Ethereum’s diverse client ecosystem is at the foundation of all that we’re building together. This includes both
consensus-layer clients, both of which are essential parts of Ethereum’s post-merge future.
Supporting execution-layer (formerly “Eth1”) clients remains one of the Ethereum Foundation’s highest priorities. These client teams have supported Ethereum’s growth over the past several years, and they will continue to provide critical infrastructure for the network post-merge, as Ethereum transitions to a Proof of Stake consensus system. Since January 2020, the EF has spent more than $10M on execution-layer client R&D. Our steadfast support will continue as these teams adapt and scale along with the broader community.
At the same time, we believe it is healthy for Ethereum clients to receive funding and support from a broader range of community stakeholders, reflecting the growth and diversification of the ecosystem.
Collaborative efforts, and specifically those dedicated to supporting teams and builders that maintain a diverse set of Ethereum clients, are a lasting and impactful way to benefit Ethereum in the long-term.
Today, we’re excited to announce that Compound Grants, Kraken, Lido, Synthetix, The Graph and Uniswap Grants are donating $250K each to support Ethereum execution-layer client teams. This project is the result of several months of work, and will supplement the significant funding provided by the Ethereum Foundation this year This fundraise will have no impact on the EFs continued financial support for these teams.
The support of capable and leading entities from across industries will strengthen and further the innovations taking place on Ethereum.
This project represents an effort to secure Ethereum’s long-term growth, health and decentralization. Each of these elements can be exemplified by client diversity, strength of the teams themselves, and our confidence that Ethereum will continue to succeed as they succeed.
Why begin with this approach?
Part of our goal with this first round is to lessen risks that come from reliance on any single team or entity as we all work to maintain quality open source products in a diverse, decentralized, and sustainable way.
We continue to work towards more decentralized funding mechanisms for Ethereum’s public goods, and this is one more step that enables larger groups of participants to directly support client development and maintenance.
As a public good, Ethereum benefits from shared responsibility. This is true in terms of client diversity and the depth and width of the ecosystem’s ability to support itself.
Ethereum is a project with the potential to change and improve the very core of human, social and market interactions on a global scale. With groundbreaking applications and innovation on the network and ever-increasing adoption, the Ethereum community is pushing the boundaries of what’s technically and technologically feasible with each new day. We’re excited to take this next step to continue that growth, and ask that you join us in our effort to strengthen Ethereum by guaranteeing that Ethereum remains a diverse and sustainable project, and one that is maintained by many for a long time to come.
The post Building Together: Execution-Layer Client Ecosystem Fundraise appeared first on Crypto new media.
InsureDAO is a peer to pool insurance market protocol on Ethereum. The operation and management of the protocol are controlled by the DAO…
A new research has highlighted a total of eight apps masquerading as cryptocurrency mining apps and duping people of their money, on…
In December 2020, [VISA partnered with USDC](https://www.forbes.com/sites/michaeldelcastillo/2020/12/02/visa-partners-with-ethereum-digital-dollar-startup-that-raised-271-million/), a stablecoin on the Ethereum blockchain, which is pegged to the US dollar. In March 2021, [VISA became the first major payment network to settle transactions using USDC](https://usa.visa.com/about-visa/newsroom/press-releases.releaseId.17821.html). Groundbreaking, right? The mega financial servicing company ***VISA*** using an Ethereum-based stablecoin cryptocurrency to settle domestic and cross-border payments.
Yes, this is an extraordinarily optimistic development for the Ethereum ecosystem, but it is arguably even more optimistic for The Graph. [The Graph](https://www.reddit.com/r/CryptoCurrency/comments/owryqy/why_the_graph_grt_also_known_as_the_google_of/) is a decentralized indexing protocol that allows applications, users, and other entities to query different blockchain networks for data. The Graph recently processed **$1 billion daily queries** in June 2021 roughly 2 years since launch for reference, Google was processing just 200 million queries per day in 2004, which was 6 years after it launched). How does this work? For example, when someone opens the website [CoinGecko.com](https://CoinGecko.com) and wants to view data related to the price, volume, or market capitalization of a token, CoinGecko has to ask The Graph to provide CoinGecko with the most recent datapoints so that CoinGecko can present such data to the user. The Co-Founder and CEO of CoinGecko explains this in depth [here](https://twitter.com/tmlee/status/1285766039951699969?s=20https://twitter.com/tmlee/status/1285766039951699969?s=20).
Providing CoinGecko with near-realtime blockchain data is just one of an infinite number of ways that The Graph provides blockchain data to the outside world. Why does this matter and why are we talking about The Graph when we started by talking about Ethereum, VISA, and USDC?
Well, in order to build and develop applications using data from the Ethereum blockchain, the data needs to be indexed. In other words, for a developer to create an application on Ethereum, first they must organize the relevant blockchain data from Ethereum’s network and make it easier to retrieve such data so it can be presented to the consumer in a faster manner. The way that The Graph provides this data to developers is by organizing relevant data into subgraphs, and [each major application and network have their own unique subgraphs on The Graph’s network](https://thegraph.com/legacy-explorer/) with their own unique relevant data.
