Autor Cointelegraph By Ana Paula Pereira

UNI tokens delegation was a ‘misunderstood situation,’ according to Binance’s CZ

UNI tokens delegation was a ‘misunderstood situation,’ according to Binance’s CZ

Uverejnil používateľ | okt 20, 2022 |

The millions of UNI (UNI) tokens delegated by Binance were a “misunderstood situation,” said Binance CEO Changpeng “CZ” Zhao in a Twitter post, in response to questions about 13.2 million UNI tokens delegated on Oct. 18 that made Binance the second-largest entity by voting power in the Uniswap DAO.According to CZ, a UNI transfer between internal wallets caused the automatic delegation. He denie allegations about the crypto exchange using users’ tokens to vote. UNI transferred between internal Binance wallets, causing the UNI to be automatically delegated. This is part of their protocol, not “we intended”. Binance don’t vote with user’s tokens. Uniswap misunderstood the situation. Tokens come to popular platforms. #Binance https://t.co/KYPqFx5GrW— CZ Binance (@cz_binance) October 20, 2022In a statement to Cointelegraph, Binance stated:“Binance doesn’t vote with user’s tokens. In this case, there has been a misunderstanding of what has happened during the transfer of a large balance of UNI (around 4.6M) between wallets. We’re currently in discussions to improve the process to prevent any further misunderstandings happening again.”On Oct. 19, Hayden Adams, Uniswap’s CEO, stated that it was unclear how Binance intended to engage with Uniswap decisions and demanded explanations about the case, which he classified as a “very unique situation, as the UNI technically belongs to its users.”Yesterday @binance delegated 13M UNI from its books, making it one of the largest UNI delegates (this is only 1.3% of current delegated UNI so governance voting power remains quite distributed)Very unique situation, as the UNI technically belongs to its users. pic.twitter.com/bwsVb1IwKR— hayden.eth (@haydenzadams) October 19, 2022

Tokens delegated in the transaction represented 5.9% of the voting power in the governance forum, positioning Binance’s voting power behind the venture firm Andreessen Horowitz, according to the on-chain list of delegates. The amount delegated represented 1.3% of the total supply of UNI — a percentage that allows Binance to propose governance votes, as the threshold is settled at 0.25%. The exchange won’t be able to pass votes on its own, however, due to a 4% quorum requirement. Earlier this month, Uniswap disclosed a $165 million Series B funding round led by Polychain Capital with additional existing investors to expand its existing product offerings and improve user experience. The company also intends to launch nonfungible tokens (NFTs) projects in the future. The decentralized exchange became prominent during the DeFi hype in 2020. The cumulative trade volume of Uniswap surpassed $100 billion for the first time in February 2021.

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Binance delegates 13.2M UNI tokens, becoming Uniswap DAO's second largest vote-holder

Binance delegates 13.2M UNI tokens, becoming Uniswap DAO's second largest vote-holder

Uverejnil používateľ | okt 19, 2022 |

Crypto exchange Binance is now the second-largest entity by voting power in the Uniswap DAO, sitting just behind the venture firm Andreessen Horowitz, or a16z, according to the on-chain list of delegates. On Oct. 18, Binance delegated 13.2 million UNI tokens from its own books, which represents 5.9% of the voting power — a percentage of tokens delegated to the exchange. Compared to the total supply of UNI, the amount delegated represents 1.3%. The move will allow Binance to propose governance votes, as it exceeds a threshold of 0.25%, but it’s still below the 4% quorum requirement to pass votes. A recent governance vote reduced the threshold for proposing votes.On Twitter, Uniswap’s CEO, Hayden Adams, labeled the change as a “very unique situation, as the UNI technically belongs to its users.”Yesterday @binance delegated 13M UNI from its books, making it one of the largest UNI delegates (this is only 1.3% of current delegated UNI so governance voting power remains quite distributed)Very unique situation, as the UNI technically belongs to its users. pic.twitter.com/bwsVb1IwKR— hayden.eth (@haydenzadams) October 19, 2022Adams also claimed that it’s unclear how Binance intends to engage with Uniswap decisions, stating that “Binance users would prob prefer to keep these gov rights (similar to what compound has done with cUNI).”Adams also called on Binance CEO Changpeng Zhao, or “CZ”, to speak about the company’s plans “in the spirit of transparency.” CZ did not respond to Adams’s questions or other users’ inquiries at the time of publication.Would love to learn how y’all are thinking about this @cz_binance?— Spencer Noon (@spencernoon) October 19, 2022

