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Ethereum, XRP, BTC and Litecoin deposits to be accepted on Binance.US from Sept 18



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The much awaited launch of Binance’s U.S. arm finally marks its beginning as Binance.US announces accepting user registration from 18 September. The news was made public through Binance.US’s official Twitter handle, which said,

“Prepare for Launch: http://Binance.US User Registration Opens Next Wednesday!

will open account registration & begin accepting deposits of BTC, ETH, XRP, BCH, LTC & USDT on Sept 18th, 2019, at 8am ET.

This kicks off our first phase!”

As per the official release, the initial registration phase will enable users to sign up and select the tier of verification based on their desired withdrawal limits. This will allow them to make deposits across the initial selection of digital assets consisting of BTC, ETH, XRP, BCH, LTC, and USDT.

Although Binance has not revealed any trading pairs, the release document also states that users will be notified “with an update detailing when trading will go live for specific pairs.” Additionally, it mentioned,

“After trading launches for this first phase, we will be continually adding to the selection of digital assets available for verified users to deposit and eventually trade on Binance.US”

Hinting towards future updates, Binance has said that the trading availability of the digital assets will be based on their U.S. specific “Digital Asset Risk Assessment Framework.”



ETH2.0 Deposit Contract successfully passes Formal Verification



The formal verification of the Ethereum 2.0 deposit contract has been passed successfully. Now Ethereum deposit contract is ready to go.

Ethereum 2.0 deposit contract is considered one of the most important smart contracts for the network and now it has successfully verified by Runtime Verification.

Deposit Contract is Ready to go

Ethereum 2.0 deposit contract has passed the last hurdle. Runtime Verification has successfully completed the formal verification of the ETH2.0 deposit contract.

Although we found several critical issues of the deposit contract during the formal verification process, some of which were due to subtle hidden Vyper compiler bugs, all of the issues of the deposit contract have been properly fixed in the latest version (v0.10.0).

Danny Ryan who is the Ethereum 2.0 coordinator says that this is the primary audit or verification and that formal verification was the last hurdle that Ethereum 2.0 has passed successfully.

He further elaborated:

This is the primary audit/verification. The contract and the formal verification work is now for public review.

I’ll be explicitly requesting review from some teams/individuals and will make a call out for it in my next blog post.

According to Trustnodes, no more audits have been planned for the deposit contract. However, there are two audits for the beacon chain that will take place in February.

Deposit contract is a gateway to join ETH2.0

The deposit contract will serve as a gateway to join Ethereum 2.0. In order to deposit contract, validators on the new Proof of Stake Beacon Chain are required to deposit some amount of ETH by sending a transaction over ETH 1 network.

These deposits will be locked on ETH 1.0 chain by the deposit contract that also holds the transaction history. The deposit history is efficiently stored with the help of the Merkle tree data structure.

Apart from this, A Twitter user reports that there are almost 22,000 active validators that are running the first ETH2.0 client on testnet.

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Ethereum supply getting more distributed with time: Report



Over the last decade, the digital assets industry has achieved enormous success; however, its reputation has often been weighed down by major lows. The hack of Mt. Gox was one of the first blows to the industry, raising serious concerns with respect to network security and asset protection.

When Mt.Gox was in operation, it handled over 70 percent of the total BTC transactions around the world. After the hack, the major takeaway from the disaster was that if an exchange becomes too dominant, it is important to keep track of its activity in order to eliminate the threat of being compromised.

Coinmetrics’ latest State of the Network report discussed and analyzed the amount of Bitcoin and Ethereum held by major exchanges around the world, in an attempt to answer whether any existing exchange is at risk at the moment.

The report tracked the supply of BTC and ETH, as well as a number of tokens flowing in and out of the sampled list of exchanges.

