Ethereum is 26 days away from the biggest update of the year, and we may also have big airdrop news, polygon news, and coin news files in its history. Stick around until the end, because I have some shocking revelations coming from the Federal Reserve.
But first, our old buddy Ethereum is just one step away from users finally being able to unstake the damn coins and withdraw Ethereum should they choose to do so, and also, most importantly, to claim their taking rewards, the Ethereum developers have completed the Shanghai upgrade on the Goily testnet, which is the Network’s final testnet to be upgraded.
Of course, the next step in this scenario is to push the live update to the Ethereum mainnet for everyone to use and ban, but this final test net upgrade did come with a few unexpected hiccups. The developers said that the processing of deposits wasn’t going as they had hoped and expected, and by the way it did what happened.
Why do we test nets? So we can find these things out before we risk billions and billions of dollars in value. Anyway, this is all due to multiple test net validators not upgrading their client software in time. Ethereum core developer Tim Baiko came out and said one challenge with test net validators is that given the eth is worthless, there’s a lot less incentive to actually run a validator and monitor it, so that’s a problem.
He expects validators to carry out the proper preparations ahead of the actual main net launch where all the monetary value is sitting, and we now have a target for the Shanghai upgrade of April 12th that’s just 26 days away.
Man, when the Shanghai upgrade finally does get rolled out to the main net, it may take a little bit of time for the rest of the Ethereum ecosystem to actually start catching up to that and, of course, to implement the feature into their services.
For example, Lido, which is one of the biggest staking protocols for Ethereum, announced their plan to launch the staked withdrawals feature sometime in May due to the Ongoing validation of its V2 platform Lydo has spent a total of $1.2 million on seven different validations of its platform to resolve issues or vulnerabilities with the performance before that upgrade comes.
Obviously, this is very important because Lido has so much money locked up in their platform. Now that they’ve spent so much money, they’re not going to let the Shanghai upgrade come in between their plans, so it’s going to come in May at some point if you’re using the light of staking service.
Now it’s exciting to be on the precipice of such a big event for ethereum, only 26 days away it’s game changing the biggest upgrade for ethereum, this year next arbitrum has announced a token airdrop, finally ethereum’s layer 2 arbitrum finally getting the token coming out for people it’s called ARB and the new token will be airdropped out to community members on March 23rd.
Now the airdrop launch will mark the arbitrum’s official transition to being a decentralised autonomous organisation, or Dao, which means that ARB holders will be able to vote on key decisions across the arbitrum, including the arbitrum at Nova Networks.
The transition to Dow status is actually going to take control away from arbitrageurs and off-chain labs, and they’re totally fine with this process. The off-chain lab CEO has come out and said that for me, the most exciting part is the decentralisation.
The fact that off-chain Labs will no longer have any control over the future of the arbitrum chain means that they will be a service provider, and if the Dow calls on us to build software for it, then we can do that. It’s pretty cool to see the CEO thinking about decentralisation.
What’s best for the community? The snapshot has already been done, so that happened in February to decide who’s going to get the airdrop. So it’s going to depend on a lot of different factors, as well as the number of transactions you did, how many apps you used, etc. how long you’ve been using the arbitrum network for all these different things, now you can find out if you made the cut by going over to arbitrum dot foundation.
I hope you got this airdrop; I do, and I hope it’s worth a lot of money for you. Now let’s talk about the big news for file coin: the network just launched smart contracts, so file coin has successfully launched its virtual machine.
Now the upgrade unlocks a lot more utility for file coins, such as perpetual storage financial services for mine owners, and allows for developers to actually then run applications from the Ethereum ecosystem on top of the file coin network, obviously great for compatibility issues.
According to the developers, there is already huge demand coming in from different crypto projects in different companies that want to integrate into the file coin network. Because it is a popular network, we already have confirmed integrations, including anchor axelar, brave, seller Ocean Sushi Swap, and Teller, all of whom are bringing in the new virtual machine enabled services to users.
Now the virtual machine launch also kicks off the final step for file coin’s masterplan, which is to basically bring large-scale computation and the ability to power web-scale applications to the world’s largest decentralised storage network. All very cool stuff; good work, file coin.
Now let’s talk about polygons and polyamory. It’s the one polygon is the king of partnerships, and they just keep adding more the network has added a few new interesting partners, here, so polygon Labs partnered up with Unstoppable Domains to bring customizable domains to the network.
Users can also now create polygon domains so dot polygon domains to be able to log into web3 applications to make use of a simple wallet address and to create decentralised websites using that polygon domain name.
The service is going to be available to run 180 million users and 40 000 services across the entire polygon ecosystem, and the polygon domains are going to be compatible with about 750 applications, games, and metaverse platforms in other polygons. Software-as-a-Service giant SalesForce has launched a new NFT management platform called Salesforce Web 3.
The platform will help clients to create token-based loyalty programs, most of which are going to use ethereum and our buddy polygon, the launch comes off the back of a pilot program of 257000 transactions with Salesforce clients such as, Barbie Hot Wheels with a whiskey brand Crown Royal and the clothing brand scotch and soda.
Now the general manager of web3 over at Salesforce has said, the power is in the digital wallet, the crypto wallet becomes really powerful. So I can directly engage with a customer and have access to that first party data lot of Our Brands want to pay the gas fees for the end consumer.
They don’t want the consumer to even understand that there are gas fees involved or need to know, what that is this shows that the key to onboarding new users into web 3, is basically by making it, so seamless that they don’t even realize they reusing blockchain technology and when you’re using a network like polygon where, the fees are fractional of ascent that’s possible.
Now the big fed news, the fed this week has injected 300 billion freaking dollars of liquidity into the financial system to avoid, of course a major crisis and big contagion across the banking sector this is effectively erased half of their year-long tightening efforts in just one week and as Gert points out,
Here this massive move by the FED feels very reminiscent of the post-covid money flood and that money flood, if you were here if you remember kicked off an insane rally for risk assets like, tech stocks and cryptocurrencies.
I’m not saying, history is going to repeat but, that sure is a note worthy comparison isn’t it remember markets rise on increasing liquidity and right now, almost every major economy is injecting money China Japan the USA Switzerland and others it’s QE Infinity.