Why the ETH 2.0 merge is coming in June

Plus, former Disney CEO Bob Iger joins the metaverse

Inside.com Part of   Network March 15, 2022

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Those deeply entrenched in the Ethereum community are convinced that the ETH 2.0 merge will go down in June 2022. If you arent familiar or simply forgot, the ETH 2.0 merge will change Ethereum's consensus mechanism from its current status as proof-of-work to proof-of-stake. There is a lot to unpack regarding ETH 2.0, but the key points you should know are that it should: Reduce gas fees significantly; Improve transaction time; Reduce environmental impact.  Why June? SuperPhilz from the r/EthStaker subreddit gave five reliable indicators: The "difficulty bomb" planned for mid-June; The Ethereum Foundation's Danny Ryan says a delay in the bob isn't needed; Devs hate delays; The Kiln testnet is testing the merge; The merge readiness checklist is almost complete. Good to know info for Ethereum as an asset: The merge will cut daily ETH issuance 90% from 12,000 ETH to 1,280 ETH. Unlike miners who need to sell ETH to cover electricity costs, validators under 2.0 will have no such requirement.

The former CEO of Disney, Bob Iger, will join metaverse asset creation platform Genies' board. Iger said he is interested in companies building at the intersection between technology and creativity. He was specifically interested in Genies because he believes the ability for anyone to easily create and sell virtual goods will change the entertainment industry. More: Genies has raised $100M in funding and employs over 100 people. The company offers users tools for making virtual characters, clothing, and accessories backed by NFTs. Last year, Genies signed partnerships with Universal Music Group NV and Warner Music Group Corp. to bring on artists like Rihanna, Cardi B, Justin Bieber, and Migos as users. Iger served as Disney's CEO from 2005 to 2020 and led acquisitions of Pixar, Marvel, Lucasfilm, and 21st Century Fox.

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El Salvador's bitcoin-backed "volcano bonds" could launch as soon as this week. The bonds got their name from the Colchagua volcano, a key power generator for the country's bitcoin mining. The bond has become increasingly crucial for the country due to its mounting debt and minimal loan prospects. Predicting the demand for the bond offering is difficult because no details, regulatory framework, or prospectus have been released on it. The International Monetary Fund (IMF) has been urging El Salvador to remove bitcoin as a legal tender due to its volatility. The IMF believes El Salvador is on an "unsustainable path."  The IMF expects El Salvador's fiscal deficit to reach 5% of GDP in 2022. 3% of GDP is needed to get the debt to a sustainable level. They estimate that the country's public debt will rise to about 96% of GDP in 2026. In July 2021, rating agency Moody's downgraded the country's debt rating to CAA1 — at risk of default.

A $22M bet on Terra went down on Twitter. It began with a crypto whale, Sensei Algod, calling Luna a sham and the Bitconnect of the bull run. (TWEET) He claims the UST's 20% yield is propped up by nothing  He thinks once the UST APY goes down, demand will drop, and Luna will crash. Sensei Algod wanted someone to bet him that Luna's price would be lower a year from now than it is today. (TWEET) Luna/Terra founder Do Kwon decided to take him up on it for $1M. (TWEET) The two worked out the terms of the bet in real-time on Twitter. Each then sent $1M to another crypto whale, Cobie, to hold in escrow. Recap: If the Luna price on CoinGecko is over $88 on March 14, 2023, Do Kwon wins. If it's under, Sensei Algod wins.  But wait ... Crypto whale Gigantic Rebirth wants to bet another $10M against Luna (TWEET) Do Kwon decided to take the bet. (TWEET) ... and that's how $22M just got bet on Terra — all on Twitter. You can check the wallet on Etherscan here.

Web3 Tweet: Punk 6529, Sartoshi, and DCInvestor on CCO and NFTs.

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Trevor Grant is an entrepreneur, investor, and writer based out of Chicago, Illinois. His primary area of interest is web3 venture capital, social tokens, and infrastructure. Other pursuits include screenwriting, yoga, and traveling. He holds a BS in biomedical engineering.   Connect with him on Twitter @trevorisonline Editor Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford.

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