[Lil Pudgys](https://pudgypenguins.com/) is a collection of 22,222 unique NFTs. They are cute hand-drawn baby penguins that stand as allies of the popular Pudgy Penguins fighting the evil bears of negativity. They are available on the Ethereum blockchain.

## Traits

The NFTs have nine different attributes that contribute to their rarity. They include background, skin, body, face, head, right flipper, left flipper, legendary, and Pudgy knight. Most of the Little Pudgys have five traits, while few have one. Those with a single trait are the rarest, which boosts their price.

## Genesis

The non-fungible tokens were launched as a second-tier collection. They came with some of the perks of the first-generation collection. 

Their holders, for example, receive exclusive access to experiences, events, and IP licensing opportunities.

During their launch, they were distributed in two ways; 13,334 were placed in a public sale, while 8,888 were freely claimable for all Pudgy Penguin holders on their official website.

## Latest news

On 25 January, 2023, it was announced via [Twitter](https://twitter.com/pudgypenguins/status/1618288231552004100?s=46&t=R1xJskoeI803EEIhyRn8OQ) that the Lil Pudgys NFTs are officially cross-chain. They can now travel seamlessly between [multiple chains](http://media.pudgypenguins.com/post/lilpudgys-crosschain) starting with Polygon, [BNB Smart chain](/news/article/bnb-chain-security-system), and Arbitrum. 

The three chains were selected due to their rapidly growing usage and exposure. There are plans to expand to more chains.

## Where to buy them

The non-fungible tokens can be bought on several NFT marketplaces, including OpenSea, Rarible, LooksRare, and their official marketplace. Their current floor price is 0.63ETH, according to [OpenSea](https://opensea.io/collection/lilpudgys).

Compared to their predecessors, the NFTs are pocket-friendly, pricewise. They enable anyone to enter the NFT space without breaking the bank.

## Ecosystem

The digital assets are a part of the expanding Pudgy Penguin ecosystem. The ecosystem also boasts toys, a children's book series, merchandise, apparel, Pudgy Rods, another NFT collection, and truePengu, a non-tradable token that categorizes each community member into a specific coveted class. There are three truePengu tokens, Ice truePengu, iridescent truePengu, and Gold truePengu.


pink image of lil pudgys nft collection penguins all on boats in the arctic

Lil Pudgys Explained

The global cryptocurrency market experienced [a broad sell-off on Friday](https://coingape.com/markets/), the first time since a mid-January wave heralding bearish news that could overshadow crypto's recent 2023 uptrend. As the cumulative crypto market appeared to crash, the Ethereum price today dropped by a whopping 7.87% to trade at $1,400.

In what appears to be partly the result of the market's reaction surrounding the future of US-based crypto banks, the entire crypto market lost at least $60 billion in the past 24 hours, standing at $930 billion at the time of writing. Pundits are pointing at the demise of the crypto-friendly [Silvergate Bank](/news/article/silvergate-on-verge-of-collapse) ([a gap BCB Group is trying to plug](https://news.monitalks.io/news/article/bcb-group-acts-to-close-silvergate-gap)), a hawkish FED, and possibilities of government sale of Silk Road-related Bitcoin as among the reasons investors might have engaged in panic selling.

## Ethereum loses $1,500 support level

Bitcoin, the world's largest digital asset by market capitalization, wasn't spared the bloodbath, suffering a liquidation of $120 million over the last 24 hours, having shed a massive 8%. As for the world's second-largest crypto by market cap, Ethereum price today lost the $1,500 support level, trading at $1,414 with a market capitalization of $173.05 billion. The data showing a 58.60 increase in trade volume indicates decreased investor interest.   

Several events in the last few weeks have been cited as enough reason for investors to get into panic mode. First, there's been a stronger-than-expected inflation report calling into question the US's recent assertion about an ongoing disinflation trend. The FED itself didn't make things easier by acknowledging the same, even as its chair, [Jerome Powell](https://www.federalreserve.gov/newsevents/testimony/powell20230307a.htm), informed Congress that the central bank had its work cut out if it was going to reverse inflation back to its 2% target.    

