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Ethereum Developers Propose Increasing Validator Limits

Ethereum Developers Propose Increasing Validator Limits

Date:
Jun 20, 2023
| Issue
#
42

Hi all, Happy Monday and a new work week. Welcome to another edition of the Datawallet newsletter, a place where we cover all things crypto-related. So whether you are a seasoned crypto investor or just starting out, we’re sure that the topics below will provide value to you. Read on!

Today’s drop will cover these key daily news items:

  • Ethereum developers propose raising validator limit
  • CertiK receives $500,000 bounty 
  • Wyre winding down due to ‘Market Conditions’
  • Gary Gensler memecoin outperforms the entire crypto market
  • Binance.US enters Consent Order with SEC

Ethereum developers propose raising validator limit

The surge in waiting periods and the considerable interest towards establishing Ethereum validator nodes are compelling developers to contemplate significantly expanding the existing limits. They have suggested an elevation in the validator cap from 32 ether (ETH) to 2,048 ether, signifying a whopping 6,300% increment. Consequently, major players like Lido or staking services provided by crypto exchanges are compelled to launch multiple validator nodes to deliver staking yield services to their clientele.

CertiK receives $500,000 bounty 

CertiK, a company specializing in blockchain security, has been awarded a $500,000 prize by the Sui network for identifying a risk that could potentially destabilize Sui's entire primary blockchain.

In a statement released to Cointelegraph, the team at CertiK emphasized that the flaw, referred to as "HamsterWheel," is not like conventional attacks that aim to disable blockchains by causing node crashes.

This particular attack entraps nodes, enabling them to carry out operations without processing fresh transactions, much akin to hamsters running on a wheel. The assault has the potential to paralyze networks and render them inoperable.

Wyre winding down due to ‘Market Conditions’

On June 16, Wyre, a firm dealing in cryptocurrency payments, declared that it will cease operations, following almost ten years in the industry. 

The company communicated via a tweet that this decision was taken in order to safeguard the prime interests of their main stakeholders and clients, dictated by the current market conditions. They further clarified that this move was not a result of any instruction from a regulatory body and ensured that the security of customer assets remains their priority.

Gary Gensler memecoin outperforms the entire crypto market

Gary Gensler, the SEC Chair, has managed to unite the crypto community against a shared adversary. A memecoin named after the most despised figure in crypto is now adding insult to injury.

Good Gensler (GENSLR) has seen its value surge over two-fold in the last month, outdoing virtually the entire crypto market. In the same period, the overall market value of crypto has suffered a loss exceeding $100 billion, following the SEC's legal actions against both Binance and Coinbase. 

Binance.US enters Consent Order with SEC

A provisional arrangement has been reached between Binance.US and the U.S. Securities and Exchange Commission (SEC) which accommodates the regulator's call for a momentary injunction on the cryptocurrency exchange. This agreement received endorsement from Judge Amy Berman Jackson of the District Court for the District of Columbia in the early hours of Saturday. The order instructs Binance.US to retain all assets, both fiat and crypto, of its customers and to keep them domestically at all times.

Other breaking news

  • Do Kwon claims that he didn’t know his passport was fake
  • Binance cancels registration in the UK
  • Twitter suspends memecoin-linked AI bot
  • France's Regulator backs global rules for DeFi
  • DBA Crypto slashes fundraising goal

Wrapping up

There you have it, folks, another Datawallet newsletter. Binance.US is entering into an agreement with the SEC, while Gary Gensler's memecoin dominates the markets. Meanwhile, Certik managed to uncover a vulnerability in a project and snag a cool $500,000 bounty. Stay informed and ahead of the game with our daily crypto scoop. See you again tomorrow!