Source: Coinmetrics

It was observed that over the last 5 years, the amount of ETH held by some of the big exchanges did not consistently increase, unlike BTC. The chart above pictured an interesting observation according to which, the volume of ETH slumped significantly during the bull run of 2017 and the price burst throughout 2018. The levels have recovered since, however, they are not as high as they were between 2016 and 2017.

Over the last 5 years, ETH accumulated by various exchanges has differed over time. Kraken was the first major exchange where ETH became tradable, so it

acquired a huge volume of it early on. However, the levels dropped from 9 million in January 2017 to 3 million by January 2018.

Source: Coinmetric

However, the ETH exchange supply has become more distributed over the past five years. The Coin Metrics’ post read“As of January 2020, Huobi, Bitfinex, and Binance had 23%, 20%, and 15% of ETH supply, respectively.”

The report also analyzed the on-chain exchange supply of ETH when key events were recorded on certain exchanges.

Initially, Poloniex performed well in a largely unregulated market. The exchange handled significant altcoin trading between 2016 and 2017 but by the end of 2017, the exchange witnessed certain support issues and could not cope with an influx of new users.

Source: Coinmetrics

In February 2018, the exchange was acquired by Circle to improve its infrastructure. However, it adversely affected Poloniex’s ETH holdings. ETH held by the exchange slumped periodically after the acquisition and by November 2019, their on-chain supplies were at their lowest levels since January 2016.

Source: Coinmetrics

On the contrary, Huobi, one of the world’s largest exchanges, notably improved in terms of ETH supply. However, the spike in levels surfaced after reports suggested that the ETH coming out of the infamous PlusToken scam were sold in large quantities on Huobi. The post added“There has also been speculation that the PlusToken selloff may have been directly linked to the BTC rally and subsequent crash during the summer of 2019.”

The research concluded by claiming that over time, the ETH supply has been getting more distributed, something that is a positive sign for the digital asset ecosystem as general users are getting more aware of illicit activities involving various exchanges.

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Ethereum Classic’s ETC Cooperative gets extended support from Grayscale Investments



Grayscale Investments, a cryptocurrency asset management firm, has been making quite the headway in the crypto-market lately, with the firm announcing that the Grayscale Bitcoin Trust is now a Securities and Exchanges Commission [SEC] reporting company on 21 January 2020. With the news still fresh on the table, the asset management firm has made yet another move, this time around its with regard to Ethereum Classic.

According to a press release shared with AMBCrypto, Grayscale Investments will continue to fund ETC Cooperative, a non-profit organization dedicated to the development of the Ethereum Classic ecosystem, for another two years. The announcement read,

“The ETC Cooperative today announced that Grayscale Investments have extended their generous funding of the ETC Cooperative for a further two years, through until April 2022.”

The firm will be donating one-third of the management fees charged on its Ethereum Classic Trust, which is around 3 percent, to ETC Cooperative in order to bolster the Ethereum Classic ecosystem. Grayscale Investments has donated a total of $1118000 [over one million]

since 2017, with 2017’s donations being $372K, 2018’s being $408K, and 2019’s being $338K

“That regular source of income is critical to the ETC Cooperative. This extension of that financial support is a massive vote of confidence in the ETC Cooperative and in Grayscale’s belief in the huge promise of ETC”

Notably, Grayscale Investments CEO – Barry Silbert – is one of the board members of ETC Cooperative, and he is well-known in the crypto-space for his support of ETC. The firm has also been playing a key role in shaping the operations of ETC Cooperative since its launch.

The announcement also stated that the non-profit organization would witness a “position of sustainability and organizational independence” in the first quarter of 2020. It aims to achieve this on the back of streamlined governance, in-house bookkeeping, and “even greater organizational transparency

“ETC Cooperative recently filed its 990 form for 2018 with the IRS and a full-year transparency report for 2019 will be published by March 2020. This report will be significantly more detailed than the Mid-Year and End-of-Year transparency reports for 2018. Transparency reports will move to a quarterly cadence from that point onwards.

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