Shanghai
Ethereum’s Shanghai upgrade could supercharge liquid staking derivatives — Here’s how
The crypto market witnessed the DeFi summer of 2020, where decentralized finance applications like Compound and Uniswap turned Ether (ETH) and Bitcoin (BTC) into yield-bearing assets via yield farming and liquidity mining rewards. The price of Ether nearly doubled to $490 as the total liquidity across DeFi protocols quickly surged to $10 billion. Toward the end of 2020 and early 2021, the COVID-19-induced quantitative easing across global markets was in full effect, causing a mega-bull run that lasted almost a year. During this time, Ether’s price increased nearly ten times to a peak above $4,800. After the euphoric bullish phase ended, a painful cool-down journey was exacerbated by the UST-LUNA crash which began in early 2022. This took Ether’s price down to $800. A ray of hope eventually...
Ethereum developers target March 2023 for Shanghai hard fork
According to a discussion at the 151st Ethereum Core Developers Meeting on Dec. 8, core programmers have set a tentative deadline of March 2023 for Ethereum’s Shanghai hard fork. In addition, developers will aim for May or June 2023 to launch the Ethereum Improvement Protocol (EIP) 4844 upgrade that will introduce proto-danksharding to the network. Although the much-anticipated proof-of-stake Merge upgrade was completed on Sept. 15, staked Ether (stETH) is currently locked on the Ethereum Beacon Chain. The token is created by decentralized finance protocol Lido, with close to 3.5 million stETH ($4.48 billion) in circulation. After the Shanghai upgrade, stETH users can withdraw their funds along with any applicable staking rewards for validating network transactions. The Ethereu...
Shanghai included blockchain, NFTs and Web3 in its 5-year plan
China’s biggest city Shanghai officially intends to boost the development of innovations such as blockchain, nonfungible tokens (NFTs), metaverse and Web3 in general during its next five-year plan. On July 13, Shanghai’s Municipal Government published the draft of its “14th Five-Year Plan for the Development of Shanghai’s Digital Economy”. A document sets the mission of “promoting the deep integration of digital technology and the real economy,” with “scientists judging technology prospects” and “entrepreneurs discovering market demand”. The plan suggests supporting the enterprises that plan to construct the NFT trading platforms and “research and promote the digitization of NFT and other assets.” A separat...
Hundreds of NFTs listed on OpenSea from Shanghai residents during COVID lockdown
The city of Shanghai has been in a month-long mandated quarantine, which confines its 25 million residents to their homes. Initially, the latest COVID-19 outbreak began in March of this year and developed into the worst infection zone since the beginning of the pandemic. As the virus infected hundreds of thousands of people, the extremely restrictive lockdown prevented residents from leaving their homes for weeks on end. In addition to the spike in infections, the lockdown prevented people from obtaining food and medical treatment, and introduced other austerities. This led to frustrated citizens taking to the internet for solidarity and venting. However, government authorities have been reportedly censoring videos that surfaced on the internet showing scenes of confinement within Sh...
Shanghai includes metaverse in its development plan
Shanghai, China’s most crowded city, is looking for ways to use a metaverse in public services over the next five years. Shanghai Municipal Commission of Economy and Information Technology’s five-year development plan for the electronic information industry listed four frontiers for exploration, and one of them is the metaverse. According to a CNBC report, the paper called for promoting the metaverse’s use in public services, business offices, social leisure, industrial manufacturing, production safety and electronic games. The commission plans to encourage further study and development of underlying technologies, such as sensors, real-time interactions and blockchain technology. China’s interest in new technology has been unwavering in recent years, and its efforts to establish ...
WSJ: China’s Ant Group plans revamp amid regulator pressure
China’s Ant Group Co Ltd is planning to refashion itself as a financial holding company under the supervision of China’s central bank in the face of regulatory pressure, the Wall Street Journal reported on Wednesday. The fintech affiliate of Alibaba Group Holding Ltd has submitted an outline of a restructuring plan, which could be finalised before China goes into the week-long lunar new year holiday in mid-February, the Wall Street Journal said, citing sources. Chinese regulators had asked Ant to consider folding up most of its financial businesses into a holding company that would be subject to more stringent capital requirements, two sources told Reuters in December. The country’s central bank, People’s Bank of China, has said Ant controls a range of financial institutions, including sec...
