FinTech news in eth category

With this first upgrade, the community decided to swap the proof-of-work chain with this proof-of-stake chain upon hitting a certain Total Terminal Difficulty (TTD) value on the original Ethereum blockchain. Previously, the Ethereum blockchain relied on proof-of-work, a consensus mechanism that requires a lot of computational effort from all the decentralized nodes participating in the blockchain. How the upcoming Ethereum Merge could change crypto’s rewards, costs and reputation Which Ethereum-focused startups will survive the Merge? According to the Ethereum Foundation, today transition reduces Ethereum’s energy consumption by 99.95%.

Lido aims to solve both of these issues through its decentralized staking platform that allows users to stake their coins with no minimum investment required. Andreessen Horowitz made the investment in Lido partially using ETH, buying up some of Lido’s governance tokens from other holders, Lomashuk said. Assets staked on Lido are worth over $10 billion USD at today’s prices, and are split across 76,000 individual crypto wallets.

Wormhole released ETH to an Ethereum wallet based on those wETH, so the exploiter essentially stole some ETH from Wormhole’s reserves. It’s unclear what’s going to happen next with the assets and if wETH in Wormhole’s reserves are still backed by ETH.