developers - Pwim.Net

End of Chainlink’s Bull Run? LINK Developers and Whales Dump Tokens

Chainlink has caught attention from investors in 2020, reaching multiple all-time highs, in the past month, with the support of the DeFi craze. Chainlink (LINK) recently hit $20 on Binance and has surpassed Bitcoin Cash (BCH) by market capitalization before taking a dive.

Chainlink’s developer activity has also reached a new high, ranking first on CryptoMiso, “DeFi-ing” investor expectations. However, this bullish spike did not last long.

Chainlink’s price plunged 20 percent in the last few days, currently trading at the $15.53 levels at press time on Binance. Chainlink (LINK), now the fifth-largest cryptocurrency by market capitalization, has suffered a severe blow in the past few days, even with analysts stating that the cryptocurrency would continue its bull run.

LINK was said to be on its way to take Tether and Ripple’s spot in terms of market capitalization, however, Chainlink’s price would need to be valued at $36.53 to overtake Ripple.

Chainlink’s price plunge is said to be due to LINK’s developers, as they have sold $40 million worth of LINK this month according to the blockchain analysis. Chainlink developers have been moving 500,000 LINK every week, moving them to Binance and some via over-the-counter (OTC), then to Binance.

The address shows that 4 million LINK were sold in the past 3 months which roughly amounts to $60 million.

On the other hand, on-chain data showed that this trend could just be normal market movement, with investors trying to make profit after the massive bull runs in the past few weeks. This could mean LINK whales are moving out of the network. According to Santiment, LINK’s holder distribution chart showed that the number of addresses holding 100,000 to 10 million LINK has already been on a steady decline since the start of this month.

Crypto analyst Josh Rager said that a slight correction in Chainlink’s price was expected, and addressed “LINK marines,” devoted Chainlink supporters:

“LINK has been so bullish, pullbacks expected but I expect to see this back above $20 sooner rather than later.”

Previously reported by Blockchain.News, cryptocurrency fund Zeus Capital expected Chainlink to plunge exponentially, stating that the end is near. Whale Alert previously tweeted that 1 million LINK tokens were transferred from an unknown wallet to Binance, in mid-July. Perhaps LINK developers were already cashing out on LINK in July when Chainlink hit its all-time high at $8.48 at the time.

Ethereum Stands at the Forefront of Web 3.0 Development, Attracting Over 700 Developers to Join Monthly

The leading decentralized finance (DeFi) ecosystem, Ethereum (ETH), constantly draws between 20% to 25% of developers eyeing Web 3.0.

At least 20% of new Web 3.0 developers are joining the Ethereum blockchain over rival networks, according to a report by early-stage venture firm Electric Capital.

With 18,416 monthly active developers in Web3, Ethereum accounts for more than 4,000 of them.

Moreover, the number of developers entering the ETH ecosystem is at an all-time high of at least 700 monthly.

Per the report:

“Ethereum continues to have the largest ecosystem of tools, apps, and protocols, and is 2.8x larger than the second largest ecosystem. One out of every five new developers coming into Web3 works on Ethereum.”

Web 3.0 or web3 is the third internet generation and is built on cutting-edge technologies like blockchain, edge computing, non-fungible tokens (NFTs), and cryptocurrencies.

As a result, it is gaining steam because nearly 60% of all developers joined Web 3.0 in 2021. The Electric Capital’s study also noted that the number of developers increases with prices.

“Monthly active developers have historically increased when prices increase, but stay flat even as prices fall. Across 2018 and 2019, monthly active developers have stayed flat around 11,000 even as prices fell more than 80% from peak.”

On the other hand, Ethereum’s revenue rose to $9.9 billion in 2021 based on various use cases.

Nevertheless, the Electric Capital report noted that ETH is grappling with high gas fees and scalability issues, which are pushing users to rival blockchains or the so-called “Ethereum killers.”

For instance, with Ethereum handling 30 transactions per second, Binance Smart Chain (BSC) and Solana (SOL) tackle 300 and 2,000 transactions per second, respectively.

Solana to Replace Ethereum in Blockchain Gaming, Paradox Studios Founder Says

Compared to Ethereum’s Solidity language when developing play-to-earn (P2E) games, the ease of use of Solana’s building language- Rust will give Solana a competitive edge, according to AmioTalio- the founder of UK-based animation and game development platform Paradox Studios.

