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Ethereum Successfully Launches Berlin Hard Fork Ethereum’s latest update went live at block 12,244,000 this morning. Analysis Ethereum Successfully Launches Berlin Hard Fork Ethereum’s latest update went live at block 12,244,000 this morning. Key Takeaways Ethereum’s Berlin hard fork has gone live.The upgrade included several Ethereum Improvement Proposals focussed on changes to gas costs and transaction types.Ethereum will follow Berlin with its highly anticipated London hard fork this summer. Ethereum Berlin Fork Launches  Ethereum has just completed its Berlin hard fork.  The first was EIP-2565, which lowers the gas cost for modular exponentiation, otherwise known as the “ModExp” function. The fork also included EIP-2929, which Vitalik Buterin and Martin Swende put forward. EIP-2929 increases gas costs for state access operations (otherwise known as “opcodes”) and adds security improvements to the blockchain. The update also introduced EIP-2718 and EIP-2930, which involve defining a new transaction type for future transactions and adding a new transaction type that includes access lists.  The update went live on Ethereum’s block 12,244,000 this morning. Initially confirmed on Mar. 8, the fork comprised four Ethereum Improvement Proposals. Abbreviated as “EIPs,” anyone can submit an Ethereum Improvement Proposal, and those accepted by the community get implemented into the blockchain.  The Berlin fork involves several complex technicalities, but it had been anticipated across the community nonetheless. Many key Ethereum supporters took to Twitter to celebrate the milestone as it happened this morning.  There were also two watch parties, hosted by ETHStaker and Ethereum Cat Herders, two of Ethereum’s strongest communities.  EIP-1559 Looming  Berlin’s completion takes Ethereum one step closer to London, the hard fork that will include its long-awaited EIP-1559 update. Tim Beiko, the coordinator for the various implementers and researchers working on EIP-1559, explained to Crypto Briefing that EIP-2929 and EIP-2718 are essential “prerequisites” in the lead-up to the update.  EIP-1559 involves introducing a base fee to transactions, which represents the minimum amount of gas a transaction needs to get added to a block. This fee will then get burned, which will in turn reduce the supply of ETH (Beiko has previously referred to it as an “ETH buyback” proposal). It should also make the cost of transactions easier to predict—one problem with the current mechanism is that gas prices get entered as an estimate, which means many users overpay for transactions.  Due to the improvement it’s expected to make on Ethereum’s monetary policy, EIP-1559 is the network’s most anticipated update since the Beacon Chain launch. However, some miners have opposed the update, arguing that it will threaten the security of the network. It’s expected to ship in July or August.  The merge phase of Serenity will follow the London hard fork. The Beacon Chain will be docked to Ethereum mainnet, marking the network’s long-awaited transition to Proof-of-Stake. Ethereum researcher Justin Drake recently ran a poll on when Proof-of-Stake could feasibly go live, to which Vitalik Buterin and others responded in favor of shipping the update this year. Drake told Crypto Briefing that he was “confident” it will launch in 2021 at the time.  The Serenity roadmap will finally see 64 new shard chains go live, marking the completion of Ethereum 2.0.  With various Layer 2 solutions also in development, it’s been a big year for Ethereum so far. The action has been reflected in its price: it currently has a market cap above $283 billion, with ETH trading at $2,446. That’s about 12.4% of the whole cryptocurrency market.  Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies. 

Don't Miss Market Moving News Sign Up Key Takeaways Bancor first launched in 2017 as one of the market's very first automated market makers (AMMs).Since then, Uniswap and other competitors have taken the lead in volume and activity.Bancor has closed this gap by adding several key features that puts the retail investor first.  This news was brought to you by ANKR, our preferred DeFi Partner. SHARE THIS ARTICLE In 2017, Bancor pioneered automated market makers (AMMs) to replace order books using a native reserve asset, the BNT token. After losing ground to other decentralized exchanges such as Uniswap or Sushiswap, Bancor’s v2.1 showed that the project is far from over.  Re-Introducing Bancor Understanding Bancor can be tricky because of the system’s complexity, but there is a reason why the total value locked in the protocol has skyrocketed in 2021. Bancor’s USD monthly volume. Data from Dune Analytics In October 2020, Bancor released v2.1 to an enthusiastic user base. Still, it took the market some time to notice that Bancor has been working to solve some of the most significant problems users face when they stake their coins.  To understand these improvements, a broader explanation of Bancor’s system is needed.  In 2017, Bancor came up with a method to trade coins on-chain through a new system. Instead of leveraging order books, the protocol introduced pooled trading. By creating different pools of ERC-20 tokens and Bancor’s native token, BNT, traders could effectively exchange with the pool instead of each other. The more liquidity provided to the pool, the lesser the price impact for any transaction. To attract funds, liquidity providers were promised part of the swap fee from these transactions. To this day, this system is fundamentally unchanged in all of DeFi. Decentralized exchanges all function with liquidity pools used by traders to exchange currencies. The next big innovation in decentralized exchanges was creating pools between any two ERC-20 tokens, removing the necessity for a central currency. Largely, Ethereum took on that role as it makes up $3.4 billion out of Uniswap’s $7.6 billion current liquidity. This convenience is largely why Bancor struggled to keep up with Uniswap or Sushiswap, especially during the summer of 2020. BNT is at the center of Bancor. All liquidity pools are divided equally between an ERC-20 token and BNT. In that sense, BNT is a sort of neutral unit of exchange. Interestingly, this idea of a neutral exchange currency to facilitate global trade stems from economist John Maynard Keynes.  At the Bretton Woods conference, he proposed a supranational currency called “bancor,” which would be used internationally to settle transactions between different national currencies. Current ranking of decentralized exchanges by total value locked. Data from DeFi Pulse However, Bancor’s unique system allows specific innovations which would be impossible for its competitors. In v.2.1, for example, Bancor introduced impermanent loss protection and single-sided liquidity provision.  The Project’s Advantages When users stake funds in a liquidity pool, they expose themselves to impermanent loss. In simple terms, this means that they will become increasingly exposed to the weaker asset they provided over time. As the price of both assets change, originally supplied equally, the liquidity pool automatically updates the user’s liquidity to keep a 50/50 split in value between the two.  In a blog post, the Bancor team illustrated this issue by comparing holding LINK from April 2019 to April 2020 and supplying liquidity to an AMM like Uniswap in the same period. LINK/ETH profit LP vs. holding. Source: Bancor As the price of LINK quickly grew during that year, AMMs consistently sold it for Ethereum to conserve a 50/50 split of assets in the liquidity pool. While both LINK/ETH liquidity providers and holders made a profit, the fees generated by supplying funds to Uniswap were insufficient to cover the impermanent loss.