Uniswap disclosed on Oct. 13 a $165 million Series B funding round led by Polychain Capital with additional existing investors, including Andreessen Horowitz, Paradigm, Variant and SV Angel. According to the company, the funding will be used to expand its existing product offerings and improve user experience through new web applications, developer tools and a shift toward mobile. The company also intends to launch nonfungible tokens (NFTs) projects in the future. The decentralized exchange became prominent during the decentralized finance hype in 2020. The cumulative trade volume of Uniswap surpassed $100 billion for the first time in February 2021. The cumulative volume of the platform’s trading has grown to $1.2 trillion, according to its founder Hayden Adams.Cointelegraph reached out to Binance, but did not receive a response as of the time of publication.

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Nubank to launch loyalty tokens on the Polygon blockchain

Nubank to launch loyalty tokens on the Polygon blockchain

Uverejnil používateľ | okt 19, 2022 |

Nubank, a fintech bank in Brazil, announced  the creation of the Nucoin token on the Polygon blockchain on Oct. 19, paving the way for a rewards program for its 70 million clients across Latin America. The company said that the token will be available in the first half of 2023, and will recognize customer loyalty and engagement with the bank products without cost or fees for its users. The tokens can be redeemed for perks, discounts in selected products. Fernando Czapski, General Manager for Nucoin at Nubank, stated:”This project is another step ahead in our belief in the transformative potential of blockchain technology and to democratize it, even more, going beyond the purchase, sale and maintenance of cryptocurrencies in the Nu app.”As of this month, approximately 2,000 clients will be invited to participate in a discussion of the project details, including the decentralized process of product creation and its Web3 features. “We decided to bring a group of customers into this co-creation process precisely to refine our product ahead of the public launch, to ensure we get to a program that truly resonates with our customers’ expectations and needs,” noted Czapski.  “One of the largest digital banking institutions in the world, offering its own cryptocurrency is a strong testament to the utility blockchain and crypto have to offer,” said Sandeep Nailwal, co-founder of Polygon in a statement. In May, the bank announced a partnership with Paxos to allow its clients to buy, sell and store cryptocurrencies through its app, a moved the aimed to expand and improve access to crypto assets, eliminating complexity and friction for customers to buy, hold and sell digital currencies through the bank’s app, requiring no new account opening or transfer of funds.Earlier this year, Warren Buffett’s Berkshire Hathaway dumped a portion of its Visa and Mastercard holdings and increased exposure in Nubank, purchasing $1 billion worth of stocks, after selling $3.1 billion worth of Visa and Mastercard stock’s combined.

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Ethereum launches testnet for Shanghai upgrade: Here’s what is next

Ethereum launches testnet for Shanghai upgrade: Here’s what is next

Uverejnil používateľ | okt 18, 2022 |

Staked ETH withdrawal and lower gas fees are some of the developments expected with the next critical improvements for the Ethereum network, the Shanghai upgrade. The testnet version, dubbed Shandong, is now live.  Developers can now begin working on the implementations; a process expected to continue until September 2023. This is the first major update since Ethereum’s consensus switched to Proof-of-Stake (PoS) in September after the Mainnet and Beacon Chains merged.Moreover, the coming upgrade introduces an elemental change to Ethereum Virtual Machine (EVM), the technology that powers the network smart contracts. EIP-3540, or EVM object format, is one of the community’s most-anticipated updates since it separates coding from data, which could be beneficial for on-chain validators. Galen Moore, content lead at Axelar, told Cointelegraph about the proposal:”From my perspective, EIP 3540 is the most significant upgrade proposed for Shanghai. It’s a further step toward interoperability within the Ethereum ecosystem. Currently, Layer-2 networks on Ethereum use a cumbersome code validation process. EIP 3540 separates code and data, making that process more efficient. It’s especially good news for the growing ecosystem of Polygon Supernets — dAppchains built on Polygon Edge.”Another expected proposal is EIP-4895, which will allow staked ETH and earned rewards withdrawals via the Beacon Chain. In order to ensure network stability, validators with staked ETH currently cannot withdraw funds directly. Related: Does the Ethereum Merge offer a new destination for institutional investors?Among the proposals under consideration, the upgrade will also introduce changes to layer-2 protocols, reducing gas prices by equalizing block sizes and increasing calldata efficiency in the network. Moore also noted: “When specialized chains can build on a Layer-2 like Polygon and reduce the cost of communicating with the base chain Ethereum, that reduces gas prices for users everywhere in the ecosystem — by making it more efficient to scale horizontally in a way that spreads demand.”As previously reported by Cointelegraph, the Merge was the first step in this five-part process, which has since been elaborated upon by a number of Ethereum developers, ecosystem participants and commentators. The key change of the Merge is the drastic reduction in power consumption, reducing Ethereum’s energy usage by 99%. Additional steps to come include the Surge, an important step in increasing the scalability of the blockchain’s ability to store and access data, followed by the Verge, Purge and Splurge. The last three steps in Ethereum’s ongoing development and set to take place over the next few years.

