 Preston Van Loon, core developer at Ethereum, said the network's move to proof of stake is likely to happen during the summer. The team postponed "The Merge" by about three months to avoid the "difficulty bomb," an element encoded on the blockchain that slows down the entire network. More: - Ethereum's move to proof of stake is likely to happen in August. Developer Van Loon spoke at the Permissionless conference in Florida and said: "As far as we know, if everything goes to plan, August — it just makes sense."
- The event is called "The Merge" because the Ethereum blockchain will merge with the proof-of-stake beacon chain.
- The merge will shift the network from mining for a chance to earn ETH to staking, where investors have a chance to deposit their ETH in exchange for rewards.
- The plan was to upgrade the network in May, but it got postponed to delay the "difficulty bomb" that will degrade or slow down the entire network.
- The difficulty bomb was introduced in the blockchain as a means to encourage developers to push forward with proof-of-stake protocols. Meanwhile, miners would stay behind on proof-of-chain after the merge.
- The merge is currently in a testing period so that developers would not have to defuse the difficulty bomb.
Decrypt 
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Bitcoin options expire on May 20, and if Bitcoin's price remains over $29,000, then only $160M worth of (put) sell options will be available, which might drive the price lower. More: - A right to sell bitcoin at $30,000 will become worthless if BTC trades above that level on Friday.
- There are three likely scenarios to take place today depending on the expiry price:
- If the BTC price remains between $28,000 and $29,000, then the net result will favor the bear instrument by $190M.
- If the BTC price remains between $29,000 and $30,000, then the net result will favor the bear instrument by $140M.
- If the BTC price remains between $30,000 and $32,000, then the net price favors the bear instrument by $60M.
- Bulls will have very little to gain in the short term and need to pressure the price below $29,000 to secure a $190M profit.
Cointelegraph
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 SEC Chairman Gary Gensler predicts more instability in the crypto markets. Gensler and Jay Clayton argue that crypto meets the legal definition of security; therefore, exchanges and tokens need to register with the SEC in order to protect investors. More: - The central bank hiked interest rates earlier this month, which accelerated the selloff period for both crypto and equities.
- TerraUSD, a stablecoin pegged to the dollar, dropped significantly, causing turmoil in the crypto industry.
- Gensler believes that investors need to be protected in the crypto sector and said, "I think a lot of these tokens will fail."
- Gensler's goal is to persuade trading platforms like Coinbase Global Inc to be regulated as exchanges, arguing that many assets they list meet the legal definition of a security. Crypto exchanges do not agree with Mr. Gensler.
- The SEC could use its authority to create the necessary exemptions, Gensler said: "There is a path forward that we're talking with these exchanges about both: to get the platforms registered and have a pathway for the tokens as well."
- The SEC chairman believes that crypto exchanges should move forward with being registered with the SEC or "we are going to bring enforcement actions."
- The agency is also hiring 20 additional investigators and lawyers for a unit dedicated to crypto and cybersecurity enforcement. Gensler thinks it's not enough and more staff members need to be added.
WSJ
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GeniusX, a Cardano-based accelerator, has more than $105M in ADA delegated toward its initial stake pool offering (ISPO). This makes it the biggest ISPO within the Cardano ecosystem. More: - Genius Yield completed its ISPO on May 10, which had over 14,500 delegators staking 250 million ADA across four official staking pools.
- Genius Yield is a Cardano-based DeFi protocol featuring a decentralized exchange with an order book.
- The network received significant support this month with over $105M ADA and four staking pools consisting of 14,000 participants.
- Investors will receive GENSX staked in four staking pools of the ISPO, including GENS1, GENS2, GENS3, and GENSX.
Cointelegraph
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 GameStop entered the NFT ecosystem amid the crypto market collapse, which has seen a 92% decline in sales and a drop in active wallets by 88%. The company is launching an NFT marketplace sometime in June. More: - The company will launch an NFT marketplace for in-game digital assets built on the Ethereum platform called the Immutable X.
- The rise in interest rates is causing investors to derisk their investments in NFTs and crypto.
- Despite the market uncertainty, GameStop is entering the NFT space with the following statement on Twitter: "What the internet did for communication, blockchains do for value. Now, global communities can connect, coordinate, and transact like never before."
Kotaku
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ATOM, the 27th-largest cryptocurrency with a market cap of $3.2B, jumped 12% in the past 24 hours, trading at $11.45 as Bitcoin and Ethereum start to recover. More: - ATOM had an all-time high of $44.70 and currently sits at $11.45, a drop of 74% overall.
- The token's trading volumes hover above $327M in 24 hours, up by 11% from yesterday.
- ATOM token is built upon the Cosmos blockchain network that consists of parallel blockchains, each powered by Byzantine Fault Tolerance (BTF) consensus.
- Developers can build their own blockchain on the Cosmos network, allowing them to interact with one another.
- Popular blockchains within the Cosmos ecosystem include Thorchain, Kadena, and Terra.
Decrypt
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | 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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