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Merge

How to follow The Merge in real-time – CryptoSlate Merge Watch Party line-up announced

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How to follow The Merge in real-time – CryptoSlate Merge Watch Party line-up announced

How to follow The Merge in real-time – CryptoSlate Merge Watch Party line-up announced Christian Nwobodo · 20 seconds ago · 1 min read

Starting at 3:00 PM UTC on Sept. 14, CryptoSlate will be live streaming all-day till the Merge goes live. Join the Watch Party to share insights with your favorite experts and projects and participate in giveaways.

1 min read

Updated: September 14, 2022 at 12:20 pm

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Cover art/illustration via CryptoSlate

CryptoSlate has put everything in place to ensure you have the best experience as we celebrate one of the biggest events in the history of the internet- the Ethereum Merge.

Dubbed The Panda Reveal Party, the stream starts at 3:00 PM UTC on Sept. 14, and CryptoSlate will be live streaming all-day until the Merge goes live. Currently, The Merge is expected around 5:00 AM UTC on Sept. 15.

CryptoSlate’s Akiba will take the stage alongside top industry experts and projects to share insights on the past, present, and future of Ethereum post-Merge.

The stream will include live data on the progress of The Merge, a countdown to the first proof-of-stake block, insights from the biggest players in the crypto space, games, giveaways, and exclusive talks with your favorite projects.

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Guests lined up for the event include DeFi Yield, Nansen, CoinBureau, Cozies, Koinly, Big Pey, SeedOn, Dinsmore. Harvest/APwine, W3 CPI, Gateway.fm, DigitalAssetNews, Polkastarter.gg, Mati Greenspan, EPHS, Big Time, EQiFi, Xborg, ALL.ART, CryptoSlate’s CEO Nate Whitehill, IntotheBlock, Ontology, and, Metamask.

To catch up on your favorite speaker, check out the lineup.

Join the Merge Party in Real-time

You can enjoy the Merge Watch Party with CryptoSlate via YouTube, Twitter, Twitch, and Lens.

  • YouTube: u/CryptoSlate – Set Reminder on YouTube
  • Twitter: @CryptoSlate
  • Twitch: @CryptoSlate
  • Lens: CryptoSlate.lens

Check out the Ethereum Merge Watch Party event page for details on giveaways and more.

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Cardano

Ethereum Registers Massive Inflows Even Though It Shows Subtlety

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Ethereum Registers Massive Inflows Even Though It Shows Subtlety

The second largest cryptocurrency is making a new wave in space in inflows, Ethereum and its related products recorded massive inflows for a second week consecutively. CoinShares’ weekly fund flow report data indicated a total inflow of $5.6 million for Ethereum and its related products.

Data for the overall investment products of digital assets was about $10.3 million in inflows last week. In addition, the report noted that this is the third consecutive week of inflows for virtual assets. However, investors are still hesitant about the low flows.

Also, last week’s trading volumes of investment products amounted to $886 million. This is the lowest value recorded since October 2020.

For Bitcoin, it was a case of recording its third week of minor inflows of about $7.7 million. In addition, the primary crypto asset had its short recording inflow of approximately $2.1 million last week.

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Other Altcoins Recorded Outflows For Last Week

The altcoins, with the exemption of Ethereum, had negative trends with outflows for last week. They recorded a total flow of about $3.5 million. Most assets with higher outflows include Cardano, Avalanche, and Polygon. Their outflows were $0.5 million, $0.8 million, and $0.9 million, respectively.

Last week, XRP and Cardano products recorded their first outflows of $300,000 and $500,000 since August. The values are on the high side in comparison with their previous inflows. Both tokens had recently encountered a drastic drop in their values, creating more fear in the minds of investors and traders.

Some areas recorded minor outflows during the last week. Except for Sweden, which had an inflow of $16 million, most European nations saw outflows. Also, Germany saw outflows amounting to about $9.1 million. But the US noted a cumulative inflow of about $7.7 million.

