens and also manages all the transactions of Chainlink (LINK), USD Coin (USDC), Wrapped ETH (WETH), and many others.

ETH, ADA, NEM, NEO, TRX market cap, USD million. Source: cointrader.pro

This data should, at least theoretically, be reflected in the market capitalization. Thus, it makes sense for Ethereum to dominate the ranking as no other network is even close to its decentralized applications.

Moreover, when analyzing the transfer and transactions’ value, Ethereum leads by 50 times if we exclude Cardano’s questionable figures discussed earlier.

For the time being, the data suggest that the four “Ethereum killers” analyzed above are unlikely to “flippen” the Ethereum network anytime soon.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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Crypto Markets Regain Billions, Bitcoin Price Bounces Back 15%, Analyst Says ‘Resurgent Mood In the Air’

Crypto Markets Regain Billions, Bitcoin Price Bounces Back 15%, Analyst Says 'Resurgent Mood In the Air'The price of bitcoin and a number of digital assets saw significant gains on Monday, as the entire market capitalization of the crypto economy has gained 2.4% in the last 24 hours. Bitcoin’s value passed the psychological $50k zone after hitting a low of $43,021 the day prior on Sunday. Bitcoin (BTC) touched a high […]
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Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course

Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing CourseThe rollercoaster-ride in cryptocurrency prices on Monday was accompanied by Binance’s fresh restrictions for ethereum and ERC-20 tokens. Ethereum Network Congestion Fingered as the Culprit for the Temporary Halt Through the official Binance Twitter account, one of the world’s largest cryptocurrency exchanges by volume, announced that it had “temporarily suspended withdrawals of $ETH and ethereum-based […]
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