In v2.1, Bancor aimed to solve the impermanent loss (IL) issue by subsidizing potential impermanent loss. Everyday funds are staked in Bancor; users receive 1% of impermanent loss “insurance.” After 100 days, liquidity providers are entirely insured from any losses they might have suffered because their preferred asset’s price grew much quicker than the second one in the liquidity pool. Besides this impermanent loss protection, Bancor’s BNT system is uniquely suited to allow single-sided liquidity. This means that, contrary to other decentralized exchanges, users can choose to supply only one of the two assets in Bancor’s liquidity pools. While

Ethereum Berlin Fork Launches  Ethereum has just completed its Berlin hard fork.  The update went live on Ethereum’s block 12,244,000 this morning. Initially confirmed on Mar. 8, the fork comprised four Ethereum Improvement Proposals. Abbreviated as “EIPs,” anyone can submit an Ethereum Improvement Proposal, and those accepted by the community get implemented into the blockchain.  The first was EIP-2565, which lowers the gas cost for modular exponentiation, otherwise known as the “ModExp” function. The fork also included EIP-2929, which Vitalik Buterin and Martin Swende put forward. EIP-2929 increases gas costs for state access operations (otherwise known as “opcodes”) and adds security improvements to the blockchain. The update also introduced EIP-2718 and EIP-2930, which involve defining a new transaction type for future transactions and adding a new transaction type that includes access lists.  The Berlin fork involves several complex technicalities, but it had been anticipated across the community nonetheless. Many key Ethereum supporters took to Twitter to celebrate the milestone as it happened this morning.  There were also two watch parties, hosted by ETHStaker and Ethereum Cat Herders, two of Ethereum’s strongest communities.   EIP-1559 Looming  Berlin’s completion takes Ethereum one step closer to London, the hard fork that will include its long-awaited EIP-1559 update. Tim Beiko, the coordinator for the various implementers and researchers working on EIP-1559, explained to Crypto Briefing that EIP-2929 and EIP-2718 are essential “prerequisites” in the lead-up to the update.  EIP-1559 involves introducing a base fee to transactions, which represents the minimum amount of gas a transaction needs to get added to a block. This fee will then get burned, which will in turn reduce the supply of ETH (Beiko has previously referred to it as an “ETH buyback” proposal). It should also make the cost of transactions easier to predict—one problem with the current mechanism is that gas prices get entered as an estimate, which means many users overpay for transactions.   Due to the improvement it’s expected to make on Ethereum’s monetary policy, EIP-1559 is the network’s most anticipated update since the Beacon Chain launch. However, some miners have opposed the update, arguing that it will threaten the security of the network. It’s expected to ship in July or August.  The merge phase of Serenity will follow the London hard fork. The Beacon Chain will be docked to Ethereum mainnet, marking the network’s long-awaited transition to Proof-of-Stake. Ethereum researcher Justin Drake recently ran a poll on when Proof-of-Stake could feasibly go live, to which Vitalik Buterin and others responded in favor of shipping the update this year. Drake told Crypto Briefing that he was “confident” it will launch in 2021 at the time.  The Serenity roadmap will finally see 64 new shard chains go live, marking the completion of Ethereum 2.0.  With various Layer 2 solutions also in development, it’s been a big year for Ethereum so far. The action has been reflected in its price: it currently has a market cap above $283 billion, with ETH trading at $2,446. That’s about 12.4% of the whole cryptocurrency market.  Disclosure: At the time of writing, the author of this feature owned ETH and several other cryptocurrencies.   This news was brought to you by ANKR, our preferred DeFi Partner. Learn More  SHARE THIS ARTICLE DISCLAIMERRead More Recommended News Key Ethereum Researchers Vote to Ship Proof-of-Stake in 2021 Analysis  Apr. 5, 2021 Ethereum Miners Protesting EIP-1559 Has Accelerated Upgrade to ETH 2.0 Technology  Mar. 12, 2021 What Are Non-Fungible Tokens (NFTs)? Sponsored  Phemex Ethereum Sheds Weak Hands, Resumes Uptrend to $2,600 Markets  Apr. 10, 2021  Analysis DeFi Project Spotlight: Bancor, The Dark Horse Decentralized Exchange by Nathan van der Heyden 2 days ago Brick by brick, Bancor has quietly been creating a decentralized exchange that favors everyone from liquidity providers to traders.

Ethereum’s latest update went live at block 12,244,000 this morning.