So what happened this week?
BTC, ETH rebounded as the Ethereum Merge draws near
As the Ethereum Merge is set to happen in three days, Bitcoin (BTC) and Ether (ETH) performed well over the weekend. After dipping below $19,000 at the beginning of last week, BTC had a steady 7.3% recovery over the remaining days and trades for $21,792 by press time. As for ETH, it shot up 10.9% over the week and is currently worth $1,730. Meanwhile, several so-called “Ethereum killers” including Cardano (ADA), Solana (SOL), Avalanche (Avax) and NEAR also enjoyed notable rallies. For the 24-hour gainers on Poloniex, they are ETHW/ USDT, KUB/ USDT, BULL/ USDT, FTT/ USDT, XPR/ TRX.
The last hurdle settled before the Ethereum Merge
Bellatrix was activated last Tuesday, to surmount the last major upgrade before the Ethereum Merge. Although Adrian Sutton, lead blockchain protocol engineer at ConsenSys, said that around 5% of the Beacon Chain’s validating nodes failed to update in time, no major issues happened on the network and the problems are likely to be quickly remedied. The Bellatrix upgrade is one of the two steps prior to the Merge which enables the Ethereum mainnet to fully integrate into the Beacon Chain, the Proof-of-Stake (PoS) consensus layer, which is set to make the network more secure, scalable, and sustainable. While the second phase, named Paris, is upon hitting a total difficulty value on the execution layer. Once the terminal total difficulty (TTD) is reached, mining on Ethereum will end completely, and ‘the Merge’ will take place, that’s why Bellatrix is branded as the last hurdle to completely shift the mechanism to Proof-of-Stake.
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Fortune, Cointelegraph, Blockworks, Crypto Briefing
FIFA to launch a new NFT platform ahead of the 2022 World Cup
As the 2022 World Cup draws near, the internal soccer governing body, FIFA, announced that its NFT platform, dubbed FIFA+ Collect, will be launched later this month to provide football fans around the world with the chance to affordably own unique digital collectibles. These collectibles range from the greatest game moments to the most iconic FIFA World Cup™ and FIFA Women’s World Cup™ art and imagery. FIFA+ Collect is powered by Algorand, which accepts multiple currencies and payment methods. Meanwhile, FIFA+ Collect will be available across all web and mobile devices and in English, French, and Spanish with several additional languages to follow.
Russia eyes on stablecoins to settle cross-border payments — Report
Russia is pondering whether to use stablecoin platforms for cross-border settlements, TASS, major Russian state-owned news agency, reported. The report quoted Deputy Finance Minister Alexey Moiseyev last Tuesday and revealed that Russia is working with several friendly countries on the creation of clearing platforms for cross-border settlements in stablecoins to avoid using dollars and euros. Earlier, the Finance Ministry and the Bank of Russia agreed that in the current conditions “it is impossible to do without cross-border settlements in cryptocurrency.” The Finance Ministry hopes to resolve issues related to cross-border payments in cryptocurrencies through the State Duma, Russia’s lower house of parliament.
New Listings on Poloniex
Here’s what we’ve listed recently:
New Coins
ETHS (ETH2)- ETH pair , USDT pair , USDD pair
ETHW (ETH1)- ETH pair , USDT pair , USDD pair
Futures
Polopedia
This week we have 3 Polopedia articles for you to check out👉
Wondering what to look for in a crypto currency exchange? We have come up with 5 tips to help you choose a credible cryptocurrency exchange, so check it out!
Crypto Glossary
The long-awaited Ethereum Merge is around the corner, so this week, we’re going to explain the term: PoS.
PoS stands for Proof of Stake, which is another class of consensus mechanism to select validators to add on blocks according to their stakings/ holdings. Penalty might happen if validators validate wrong or fraudulent data, but the shortcoming of PoS is that validators with large holdings can have excessive influence on transaction verification. PoS firstly introduced by Peercoin in 2012, since then TRON, Tezos, Polkadot and Algorand also use the mechanism.
What’s happening here at Poloniex?
This is what Poloniex’s week looked like
Highlights for the week
Campaigns
Our recap of ongoing campaigns that YOU can get involved in!
Exclusive Event for the Malaysian Community: Celebrate Malaysia Day and Win an Airdrop of 350 USDD
Exclusive Event for the Malaysian Community: Celebrate Malaysia Day and Win an Airdrop of 350 USDD
Celebrating the Third Anniversary of TOKENLON: Join to Share 3,000 LON (9/8–9/21)
Celebrating the Third Anniversary of TOKENLON: Join to Share 3,000 LON
FOOTBALL Perpetual Futures Is Now Live: Join & Grab $20,000! (9/6–9/21)
FOOTBALL Perpetual Futures Is Now Live: Join & Grab $20,000!
Poloniex Launches Zero-Fee USDD Trading (ONGOING)
Poloniex Launches Zero-Fee USDD Trading
Poloniex Feedback Bounty Program (ONGOING)
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The community megaphone📢
Highlights from the community
We were able to chat with some amazing people to discuss all things Web 3 in our Women in Web3 Twitter Space panel! If you missed it, you can check out the recording here.
We also had a Telegram AMA with our friends at Tokenlon.
And that about covers it for this week! Curious about our campaigns or upcoming events? Give us a shout in our Telegram channel-
Is there anything you’d want to see us cover in our newsletter? Make sure to comment on this Medium article! Just want to show your appreciation? Smash that clap button and give a round of applause👏
Thanks for spending some time with us as we went over what’s going on. And wherever you are, from the team here at Poloniex, good morning, good day, and good evening!
