✈️Ethereum Gets Ready For Shanghai

Hello Nutty Family! 🥜 Hope everyone had a great weekend. Today we go through some really interesting news! Let us dive in!

Today we cover:

• Ethereum Gets Ready For Shanghai ✈️

• FTX's 1 Good Deed is Undone 💰

• Some other NEWS in a Nutshell 🥜

• Nutty Meme 🥜

Ethereum is going placesWith market going up pacesFTX's goodwill is non-existentIt is recieving funds blatant

Ethereum Gets Ready For Shanghai ✈️

We are not talking about China, lol. 🥸

We are referring to the latest update from ETH developers, which highlights the possibility of the Shanghai upgrade going live by March 2023, with public testing being available by the end of February 2023. 😯

What is the Shanghai upgrade? 🤔

Ethereum’s New Year's resolution is to become better every day. To achieve this, it regularly rolls out updates to its blockchain. Each update achieves something. 👏

Atleast someone is following their New Year Resolution! 🥹

This Shanghai upgrade is aimed at enabling people to withdraw ETH from staking. 😇

What is staking? 🤔

On September 15, 2022, Ethereum switched to the proof-of-stake model. Due to this upgrade, processing transactions no longer requires mining (proof of work), but rather staking. ⛏️

In order to become a validator (someone who processes transactions), people had to stake a minimum of 32 ETH ($42,368 according to current prices). 💰

However, this had a problem. People could not unstake their ETH. The blockchain did not have any system in place to do so. Until this Shanghai upgrade. 📦

How will this impact the market❓

The market has already seen an uptick in prices due to this news. 📈

People lacked the courage to stake ETH because doing so would have made their investment illiquid or frozen. Due to this, the percentage of ETH staked is significantly low compared to other chains. 😤

Ethereum - 13.79%Cosmos Hub - 62.5%Cardano - 71.8%Solana - 71.4%

It is mind-blowing right? Espicially since ETH is the second most valuable blockchain!

If it was some other ponzi chain we might have seen the market trending downwards with anticipation of ETH supply flowing into the market. (due to unstaking) ⛓️

But you see, some people trust Ethereum more than their siblings. 👬

Therefore, due to this update, people are expecting

More people stake ETH -> Lesser supply in market -> Price going up ✨

Any other coins or tokens benefiting from this news? 🤔

Yes, Lido and Rocket Pool. 🚀

You see, not everyone is rich enough to afford more than $40,000 for staking. As a result, Lido and Rocket Pool assist users with limited funds to stake ETH. 💸

They basically act as a platform for several investors to combine their investments and take advantage of staking. 🎯

Keep in mind that this is NOT financial advice, and markets are volatile.So please exercise caution and do research before investing in any coins or tokens mentioned above! ⛔

Along with this, deadlines can be changed without notice.

FTX's 1 Good Deed is Undone 💰

Sam only ever did one good thing in his entire life. Charity. 👀

However, it appears that even that will become undone. 🫠

FTX had donated $160 million to charity as of September 2022. 💰

The donations were made to biotech startups, universities working on the COVID vaccine, solar panels, and many more. 😯

With the fall of FTX and allegations that it was a Ponzi scheme, The donation recipients are either,

• Looking to return the donations, or 👐

• Awaiting legal clarity on whether they need to refund donations 🏦

Some of the refunds are,

• Machine learning-focused non-profit Alignment Research Center, announced that it would return $1.25 million 💸

• ProPublica, a non-profit media outlet, said it would return $1.6 million 💲

Nobody is interested in funding their goals with scam money.

However, there is a problem. Most of the donated money has already been spent. 🕳️

Along with this, political parties are refunding their donations as well. The amount that was donated to political parties is reportedly nearly $80 million!

So, what now?

According to reports, if FTX proves to be a ponzi scheme, the charities will need to refund the money according to bankruptcy law. 😢

Although a spokesperson for SBF claims the donations were made from trading profits, who trusts him any more? 😂

SBF’s trial is scheduled for October 2023. So everyone has quite some time to prepare for it. 🫡

What do you think? Should charities (except political parties) be required to refund all donations? Let us know! 👍

Some other NEWS in a Nutshell 🥜

• The Department of Justice announced seizure of Robinhood shares worth $55million.

• Logan Paul apologizes to Youtuber Coffezilla and cancels the defamation suit.

• The Big Daddy of Web3, DCG (Digital Currency Group) is under investigations by US regulators.

Nutty Meme 🥜