The statistical data for the month-to-month outflows for digital assets investment products is about $42.6 million. The year-to-year inflows are cumulatively at $448 million.

Ethereum Merge And Ethereum Outflows

There were some outflows from ETH-related products from the period preceding the Ethereum Merge on September 15. This is due to the division in sentiment concerning the Merge. While some believed that the transition to PoS would bring a price hike for Ethereum and its derivatives, some had a contrary opinion.

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Hence, some investors hastened to sell off their holdings before the Merge creating increased outflows for the network during the period. But some decided to stick with the transition keeping their holdings intact. They opted to stake their Ether.

Ethereum follows an uptrend on the chart l ETHUSDT on Tradingview.com

Following the completion of the Merge event, the demand for Ethereum-related products is gradually rising. This resulted in the inflows for the products within the past two weeks.

Featured image from Pixabay, Chart: TradingView.com

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Hacks

Ethereum proof-of-stake client bug caught and patched without incident

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Ethereum proof-of-stake client bug caught and patched without incident

Ethereum proof-of-stake client bug caught and patched without incident Liam ‘Akiba’ Wright · 2 hours ago · 2 min read

Ethereum developers discovered a bug that could lead to EVM chains becoming stuck due to an excess gas error in the Besu client.

2 min read

Updated: September 27, 2022 at 3:31 pm

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Cover art/illustration via CryptoSlate

Ethereum developers identified a bug within the Besu Ethereum client that could have led to “consensus failure in networks with multiple EVM implementations.”

Gary Schulte reported the issue to the Hyperledger GitHub repository and was found by Martin Holst Swende. It is understood that “no production networks have transactions that would trigger this failure.”

Bug identified during The Merge code review

Swende documented that he found the bug while “doing some #ethereum fuzzing in preparation for #TheMerge.” In response to a CryptoSlate journalist, Swende stated that users running a Besu node would have become stuck and “not able to follow the canon chain.” Further, any “besu-dominated network could have been stopped in it’s tracks.”

They would have been stuck, not able to follow the canon chain. And/or, any besu-dominated network (non-eth-mainnet) could have been stopped in it’s tracks.

— M H (((Swende))) (@mhswende) September 27, 2022

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The Besu client is the second most popular client on the Ethereum network behind Geth. According to data available via ethernodes.org, The Besu client is used by 7.81% of Ethereum mainnet clients.

Vulnerable Besu client versions

Version 22.7.1 of the Besu client contains a fix to ensure “excess gas will not be allocated to inner transaction calls and correcting the excess gas errors.”

Versions earlier than 22.1.3 will also “prevent incorrect execution,” however, Ethereum mainnet requires other features only available in later versions. Client versions 22.4.0 to 22.7.0 are currently considered vulnerable to the gas bug.

As a result, Besu client users on the mainnet must upgrade to the patched version.

Impact and resolution

Danno Ferrin created a full write-up of the issue in a Hackmd article published Sept. 21. Ferrin’s analysis stated that

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“A flaw in handling unsigned data as signed data a properly coded smart contract can create a function call that will return more gas than was passed in.”

Further technical information regarding the bug can be found in Ferrin’s post. However, the main takeaway is that the bug was resolved without any issue on the Ethereum mainnet. For a bad actor to maliciously exploit the bug, they would have had to act in a precise manner.

“In order to elevate this to a chain-halting bug a deliberately crafted call was needed, involving some interactions with the EIP-150 “all but one 64th” rule and reserving a portion of available gas for the calling contract.”

If the bug was not found, any chain with high participation from the Besu client could have experienced a smart contract “infinite loop” whereby the contract would “truly execute forever.”

Ferrin stated that fuzzing enabled the developers to identify and patch the bug without issue. Fuzzing is a method used by software developers “that involves providing invalid, unexpected, or random data as inputs to a computer program.”

