T-6 days till ETH merge, the FRAX Trinity & Solana using Facebook's MOVE Language 🎁

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DeFi Fridays

Sep 09, 2022

Welcome to the #26th edition of DeFi Fridays!

Access all the previous editions here.

101 today:

Major happenings in the ecosystem: Ethereum Bellatrix update, Solana’s new developments, and Frax going full DeFi!
A topic we explain: The difference between Ethereum PoS vs. PoW
This week's good reads: How to learn crypto, the legality of Tornado sanctions, and an interview with Vitalik

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A Topic we explain:

The difference between Ethereum PoS vs. PoW

The Ethereum merge is not even a week away now. After the 16th of September, the Ethereum blockchain will run on a Proof-of-Stake consensus mechanism. But how does this change the Ethereum ecosystem and the ETH coin?

Difference to ETH:

Fundamentally speaking, the ETH coin will remain the same as it is right now. However, the rate of issuing new Ether to the market will change. After the merge, the new coins' issuance rate will drop by 85-90% of the current rate.

The difference in consensus:

The miners need to solve complex cryptographic problems to mine new Ethereum. After the merge, just staking Ethereum would net the stakers a chance to be rewarded with a new block. No need for all those mining equipment!

Environmental impact:

The real change after the merge is reserved for the climate! A PoS blockchain doesn't require the massive mining farms that mine a PoW cryptocurrency. Heavy machinery used for mining means more power usage and more carbon emissions.

However, if the need for mining is revoked, a large chunk of this pollution will be history. And the official Ethereum statement suggests that after the shift to a PoS consensus mechanism, Ethereum will consume around 99.95% less energy than it currently does.

Post-merge Ethereum will only consume 1 part of the energy for every 2000 it uses now!

Just a week to go for all these changes to come to reality.

Major News in the Ecosystem:

🔰Ethereum’s last test-net upgrade, the Bellatrix upgrade was a success

terence.eth @terencechain

Bellatrix activated! 🎉 Next stop: the merge See you on the other side💫

🔰Smart contract developers will be able to use the ‘Move’ language on Solana

◢ SMS J◎e McCann 🎒 @joemccann

.@solana adding Move support. Probably a year away, maybe less, but exciting nonetheless.

github.comGitHub - solana-labs/move: Move fork for providing llvm ir supportMove fork for providing llvm ir support. Contribute to solana-labs/move development by creating an account on GitHub.

🔰Frax Finance is developing its own DeFi protocol and a new stablecoin $FRAX

Grills (¤,¤) @CryptoGrills

...And we're off!! Fraxlend is here and with it the #DeFi Trinity is complete. 🎉 - In-house stablecoin: $FRAX - Exchange: Fraxswap - Lending/borrowing market: Fraxlend Let the domination begin. 🌚 @fraxfinance $FXS $FPI $FPIS #lending #StableCoin t.me/fraxfinance/22…

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