## A somber alarm bell for the crypto trading markets

Moreover, the collapse last Wednesday of crypto-friendly lender Silvergate Bank and the US Department of Justice [moving 49,000 Bitcoin](https://twitter.com/PeckShieldAlert/status/1633331891347820544) it seized from Darknet marketplace Silk Road to a new Bitcoin address pointed to a possibility that the government could sell its sizeable cryptocurrency stash. The combination of all these factors is a somber alarm bell for the crypto trading markets only one week after the market experienced [$200 million liquidation](https://www.coinglass.com/LiquidationData) in minutes. 

The declining ETH price happens as Ethereum's developers plan to launch the Goerli testnet on or around 14 March, a tryout for the much anticipated [Shanghai Upgrade](/news/article/eth-shanghai-upgrade-postponed) that was pushed to sometime in April.


red image of hands holding ethereum coin on red background

Ethereum Price Today: 7% Fall 

The much-awaited [ETH Shanghai hard fork](/news/article/ethereum-shanghai-upgrade) upgrade, initially scheduled for late March, has been postponed by around two weeks by the Ethereum developers.

According to the announcement made during an [Ethereum](/news/article/ethereum-price-in-uk) developer meeting on 2 March, the ETH [Shanghai upgrade](https://cointelegraph.com/explained/ethereum-shanghai-upgrade-explained) is expected to be released sometime in the first half of April. At the meeting, the core developers agreed that the hard fork would occur approximately two weeks after the Goerli testnet launch, scheduled for 14 March. The Goerli testnet will be the final rehearsal before implementing the hard fork on the mainnet.

According to Tim Beiko, the project coordinator and a core developer for Ethereum, it is customary to provide a minimum of two weeks' notice before implementing any changes to the mainnet.

Beiko explained that if the Goerli testnet launch proceeds smoothly and the developers agree to move on 16 March, the earliest the mainnet will be updated would be in the first week of April.

In a [Twitter thread](https://twitter.com/TimBeiko/status/1631372629721620480?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1631373281650708481%7Ctwgr%5E1dbeece3471db96040845174bce7b665f85d20d5%7Ctwcon%5Es2_&ref_url=https://cointelegraph.com/news/ethereum-core-developers-push-shanghai-upgrade-to-early-april) on 2 March, Beiko clarified that they still needed to set a specific date for the mainnet update. Still, they are likely to decide during the next developer meeting on 16 March, contingent on the success of the Goerli testnet.

## What is the Shanghai Capella upgrade, and why is it essential?

The Shanghai Capella upgrade, also known as Shapella, which will be deployed on Goerli, represents the final opportunity for Ethereum clients and staking providers to verify that the Shanghai hard fork will function seamlessly when it goes live on the mainnet.

The eagerly awaited mainnet upgrade in Shanghai will enable Ethereum staked on the Beacon Chain to be withdrawn in stages. To maintain the security and stability of the network, the withdrawal of ETH will be dynamic. It will depend on the number of validators exiting at any given time. Since validators must complete a two-stage process involving an exit queue and a withdrawal period, the withdrawal process will occur gradually over time.

Around 17.1 million ETH, worth roughly $28 billion, has been staked on the Beacon Chain since the launch of the Ethereum consensus layer in December 2020. And the ETH Shanghai upgrade is predicted to benefit liquid staking providers, such as Lido, by bringing in more collateral. These platforms provide increased flexibility and yield opportunities for staked ETH, which could result in a rise in collateral deposited on them after the upgrade.


green image of shanghai and ethereum logo

ETH Shanghai Upgrade Postponed 

Ethereum developers have finally made one of its [biggest announcements](https://twitter.com/terencechain/status/1630426604802555953) after its September 2022 Merge, a second Ethereum testnet, dubbed the Shapella Sepolia upgrade, that successfully simulated withdrawals of staked Ether (ETH).

The upgrade activated at epoch 56832 on 28 February, at 4:04 UTC and finalized at 4:17 UTC, brings the Ethereum blockchain closer to the envisaged Shanghai upgrade.

The [Shanghai upgrade](/news/article/ethereum-shanghai-upgrade), the network's first major development after '[The Merge](/news/article/ethereum-merge-date),' is Ethereum's final rite of passage toward becoming a fully functional Proof-of-stake (PoS) network. 

Scheduled for March 2023, this upgrade will enable validators and stakers to withdraw the rewards they earn from adding blocks or approving transactions to the Ethereum blockchain from the [Beacon Chain](https://ethereum.org/en/upgrades/beacon-chain/). 

