May Timeline for ETH Staking Withdrawal
According to Lido Finance, the biggest Ethereum liquid staking platform, the withdrawal of Ethereum funds (stETH) from Lido will likely be postponed until May. This delay is due to ongoing verifications of Lido V2 codes, which the platform aims to complete before focusing on withdrawals. Although Ethereum developers are preparing for withdrawals with the Shanghai mainnet upgrade in early April, Lido is lagging behind in this regard.
Lido DAO members are currently testing the Shapella functionality for the Ethereum Goerli upgrade on the Zhejiang testnet, but the audit process has caused delays. As a result, the Lido update target date has been pushed to the following week.
Additionally, some validators were not updated to the latest client software versions, causing problems after the Shapella update was launched on the Goerli testnet, leading to a completion delay after 15 epochs.
Over the past 24 hours, the price of Ethereum has declined by more than 3% and is currently trading at $1,672. The 24-hour high and low for Ethereum are $1,779 and $1,660, respectively. The trading volume for the past 24 hours has remained relatively stable, indicating a drop in interest.
At the same time, Lido Staked ETH (stETH) has dropped by 2% in the last 24 hours and is currently trading at $1,665. According to DeFiLlama, Lido dominates the ETH liquid derivatives market with 5,794,376 ETH.
Filecoin Enables Smart Contracts on Main Network
The Filecoin project has introduced an update that allows users to deploy smart contracts on its main network. This update has made the platform compatible with the Ethereum Virtual Machine (EVM), enabling users to run applications from the Ethereum ecosystem on Filecoin’s blockchain.
The Filecoin Virtual Machine (FVM) computing environment has made the execution of smart contracts possible. The development team has announced that numerous projects and companies, such as SushiSwap and Ankr, have already integrated with FVM.
The team also noted that the introduction of a new computing environment in Filecoin has made it possible to launch third-party decentralized protocols, such as lending and liquid staking. Additionally, FVM has made perpetual data storage on the blockchain accessible. Prior to this update, corresponding transactions had to be updated every year and a half.
XRP Ledger Developers Introduce Testnet for EVM Compliant Sidechain
The Ripple team has recently announced the launch of a testnet for the XRP Ledger’s EVM-compatible sidechain with a throughput capacity of 1000 TPS. Users can connect wallets to deploy smart contracts written in Solidity and interact with them on this sidechain. Ethermint is used for EVM compatibility, and the sidechain is based on the Tendermint protocol.
The block generation time is 5.4 seconds, and finalization occurs once it is included in the blockchain and confirmed. As of now, the network has generated 2,487,215 blocks and completed 16,951 transactions.
The possibility of interacting with the sidechain was previously only available in devnet. In October 2022, the Ripple team had promised to launch the main net in the second quarter of 2023.
Uniswap Introduces Protocol V3 on BNB Chain
The third version of the Uniswap protocol has been launched on the BNB Chain network by the Uniswap decentralized exchange team. By using BNB Chain, which typically offers faster and cheaper transactions than Ethereum, Uniswap has opened up to a wider audience.
In February 2023, the decentralized exchange community approved Plasma Labs’ proposal to launch the third version of the protocol on the BNB Chain blockchain, with over 65% of voting participants in favor and 33.57% against.
Andreessen Horowitz (a16z), a venture capital company, was among the dissenters, using all 15 million tokens available to it for this purpose. The community chose the Wormhole app as the cross-chain bridge between Ethereum and BNB Chain, with the LayerZero project, in which a16z invested in March 2022, coming in second place.
Head of SEC: Proof-of-Stake tokens are securities
The chairman of the US Securities and Exchange Commission (SEC) Gary Gensler has expressed his view that Proof-of-Stake tokens can be considered securities under US law. This remark came as part of a broader discussion on cryptocurrency regulation and investor protection, during which the chairman noted that many PoS tokens exhibit characteristics of traditional securities. He urged cryptocurrency projects to consult with the SEC to ensure compliance with securities laws and to protect investors.
Gensler explained that Proof-of-Stake tokens may meet the requirements of securities based on the Howey test, thus making them subject to the SEC’s control. He added that, apart from Bitcoin, all other cryptocurrencies can be categorized as securities, and hence should be regulated by the US Securities Commission.
In September 2022, following the upgrade of the Ethereum blockchain to Proof-of-Stake, also known as Merge, Gensler had previously suggested that Proof-of-Stake tokens could be considered investment contracts, thereby making them subject to securities laws.
The SEC’s statement that Proof-of-Stake tokens are securities could potentially have an impact on the price of these tokens. If the SEC determines that a particular token is a security, it may require issuers to register the token as a security, which can be a time-consuming and costly process. This can lead to decreased liquidity and trading activity, which can negatively affect the price of the token. Additionally, investors may become more cautious about investing in tokens that the SEC considers securities, which can also impact the demand and price of these tokens.