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Ethereum solo validators that censor blocks should ‘be tolerated’ — Buterin

Ethereum solo validators that censor blocks should ‘be tolerated’ — Buterin

Uverejnil používateľ | okt 18, 2022 |

Ethereum co-founder Vitalik Buterin believes that solo validators that choose not to include certain transactions should “be tolerated” to stop the Ethereum community from becoming the “morality police.”Vitalik Buterin made the comment in reply to a Twitter poll from latetot.eth, discussing a hypothetical scenario whereby a validator censors a transaction that doesn’t align with their beliefs. The thread, published on Oct. 17, asked what should happen if a solo validator, in a country at war with another, decides not to process a block because it includes donations to the opposing military force. I’m a solo home validator in Country A. We are at war w Country B, and I decide that I’m not going to include donations to their military when it’s my turn to make a block. This validator should:— latetot.eth (@latetot) October 16, 2022According to Ethereum’s co-founder, the answer for a censorship case should be aligned with the level of transgression.The post attracted notable attention, as Vitalik explained in the thread that any other answer would potentially lead to turning the Ethereum community into morality police: I would say “be tolerated”. Slashing or leaking or socially coordinated anything should only be considered for massive reorging of other people’s blocks, not making wrong choices about what to put in your own.Any other answer risks turning ETH community into morality police— vitalik.eth (@VitalikButerin) October 17, 2022

In Ethereum proof-of-stake (PoS), validators decide what transactions to include in their blocks if any. PoS is a modern consensus method that powers decentralized finance (DeFi) projects and cryptocurrencies.Validators are allowed to decide what transactions to include in a block. what we shouldnt do, is encourage staking services like Exchanges or Lido that are so huge and centralized that they can easily be coerced into cencoring by governments or other third party agents.— mao (@5t4rman) October 17, 2022

Also answering the thread, Martin Köppelmann, co-founder of Gnosis and a long-time Ethereum decentralized application developer, said he agreed with tolerating the validator in that situation while warning about how MEV-boost censorship rising in Ethereum following the Merge. For the record, in this specific poll, I would also vote for “tolerate”. But IMO the quick roll-out of MEV-boost in hindsight was a mistake and should have been done more diligently to prevent a situation where the content curation of 1 entity currently affects 52% of all blocks.— Martin Köppelmann (@koeppelmann) October 17, 2022

Although the thread discusses a hypothetical scenario, concerns about censorship in the Ethereum network surged last week, with 51% of Ethereum blocks being compliant with the United States Office of Foreign Assets Control (OFAC) standards as of Oct. 14, as MEV-Boost relays take over market share one month after the Merge. Related: Ripple wants to bring Ethereum smart contracts to the XRP LedgerMEV-Boost relays are centralized entities acting as trusted mediators between block producers and builders. All Ethereum PoS validators can outsource their block production to other builders. Due to Ethereum’s upgrade to a PoS consensus, MEV-Boost has been enabled to a more representative distribution of block proposers, rather than a small group of miners under proof-of-work (PoW).As noted in a recent opinion piece, Slava Demchuk, CEO and co-founder of AMLBot, the Ethereum upgrade could bring modifications in Anti-Money Laundering (AML) and Know Your Customer (KYC) practices in the crypto industry. He stated:“U.S. regulators are increasingly expressing concerns about the huge sums circulating in DeFi without any control. As the Ethereum blockchain serves as the primary chain for most tokens, its recent shift from PoW to PoS may be used as an argument for their attempts to influence (at least a part of) the decentralized market.”

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