Ethereum Community Doubts dYdX's Decentralized Nature After This Controversy

The Ethereum-based trading protocol dYdX has ended its short-lived campaign today. The decentralized exchange has cited the overwhelming demand for its $25 deposit bonus promotion, as the reason for the immediate closure of this promotional campaign.

Timeline of Dydx, Ethereum

With Ethereum (ETH) advancing toward the Merge, the blockchain's co-founder Vitalik Buterin reiterates that his influence over the network has been decreasing over the past two years, as many new developers are taking over multiple roles.

Since the price of Ethereum is still on everyone's mind, investors are debating if it will reach $3,000. On September 22, 2022, the two main blockchains of Ethereum, the Ethereum Blockchain and the Beacon Chain, will merge.

With the much anticipated Ethereum merge only 11 days away, much is being made of the projected changes to the network. However, arguably the biggest change is the massive decrease in energy consumption.

Ethereum [ETH] mining has been the most profitable option for miners in the recent past. However, with the upcoming Merge, there has been a lot of speculation about ETH miners jumping ship.

OpenSea, the largest non-fungible tokens (NFTs) marketplace, plans to only support NFTs based on the proof-of-stake version of the Ethereum blockchain once The Merge is complete. The post OpenSea commits to ‘solely supporting' NFTs on proof-of-stake Ethereum blockchain appeared first on The Block.

In the last couple of days, the second largest cryptocurrency has lost its crucial trading level of $1,600 and had plunged to $1,400 levels. However, at the time of reporting Ethereum has slightly moved upwards by 5.03% over the last 24hrs and is trading at $1,555.

The Ethereum Merge is now just fifteen days ahead of us as per the scheduled date of September. This will transition the Ethereum network to a Proof-of-Stake blockchain making it more scalable and efficient.

Staking ETH had first begun on the Ethereum network about two years ago when the move to proof of stake was officially put in motion. Since then, the amount of ETH staked on the network has ramped up.

A popular crypto strategist is issuing an alert to Ethereum traders, saying ETH's recent rally is not the same as last year's bull run. Pseudonymous analyst Rekt tells his 327,800 Twitter followers that while Ethereum managed to stay above support at $1,500, he believes ETH will likely resume its downtrend after a bounce.

Ethereum (ETH) creator Vitalik Buterin says the second biggest blockchain by market cap can remain censorship resistant after moving to proof-of-stake. After The Merge, Ethereum's proof-of-work (PoW) miners will be replaced by staking providers, which will largely be big crypto exchanges that may be susceptible to regulation or censorship from authorities.