“The biggest lesson demonstrated by this exploit is that the comparison of trace data in a fuzzing execution catches more bugs than simply comparing the end results.”

The excess gas bug became a non-event due to the diligence of Ethereum developers dedicating themselves to protecting the network. However, the potential harm it could have caused showcases the complexity behind executing the merge without issues.

The bug was patched in version 22.7.1 using “different conversion method that will “clamp” overflow values to the maximum expected values avoiding the signed translation issues.” Ferrin commented that users running nodes within the vulnerable range should update to the most recent version.

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ETC

Miners flee PoW tokens as token prices tank, GPU value flounders

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Miners flee PoW tokens as token prices tank, GPU value flounders

Miners flee PoW tokens as token prices tank, GPU value flounders Oluwapelumi Adejumo · 3 hours ago · 2 min read

Reports have revealed that the value of GPUs have dropped by as much as 40% in China since the Ethereum merge.

2 min read

Updated: September 26, 2022 at 11:32 pm

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Cover art/illustration via CryptoSlate

Crypto miners who initially flocked to GPU-compatible proof-of-work tokens after the Ethereum (ETH) Merge are fleeing those networks after the value of their tokens fell, according to available data.

Ethereum Classic

Ethereum Classic (ETC) has seen its hash rate drop to 157.51TH/s after peaking at 303.7 TH/s on the day after the merge — Sept. 15–  according to data from 2miners.

According to 2miners data, ETC mining difficulty has fallen to 2.06P from over 2.5P post-merge.

ETC’s price rally also appears to be over as the asset has shed most of its gains over the previous weeks. Since Ethereum’s merge, ETC has shed 26% of its value.

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Over the last 24 hours, the asset is down 3%, trading for $28.22 –a far cry from its value during the run into the merge.

Ravencoin

Another PoW token that attracted several miners post-merge was Ravencoin (RVN).

RVN saw its network hashrate rise from around 3 TH/s on Sept. 9 to over 22 TH/s by Sept. 17. However, that figure has now fallen to 15.09 TH/s as of press time.

The network’s mining difficulty has dropped to 208.47K from over 300K.

RVN’s price has mirrored the decline in its hashrate and mining difficulty. According to CryptoSlate data, the token has shed roughly 46% of its value since the merge.

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Over the last 24 hours, RVN has lost 6.23% of its value.

Ergo

Ergo (ERG) is the worst hit as its mining hashrate tanked roughly 91%. According to 2miners data, Ergo’s hashrate peaked at 303.41TH/s on Sept. 15. However, that figure has steadily declined to 27.90 TH/s as of press time.

Its network mining difficulty is currently 16.61P after peaking at 21.67P on Sept. 17.

Its price has also had a similar performance. After peaking at $5.21 on Sept. 15, it has shed 37.3% of its value to trade at $2.64 as of press time.

Ethereum POW

Ethereum proof-of-work token has also seen its mining hashrate drop after the merge. According to 2miners data, ETHPOW hashrate is currently at 47.16TH/s. The network’s hashrate peaked at 79.42TH/s on Sept. 15.

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Meanwhile, it should be noted that ETHPOW’s hashrate is steadily gaining ground as the network sees more uses. According to OKLink data, the network blockchain has processed 1.7 billion transactions since its launch.

However, ETHPOW’s value has been downward since Sept. 15, when it traded for $51.5. The token has sold for as low as $5.31 before slightly recovering to $9.51, according to Coingecko data.

GPU price tanks in China

Reports have revealed that the value of GPUs has dropped by as much as 40% in China since the Ethereum merge.

According to the report, when Ethereum was still a proof-of-work token, the demand for high-end graphic cards such as the Nvidia GeForce RTX 3080 and 3090 was high, which pushed the retail value of these GPUs up.

However, since the merge, demand for these components has considerably dried up, especially as the value of other tokens the GPUs could mine was significantly lower. Meanwhile, gamers have seen this drop as a gain as they can get these GPUs at more affordable rates.

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