Oil prices slide in lockdown-driven rout
Oil prices dived Thursday on demand fears as more nations go into lockdown to staunch the spread of the coronavirus, while stock prices attempted a modest rebound. Both main oil contracts fell five percent for part of the day before clawing back some of their losses, extending this week’s meltdown to plumb four-month lows on virus-driven demand fears. “The new lockdowns have since yesterday caused a carnage in the oil market,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. “Oil demand will lose ground as a result of the new lockdowns… Prices now naturally decline on this grim prospect,” he added. The drop in oil prices will increase the pain on oil companies. Exxon Mobil announced Thursday it was eliminating 1,900 US jobs as part of a cost-cutting drive necessitated in part ...
Benue honours Super Falcons star Francisca Ordega
Benue State government has bestowed its honour on her illustrious daughter, Super Falcons star, Francisca Ordega. Ordega was honoured as the Most Outstanding Female Footballer in the state. The award was organised by Benue Coalition for Good governance. Congratulations to me… I am honored for being recognized by my people of Benue state…as the Most Outstanding Female Footballer in Benue State…The award was organized by Benue Coalition for Good governance..proudly Benue/Tiv..thanking you all🙏🏼🙏🏼 pic.twitter.com/hjsP6qIhaL — ordega francisca (@OrdegaF) August 24, 2020 Ordega is however overwhelmed with this honour as she stated on her twitter handle: ‘Proudly Benue/Tiv..thanking you all🙏🏼🙏🏼’ Ordega has been forced to postpone he...
China achieves progress in battle against cyber crimes – report
China said it has made headway in cracking down on illegal online businesses, said a report on the country’s cybersecurity in 2019. The post China achieves progress in battle against cyber crimes – report appeared first on TODAY. You Deserve to Make Money Even When you are looking for Dates Online. So we reimagined what a dating should be. It begins with giving you back power. Get to meet Beautiful people, chat and make money in the process. Earn rewards by chatting, sharing photos, blogging and help give users back their fair share of Internet revenue.
Ethiopian Airlines cargo plane catches fire at Shanghai airport, no casualties
An Ethiopian Airlines’ Boeing 777 cargo plane caught fire while loading cargo at Shanghai Pudong International Airport on Wednesday, the airline said, adding that fire has been contained and none of the crew or ground staff were harmed. The cause of the incident was under investigation, Ethiopian Airlines said in a Facebook post. The aircraft was on a regular scheduled cargo service from Shanghai to Sao Paulo-Santiago, it added. Pictures and videos circulating on Chinese social media showed heavy smoke pouring from an Ethiopian aircraft, and a large section of the upper fuselage appeared scorched. After the fire broke, flights bound for Shanghai Pudong International Airport were diverted to Shanghai Hongqiao International Airport, said aviation data provider Variflight. Get more stories li...
China admits coronavirus exposed ‘shortcomings’ in healthcare system
The coronavirus outbreak exposed “shortcomings” in China’s public healthcare system, a top health official admitted Saturday, saying that reforms are underway to improve the country’s disease prevention and control mechanisms. China has faced criticism both at home and abroad for downplaying the virus and concealing information about the outbreak when it first emerged in the central city of Wuhan in December. The virus has since infected nearly four million people worldwide — claiming more than 270,000 lives — and crippled the global economy. Beijing has insisted it has always shared information with the World Health Organization and other countries in a timely manner. But on Saturday Li Bin, deputy director of China’s National Health Commission, made a rare admission when he said the heal...
U.S. warns Pacific islands about Chinese bid for undersea cable project
The United States has warned Pacific island nations about security threats posed by a Chinese company’s cut-price bid to build an undersea internet cable, two sources told Reuters, part of an international development project in the region. Huawei Marine, which was recently divested from Huawei Technologies Co Ltd and is now majority-owned by another Chinese firm, submitted bids along with French-headquartered Alcatel Submarine Networks (ASN), part of Finland’s Nokia, and Japan’s NEC, for the $72.6 million project backed by the World Bank and Asian Development Bank (ADB), the sources with direct knowledge of the project details said. The project is designed to improve communications to the island nations of Nauru, Federated States of Micronesia (FSM) and Kiribati. Washington sent a diploma...