With blockchain gaming continuously accelerating the metaverse narrative, AmioTalio believes that the huge funding that Solana is offering developers is intended to woo them from the Ethereum network, and it is starting to take shape. He pointed out:

“Solana will leave Ethereum in the dust this year when it comes to gaming. They now have a huge list of games looking to launch this year on Solana, which will take them into the lead position in this area, in my opinion.”

Solana has already rolled out $400 million to enhance Web3 gaming in the last six months.

AmioTalio noted that he made these observations after meeting various specialists who disclosed the simplicity of Rust. He added:

“When you realize every product or service is made by or provided by a business, you must realize the main goal of a business is to make money and maximize profit, so with low costs and high transaction speed and massive funding for gaming developers; the growth is going parabolic.”

The blockchain gaming sector continues to gain steam, given that it attracted investments worth $1.1 billion in January, according to a recent Blockchain Game Alliance and DappRadar report. Virtual worlds, decentralized applications (dapps), and play-to-earn platforms attracted the lion’s share of these investments.

Additionally, the gaming transparency rendered by blockchain technology is also making them tick.

Meanwhile, two-time Indonesian football league champion Persib Bandung partnered with blockchain gaming platform Liberty Gaming Guild (LGG) to offer its fans an ecosystem to learn and thrive in the new gaming era.

Ethereum's transition to proof-of-stake

ssv.network, a provider of validator infrastructure, has announced the introduction of a new ecosystem fund to assist Ethereum proof-of-stake decentralisation. The business said that this step will foster innovation around Ether (ETH) staking technology. The business made the announcement on January 19 about the ecosystem fund, which has a value of fifty million dollars and would help companies creating apps employing distributed validator technology, or DVT.

The primary purpose of the fund is to provide financial support for DVT use cases that contribute to Ethereum’s efforts to decentralise the platform over the long run.

DVT is a protocol that is open-source and has the capability of distributing the tasks of a validator over a number of different nodes.

Because more DVT implementation results in increased decentralisation, the protocol was an essential part of the roadmap that Ethereum co-founder Vitalik Buterin developed for Eth2.

SSV made notice of the fact that a number of venture capital investors, including as Digital Currency Group, HashKey, NGC, Everstake, GSR, and SevenX, have advocated for Ethereum’s use of DVT.

SSV said that it had already contributed $3 million toward developer awards and that $1.2 million had been distributed to over 20 proof-of-stake projects. Some of these projects include Blockscape, ANKR, and Moonstake.

“Ethereum is now protected by a tiny set of corporations,” claims Alon Muroch, the core development lead at SSV. “When you bring all of these companies together, they control the whole blockchain.”

According to what he stated, the objective of the DVT technology is “to share Ethereum’s security by enabling rapid and simple access to an open-source, public good that will totally revolutionise the way that staking is done today.”

The switch from proof-of-work to proof-of-stake on Ethereum will take place in stages, and each one will be intended to improve the scalability, security, and decentralisation of the network.

The change led to the implementation of ETH staking, in which users take an active role in the validation of transactions.

On Ethereum, the minimum amount of ETH that must be staked in order to qualify as a validator is 32.

According to recent reports, the demand for liquid ETH staking was reportedly on the increase as of the beginning of December.

Staked ETH was characterised to as the “first yield-bearing instrument to attain considerable size in DeFi” by the blockchain analytics company Nansen.

Validator Infrastructure Developer Launches New Fund to Support Ethereum Proof-of-stake

The primary purpose of the fund is to provide financial support for DVT use cases that contribute to Ethereum’s efforts to decentralise the platform over the long run.

DVT is a protocol that is open-source and has the capability of distributing the tasks of a validator over a number of different nodes.

Because more DVT implementation results in increased decentralisation, the protocol was an essential part of the roadmap that Ethereum co-founder Vitalik Buterin developed for Eth2.

SSV made notice of the fact that a number of venture capital investors, including as Digital Currency Group, HashKey, NGC, Everstake, GSR, and SevenX, have advocated for Ethereum’s use of DVT.

The switch from proof-of-work to proof-of-stake on Ethereum will take place in stages, and each one will be intended to improve the scalability, security, and decentralisation of the network.

