In anticipation of the merger upgrade…Coinbase launches a digital code representing the Ethereum stake bonus
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Answer In anticipation of the merger upgrade…Coinbase launches a digital code representing the Ethereum stake bonus
Coinbase announced that it will give those who share Ethereum an ERC20 interest token called “Coinbase Wrapped Stacked ETH (cbETH)” as their Ethereum stake reward.
The main advantage here is that cbETH can be sold, transferred, and spent, as the tethered ETH is currently secured until the Shanghai protocol upgrade is completed.
cbETH tokens can be transferred to a wallet outside Coinbase and traded from there.
The cbETH launch comes ahead of the Ethereum consolidation, scheduled for next month.
Coinbase published a white paper on cbETH this month, listing some of the flaws in putting Ethereum as is, and to quote from the whitepaper:
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Unpredictability and lack of liquidity limit the willingness of Ethereum holders to participate, reducing the security of the network.
Worse still, the Ethereum stake cannot be used for anything else (such as collateral in DeFi), which makes the ETH token itself less useful.
Coinbase sees a few use cases for cbETH, including exiting restricted ETH positions, using the asset as collateral in the DeFi market, and transferring stacked Ethereum.
Coinbase hopes that this will increase the usefulness of the digital token and increase adoption among the protocols.
The Ethereum Foundation quadruples the bug bounty before merging upgrades:
In a blog post published on August 24, the Ethereum Foundation revealed that it was quadrupling the bug bounty prior to the merge.
The increase is valid from today until September 8, and the value of critical errors is up to $1 million.
So far, the Ethereum integration test changes have gone smoothly.
The merger will be a defining moment for Ethereum, and will take the network to its next stage.
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While the price of Ethereum may be quite below its all-time high, the development is expected to have an impact on it.
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Merge is closer than ever:
The merger should take place between September 10 and 20, according to a post by the Ethereum Foundation.
It’s been a long time coming, and the many smooth testnet integrations have backed investors and enthusiasts.
Ethereum bets have skyrocketed as the merger approaches, with an average of 36,000 ETH being added each week.
Currently, there is a lot of optimism surrounding Ethereum, with Ethereum dominating the crypto market increasing as well.
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