Ethereum Ropsten testnet planned for June 8 marks “huge milestone”

The Ropsten public testnet, a testing environment that is the closest replication of the Ethereum mainnet, is set to undergo its long awaited merge on June 8.

The merge will mimic Ethereum’s upcoming transition from using a proof-of-work consensus mechanism to a proof-of-stake one. This allows developers to test and finalise adjustments for Ethereum’s mainnet merge later this year.

Ethereum DevOps engineer Parathi Jayanathi submitted a pull request for the Ropsten...

A16z State of Crypto: “It is still early days for web3”

Andreessen Horowitz (a16z), a prominent venture capital firm investing heavily in the web3 sector, has published its first “State of Crypto” report exploring current trends in the market.

The overarching takeaway from the report is that web3 and the crypto market develop in cycles.

As prices climb, interest in the sector grows to the point where it can no longer be sustained. Following a (usually steep) falloff in prices, innovators develop new projects that revive...

Instagram to add NFT support in upcoming pilot

Instagram

Meta-owned Instagram is adding support for users to show off their non-fungible tokens (NFTs) from a number of the most popular blockchain networks.

In much the same vein as Twitter’s NFT integration late last year, users will be able to select their NFTs as display pictures, post their NFTs, and share them with their followers.

However, CoinDesk has confirmed that Instagram users will not be charged a fee for this service as Twitter originally did following its...

ETH2 sentiment grows bullish as Q2 consensus layer merge awaits

Ethereum metropolis hard fork

Excitement surrounding ETH2, a series of upgrades designed to improve the Ethereum blockchain, is building as the network prepares to transition from mining to staking.

Last week Ethereum developers successfully tested the long-awaited merge of the blockchain’s proof-of-work and proof-of-stake chains.

Ethereum currently runs on a proof-of-work mechanism, similar to Bitcoin, in which new transactions are verified by computers solving complex mathematical...

ConsenSys to hire 600 employees after £344m Series D doubles valuation

Web3 network

Ethereum software leader ConsenSys has doubled its valuation in less than four months following a $450 million (£344m) Series D round of funding.

Known for products such as MetaMask, CodeFi, and Infura, the New York-based start-up is charting an astronomical takeover of the Web3 ecosystem.

Back in January, MetaMask, a token wallet and exchange offered as a browser extension or mobile app, surpassed 30 million monthly users. Meanwhile, its Ethereum development platform,...

LUNA flips Ethereum for staked value after bullish recovery

Stake

Terra’s native token, LUNA, has flipped Ethereum to become the second-largest blockchain network in terms of staked value.

LUNA captures value for Terra’s stablecoin, UST, which functions as part of a network of decentralised finance protocols.

The coin has increased in value ten-fold over the past year as the popularity of the Terra network continues to grow, holding the position of seventh largest crypto by market cap as of March 7.

With 226,408 stakers...

Wormhole bridge suffers £235m loss to second biggest DeFi exploit ever

Wormhole

Wormhole, a cross-chain token bridge between Solana and other blockchains, has been hacked for £235 million in the second largest DeFi hack to date.

A token bridge is a DeFi protocol that allows users to send and receive crypto between blockchains without the need for a centralised exchange. Wormhole is one of the biggest bridges on the Solana network and is a key component of its ecosystem.

The exploit saw 120,000 Ether transacted from Wormhole to a private wallet...

ConsenSys raises $200m from HSBC and Third Point to fund Web3 vision

Fox - MetaMask / ConsenSys

ConsenSys, a leading Ethereum software company, has raised $200 million (£149m) from investors including HSBC and US hedge fund Third Point, bringing its valuation to $3.2 billion (£2.38bn).

The New York-based start-up provides a whole host of products and services for the decentralised Web3 ecosystem, most notably the app and web browser extension MetaMask.

MetaMask allows users to hold, send, and manage digital assets in a flexible wallet that can connect with other...

Open Rights Foundation unlocks 1.18 million ORE token community reward

An Open Rights Foundation image.

The Open Rights Foundation (ORE), in partnership with AllianceBlock, has initiated a one-month liquidity mining campaign, with a total of 1,180,000 ORE ($ORE) Tokens to be distributed over 30 days.

The ORE blockchain is built for decentralised identities, assets and rights. ORE works cross-chain with Ethereum, Algorand, EOS and more to connect Web 2.0 identities to Web 3.0 — with the aim of allowing everyone, everywhere to easily use blockchain technology. 

ORE is...

Alchemy valued at £2.5bn following Series C funding led by a16z

Cobweb

Alchemy, a leading infrastructure provider for blockchain and Web3 developers, has raised £183 million in its Series C funding round, bringing its valuation to £2.56 billion.

The round was led by venture capital firm a16z, with Lightspeed and Redpoint also joining as new investors. Existing investors Coatue, DFJ, and Pantera also participated with additional investment.

The company, which compares its role in blockchain and Web3 development to Amazon Web Services’...