The change led to the implementation of ETH staking, in which users take an active role in the validation of transactions.

On Ethereum, the minimum amount of ETH that must be staked in order to qualify as a validator is 32.

According to recent reports, the demand for liquid ETH staking was reportedly on the increase as of the beginning of December.

Staked ETH was characterised to as the “first yield-bearing instrument to attain considerable size in DeFi” by the blockchain analytics company Nansen.

The new procedures included the requirement that all future code changes be approved by the DAO

According to a tweet thread published on January 27 by the Aave team, the third edition of the cryptocurrency lending app Aave has now been deployed to Ethereum for the very first time. ” Aave V3 ” was first made available to the public in March 2022, and immediately after its launch, it was installed on a number of blockchains that were compatible with Ethereum Virtual Machine (EVM).

Users of Ethereum could only utilise the more outdated “V2” version of the application up until now.

Aave V3 has a number of features that are designed to assist users in reducing the amount of money spent on fees and increasing the effectiveness of their capital.

For instance, the High Efficiency option gives the borrower the opportunity to sidestep some of the app’s more severe risk requirements. This is possible in the event that the borrower’s collateral has a strong correlation with the asset that is being borrowed.

The developers believe that borrowers of stablecoins or holders of liquid staking derivatives may find this feature valuable.

In addition, the “isolation” feature enables some risky assets to be used as collateral, provided that they have their own debt cap and are only used to borrow stablecoins. This is possible since certain assets can only be used to borrow stablecoins.

In the prior iteration, there was no provision for putting restrictions on the kinds of assets that may be used as collateral for a loan of a certain kind.

Because of this, coins with a lesser market capitalization and less liquidity were often unable to be utilised as security.

The creators claim that the gas optimization algorithm that is included in V3 will result in a 20–25% reduction in the cost of gas.

In November of 2021, the code for V3 was made publically available.

In March of 2022, the Aave DAO gave its blessing to move forward with the deployment of the new version after an initial vote.

The V3 system was rolled out to Avalanche (AVAX), Arbitrum (ARB), Optimism (OP), and Polygon over the course of the subsequent few months (MATIC).

Despite this, the Ethereum implementation of Aave has traditionally been the most liquid, but V3 was not available on this implementation until recently.

The official proposal states that there will be a total of seven coins available during the launch phase.

The vote to launch was held beginning on January 23 and continuing for a total of two days.

Following the success of the proponents in the vote, the implementation of the idea was finally able to get off the ground on January 27.

The percentage of DAO members that cast a negative vote on the proposal was less than 0.01%.

Aave was subjected to a $60 million short attempt in November 2022, which was eventually unsuccessful. In response, the company modified its governance practises.

ConsenSys Acquires Hal to Improve Alerts

ConsenSys, a company that provides services related to blockchain technology, has just completed the purchase of Hal, a platform for no-code blockchain development tools, with the purpose of causing a disruption in Web3’s alerts and notifications at the protocol level.

ConsenSys’ Web3 API provider Infura will be able to include Hal’s configurable webhooks or notification service into its developer stack as a direct consequence of the acquisition. As a direct result of this modification, it will be much simpler for developers to generate warnings and notifications at the protocol level for a wide range of signals.

According to ConsenSys, Infura offers a collection of tools to link apps, which the developer community may use to connect applications to the Ethereum network and other decentralized platforms. These tools were developed by Infura. The collection of these tools is sometimes referred to as a suite.

According to Eleazar Galano, one of the co-founders of Infura, the company wants to fix inadequacies in the present approach of creating apps for the bitcoin ecosystem. This information was provided by Galano. In relation to the acquisition of Hal by ConsenSys, Galano made the following statement: “Enabling developers to have a seamless end-to-end experience is a critical objective, and one of the most important trends is the use of little code / no code solutions.”

In February of 2022, ConsenSys successfully finalized the purchase of Ethereum wallet interface provider MyCrypto with the purpose of improving both the security of MetaMask and the level of the user experience it provides.

ConsenSys purchased Hal in order to expand upon this endeavor, which has been ongoing for an entire year, and to make it possible for MetaMask to provide a dynamic and tailored notification system. Additionally, the acquisition of Hal was made in order to make it possible for ConsenSys to expand upon this endeavor.