## One more Ethereum testnet scheduled

The ‘Ethereum Improvement Proposal’ (EIP-4895) explains the finer details of the process that will be involved to allow validators to withdraw ETH tokens staked as far back as the December 2020 launch of the Beacon Chain. Moreover, besides [EIP-4895](https://eips.ethereum.org/EIPS/eip-4895), the Shanghai fork has a [few other EIPs](https://github.com/ethereum/execution-specs/blob/master/network-upgrades/mainnet-upgrades/shanghai.md) that aim to reduce gas charges for Ethereum developers. 

According to the announcement, the developers have one more Ethereum testnet scheduled, Goerli, before the highly anticipated upgrade goes live. The Shapella Sepolia test was designed to simulate the type of withdrawals on the Ethereum blockchain Mainnet. 

Sepolia, the second and smallest Ethereum testnet among all the three planned due to the number of validators who participated, makes it the least important. That's because, unlike the Zhejiang testnet, undertaken earlier in February, it was reserved for only the Ethereum core developers. Goerli, expected in the coming weeks, would be the final tryout before the blockchain's Mainnet can successfully process staked ETH withdrawals.

## A bullish or bearish impact on the market?

Goerli is the most anticipated Ethereum testnet, seeing that it will be the biggest of the three and will most closely impersonate the blockchain's activity. Projected to occur around 21 March, this will likely push the Mainnet Shanghai Upgrade into sometime in April.

Once the Upgrade goes live, approximately [16 million staked ETH](https://beaconcha.in/) tokens will be available for withdrawal. With the withdrawal of staked ETH successfully simulated on the Zhejiang and Shapella Sepolia testnet and Goerli in the coming weeks, there’s high anticipation that as a new era of unlocked ETH begins, the Shanghai upgrade could trigger a selling wave and have a bullish or bearish impact on the market.


Second Ethereum Testnet Successful 

Ethereum PoW, or ETHW, is a hard fork of the Ethereum blockchain with "The Merge". But what is the prediction for the native token's price?

[Ethereum](/news/article/ethereum-price-in-uk) is a leading blockchain platform widely known for its native ether (ETH), the second-largest cryptocurrency in the market. It is a key player in the decentralised finance ([DeFi](/news/article/what-is-a-defi-token)) space, enabling users to create decentralised applications (DApps) with native tokens.

It was founded in 2013 by Vitalik Buterin, who pioneered smart contracts computer programs that automatically execute when certain conditions are met. These smart contracts have been beneficial for the Ethereum platform and have been adopted by many other blockchains. 

It previously operated on a Proof-of-Work (PoW) consensus mechanism, similar to [Bitcoin](/news/article/bitcoin-bull-or-bubble-debate). This relies on miners to solve complex mathematical equations to add blocks to the blockchain, earning rewards in return.

## Problems that led to the birth of Ethereum PoW(ETHW)

The PoW consensus mechanism used by [Ethereum](/news/article/why-is-ethereum-going-down) had two main drawbacks.

First, it required a vast amount of computing power, making it both costly and not very eco-friendly.

Second, the mechanism resulted in slower transaction speeds, leading to higher transaction costs, known as gas fees. Bitcoin did not face this issue as it only performs one function. With Ethereum's multiple functions, transactions on the blockchain were slower.

## The birth of Ethereum PoW (ETHW)

To address the challenges of PoW, Ethereum decided to adopt a Proof-of-Stake (PoS) consensus mechanism. Under this system, individuals are chosen to add blocks to the blockchain based on the amount of the native token they hold, in this case, Ether (ETH). This new mechanism requires less electricity, making it more environmentally friendly and appealing to investors. Additionally, it results in faster transactions and lower gas fees.

In December 2020, Ethereum announced that it would be transitioning to a PoS consensus mechanism, known as "[The Merge](/news/article/the-merge-ethereum-nft-impact)", which took place on 15 September, 2022. However, this transition harmed the blockchain's miners, as they were no longer needed and lost their supplemental income.

As a result, a group of anonymous miners established a version of Ethereum based on the original pre-Merge blockchain. This version is called Ethereum Proof-of-Work (ETH PoW). It allows people to continue earning rewards by adding blocks to the blockchain traditionally while utilising the same features as the original Ethereum. The mainnet of this Ethereum fork came online on 15 September, 2022, following The Merge.

