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- Ethereum Ropsten Test Complete
Welcome back to Decentra Daily, "Toto, I've got a feeling we're not in Kansas anymore." The Wizard of Eth (Vitalik) is our savior for today. Let's jump in.
Market sentiment analysis: Hallelujah! Finally a solid green day for Opensea daily volume, with a 25% inflow of Ethereum. This is positive news considering there has been more red in the streets than a Tomato fight in Valencia for the past month. This coinciding with a successful dress rehearsal for the Ethereum merge on the Ropsten testnet has the market feeling positive for the first time in a while. Compounding this is that Ethereum (and Bitcoin) are looking like they will continued to be considered commodities, and not securities by the U.S. government (bullish).
Estimated read time: 2 minutes
Ethereum testnet success
Flippers corner - what high ROI wallets are buying
Today is going to be short and sweet, for people with attention spans like mine.
Bohemian Ropsten-dy
Is this real life? Is it just fantasy? Caught in a crypto landslide, No escape from virtual reality, Open your eyes, Look up to the charts and see, I'm just a poor degen, I need no fiat currency, because I'm easy come, easy go, Little high, lots of lows, Any way that crypto goes doesn't really matter to meeeeeee.
Our lord and savior Vitalik has delivered today, with one of Ethereum's dress rehearsals for the mainnet merge completed.
The Ropsten test network is one of the Ethereum test networks. These test networks allow protocol developers and smart contract developers to test their work in a production like environment before they are deployed on mainnet.
These test networks are where Eth is starting to move from proof-of-work TO proof of stake. Proof-of-work consists of miners completing 'puzzles' by expending energy to create new blocks (increasing the supply of eth), and these miners take a transaction fee in the form of Eth. This process requires a lot of energy.
In proof-of-stake transactions are validated by those who contribute to the network. They do so by staking their Eth to validate new blocks to be created. Validators need to have 32 Eth staked to run a node.
You can set up your own node if you have 32 Eth, or you can contribute to a collective validator if you have less.
This all sounds quite complex, but the short of it is that Eth will be much more energy efficient. Soon your favorite brands and celebrities will be able to post about NFTs and Eth without getting crucified for destroying the environment.
Today marked the success of changing the Ropsten testnet to proof-of-stake. Eth has such complex code that it requires multiple tests to take place on the various testnets. But the fact that today was a success is a huge step forward.
Goerli and Seoplia are the next testnet merges, that are expected to happen in the next couple of months. If these are successful we could see Eth 2.0 in a few months!
Pouring one of for you today Vitalik!
Flippers Corner
We've been tracking high ROI wallets, here’s what they have been purchasing recently. We do not recommend buying these projects, DYOR, as you could likely be someone’s exit liquidity.
Here's what they're buying today:
Cops, Crooks and Femme Fatales, PFP project in the style of the cartoon Archer. We're guessing this one’s a quick flip. 0.008 ETH Floor
Mint pass for future releases from the Gallery of Digital Assets, a digital art curator. Guarantees access to all future drops. No guesses on where the price for this pass goes as it’s already expensive, but throw some offers out there. These folks deal with real art. Not literal pieces of poop which seem to be all the rage this week. 6.35 ETH Floor, Only 589 available.
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Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.