If CoinGecko wanted to provide blockchain data to their customers without using The Graph, they would have to organize all of this data themselves and it could take years to do so and would waste a lot of developer resources. This is like opening a book to find a specific topic by reading every line (ie, CoinGecko doing it manually) versus going to the index at the back of the book to find the exact page with the information you are looking for (ie, CoinGecko using The Graph).
Well, [USDC has their own subgraph](https://thegraph.com/legacy-explorer/subgraph/centrehq/usdc), and anyone who wants to develop applications that track data related to the use of USDC, and naturally, the use of USDC by VISA, can simply use The Graph’s USDC subgraph. Eva Beylin, the Director of The Graph, articulates it very well [here](https://mobile.twitter.com/evabeylin/status/1376606531408388098):
>If you want to track all USDC transactions on Visa, you can query the USDC subgraph. Congrats Visa on choosing public & open source infrastructure. This is a revolutionary move for an industry predicated on closed-source technology.
It gets better. Messari, a cryptocurrency research and data tool, is hosting a major event called [Mainnet 2021](https://mainnet.events/) centered around The Graph’s protocol on September 21-23 in New York City. Guests and speakers include representation from countless applications and networks that use The Graph, including Aave, 1inch, Coinbase, Kraken, OpenSea, Alchemy, Dapper Labs, Arbitrum, Algorand, Avalanche, Ethereum, Synthetix, Solana, and more.
Why am I mentioning this?
Well, there is also another special attendee and speaker: [Catherine Gu](https://mainnet.events/speakers/catherine-gu/), the [Head of Global Central Bank Digital Currencies at VISA](https://www.linkedin.com/in/wcgu). There have been hints by the founders of The Graph like [Yaniv Tal](https://twitter.com/yanivgraph/status/1429129704724787208?s=19) that this will be a very important meeting and that something big is going to happen at this meeting.
Regardless of whether there is or is not some major announcement related to The Graph and VISA, we already know the facts: VISA’s flagship stablecoin is USDC, which is an Ethereum token, and the entirety of USDC’s data can be easily retrieved from the USDC subgraph on The Graph’s network. Once VISA provides full-fledged support for USDC and it is the primary means of exchanging the US dollar using VISA cards, mobile device applications that provide a list of your history of payments made using VISA cards (eg, banking apps, Uber, food delivery apps, etc.) will need to make a choice: should they allocate significant developer time and resources to manually organizing all of the data relevant to USDC on Ethereum’s blockchain so they can provide the data to their users? or should they simply retrieve that data from The Graph’s USDC subgraph, where it is already organized and updated in near-realtime for them?
My bet is that every company, person, service, application, and bank in the world who needs to track the usage of USDC by VISA services will use The Graph’s USDC subgraph.
Thanks for reading!
EDIT: u/DomiekNSFW’s wife is not going to be happy with me for this post [lol](https://www.reddit.com/r/CryptoCurrency/comments/pad3hf/the_graph_and_ethereum_are_the_backbone_of_the/ha3w39m?utm_source=share&utm_medium=web2x&context=3)
Between 2020 and February 2021, users had invested close to $20.5 billion in different DeFi protocols
Bitcoin price failed to stay above $50,000 and corrected lower against the US Dollar. BTC could correct lower towards the $48,250 support in the near term.
- Bitcoin tested the $50,500 resistance level before correcting lower.
- The price is now trading near $49,000 and the 100 hourly simple moving average.
- There was a break below a key bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct lower towards $48,250 or even $47,300 in the near term.
Bitcoin Price Corrects Lower
Bitcoin price traded above the $50,000 resistance, but there was no upside continuation. BTC tested the $50,500 resistance level and recently started a downside correction.
There was a break below the $50,000 and $49,800 levels. The bears pushed the price below the 50% Fib retracement level of the upward move from the $48,098 swing low to $50,506 high. There was also a break below a key bullish trend line with support near $49,500 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading near $49,000 and the 100 hourly simple moving average. The 61.8% Fib retracement level of the upward move from the $48,098 swing low to $50,506 high seems to be acting as a support.
Source: BTCUSD on TradingView.com
If there is a downside break below the 100 hourly simple moving average, the price could continue to move down. An immediate support is near the $48,500. The next major support is near the $48,250 level. Any more losses could open the doors for a move towards the $47,300 support zone in the near term.
Fresh Increase in BTC?
If bitcoin stays above the $48,250 support zone, it could start a fresh increase. On the upside, an immediate resistance is near the $49,500 level.
The first key resistance is near the $50,000 level, above which the bulls might aim a retest of $50,500. Any more gains could set the pace for a larger increase above $51,000. The next major stop for the bulls may possibly be near the $52,000 level in the coming days.
Hourly MACD – The MACD is gaining pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level.
Major Support Levels – $48,250, followed by $47,300.
Major Resistance Levels – $49,500, $50,000 and $50,500.
The post Bitcoin Rejected above $50K, Why BTC Could Correct Gains appeared first on Crypto new media.