Like any blockchain, Ethereum PoW has a native coin. ETHW is used to pay miners and can be bought, sold, or traded on cryptocurrency exchanges.

## ETHW price history

Ethereum Proof-of-Work (ETHW) was officially launched on 15 September, 2022, and reached an all-time high of $141.36 on CoinMarketCap on 8 August, 2022. The value dropped to below $100 the following day. The prices continued to decline over the next few weeks, and by the end of the month, the value of ETHW was $49.58.

As the Merge approached, the ETHW price peaked at $63.29 on 3 September, but fell to a low of $27.03 on 9 September. 

After the launch, there was some growth, and the coin reached a post-Merge high of $14.42 on 16 September. However, it faced a replay message attack which caused the price to drop to a post-Merge low of $4.22 on 19 September. The coin recovered and reached $13.78 on 24 September. It remained above $10 for the next week but fell again, reaching a low of $6.59 on 13 October before recovering to $7.66 the next day.

The collapse of the [FTX](/news/article/is-crypto-dead) exchange into bankruptcy had a negative impact on the market and ETHW, as the coin reached an all-time low of $3.13 on 22 November, with a small attempt at recovery in the following week. On 1 December, 2022, it was trading at $3.60 with a market cap of around $387.5 million, making it the 79th largest cryptocurrency.

## Ethereum PoW current price

As of the time of writing, Ethereum PoW is trading at USD 3.95 with a 24-hour trading volume of $1,83,52,256. 

Ethereum PoW is down 4.54% in the last 24 hours. It is ranked 83 on the CoinMarketCap with a market cap of $42,55,57,593, with a circulating supply of 10,78,18,999 ETHW coins.

## Ethereum PoW price prediction

Ethereum PoW price prediction by [DigitalCoinPrice](https://digitalcoinprice.com/forecast/ethereum-pow) suggests that the coin price could reach $9.05 in the current year and $10.69 the following year. The site predicts that by 2025, ETHW could be worth $14.81 before rising to $18.53 in 2027 and $22.51 in 2028. It also suggests that the coin could close the decade at $30.66, and in 2030 it predicts that it could trade at $42.71, with the potential to reach $59.23 in 2031.

[WalletInvestor's](https://walletinvestor.com/forecast/ethereumpow-prediction-data) Ethereum PoW price prediction for 2023 suggests it could face a challenging year. The site predicts that the coin's value could drop to a low of $0.277 by the start of December 2023.

It is essential to remember that the cryptocurrency markets are volatile, making it challenging to predict the price of a coin or token in a short period and even in the long term. If you are considering investing in crypto, we recommend conducting thorough research. Analyse the current market trends, news, technical and fundamental analysis, and expert opinion before making investment choices.


Ethereum PoW Price Prediction 

The Ethereum Shanghai upgrade is around the corner, with the hard fork tentatively set for March this year.

The hard fork represents [Ethereum’s (ETH) next big upgrade](/news/article/london-hard-fork-ethereum) and is one that could potentially have a significant impact on Ethereum's price.

## Significance of the upgrade

Currently, about 14% of the entire ETH supply, or 16M tokens, which is equal to roughly $26.7B, is staked on the Beacon Chain. Following the hard fork, this substantial sum will become liquid. This means that stakers and validators can [withdraw their staked assets](/news/article/what-is-staking-crypto) from the Beacon Chain.

![eth.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/eth_80460521cf.png)
 
Source: [DefiLlama](https://defillama.com/chain/Ethereum)

To put this into perspective, some ETH stakers have been waiting for three years and more to claim their rewards. That said, will these investors withdraw all their assets immediately and sell them on the open market? We at Moni Talks believe this is unlikely.

We believe the Ethereum Shanghai upgrade may see increased investment into ETH staking. After all, the cryptocurrency is the leading Proof of Stake (PoS) blockchain and the second-largest crypto asset in terms of total market cap after Bitcoin (BTC) - just over $200B.

## Why investors should not be concerned

Decentralised finance (DeFi) has a total value locked (TVL) of $49.23B at the time of writing, of which Ethereum accounts for nearly 60%. Regardless of the crypto market situation, the number of ETH deposited over a period has continued to rise at a balanced rate, crossing 500,000 validators in January 2023.

With the current staking yield of about 5.45% annual percentage rate (ARP), rewards boosted by maximal extractable value (MEV) sitting close to 7%, and [deflationary tokenomics](/news/article/ethereum-price-live), we believe that a substantial inflow into ETH staking may take place upon the upgrade.

It is worth noting that several ETH stakers purchased the cryptocurrency at its peak (during the bull run when [prices were northwards of $4,000](/news/article/ethereum-whales-fuel-eth-bounce-back)). Given that the current price of the cryptocurrency is around $1,670, it is unlikely that stakers and validators will sell their investment for a loss (they may be left to sit for longer).

It is also worth noting that Ethereum stakers must part with 32 ETH to participate in the liquid staking programme. This is possible directly with the blockchain or through liquid staking protocols such as Rocket Pool and Lido Finance.


What the Ethereum Shanghai Upgrade Really Means

After a last-minute change of heart, it is a question challenging many in the last couple of months – just when is the Shibarium release date?

A series of delays towards the end of last year means that the release date for this eagerly awaited Ethereum scaling solution has remained a mystery. New evidence has shown that, finally, we may be moving closer toward the launch of this long-awaited 'layer 2 scaling solution'.

## ‘Layer 2 scaling solution'

Shibarium is a [layer 2 scaling solution](https://crypto.com/university/what-are-layer-2-scaling-solutions) built on top of the [Ethereum](/news/article/ethereum-merge) network. It is designed to facilitate the Shiba Inu ecosystem. In theory, this should provide thousands of users access to the myriad Ethereum-enabled applications.

Layer 2 solutions take advantage of the vast security and infrastructure benefits of layer 1 blockchains while ultimately providing cheaper and faster transactions. They achieve this by 'sitting on top' of layer 1s and using technical innovations like Roll-ups and Federated Side Chains to increase transaction times while reducing gas fees.

This helps to take pressure off a main chain while continuing to provide access to its benefits. Close association with Ethereum allows users of layer 2 scaling solutions like Shibarium access to the massive DeFi ecosystem on the world's second largest blockchain.

## Immediate benefit

What can we expect when the Shibarium release date is finally decided? It goes without question that Shibarium is one of the most highly anticipated projects to be launched in the Shiba Inu ecosystem. But just what will its launch mean in real terms?

Let's look at some of the immediate benefits.

Firstly, and most importantly, the successful launch of Shibarium will mean much lower transaction fees for those looking to develop applications on the platform. The high gas fees associated with the Ethereum blockchain are well documented. They are often a barrier to entry for those looking to get into crypto. Scaling solutions such as Shibarium promise to be much cheaper to use without losing the security benefits of the Ethereum blockchain. This is a massive draw for any developers looking to build.

Due to the [blockchain trilemma](https://academy.binance.com/en/articles/what-is-the-blockchain-trilemma), speed is often sacrificed at the expense of security. That means peak period transactions across Ethereum can slow to as little as 30 transactions per second. Because scaling solutions such as Shiberium do not access the main chain, transactions can reach into the thousands and provide much-needed scalability when it is needed the most.

This combination of cheaper and faster transactions is irresistible to developers looking to take advantage of Ethereum's stability and security. Indeed, the latest data shows that decentralised gaming application developers, such as those behind Shiba Eternity, are beginning to realise that this promising layer 2 solution provides everything they are looking for.

The successful rollout of Shibarium is sure to present more opportunities for the burning of the SHIB token, which will come as a great relief to holders of the coin. With 500 TRILLION tokens at its launch, many industry experts believe this high number is unfavourable to any future price gain. Consequently, Shibarium is expected to feature several burn mechanisms contributing to the drop in circulating supply.

With plans to launch a Metaverse project also in the pipeline, Shibarium is surely one of the projects to keep a close eye on in 2023.

The native token of the project, $BONE, has been democratically distributed by its anonymous creator Ryoshi. Like most other layer 2 solutions, node operators across the network will be rewarded in BONE for validating and processing transactions. With a circulating supply of 230 million tokens, BONE has every opportunity to be a highly tradable coin.

## Project release date - ‘close’

At the time of writing, the Shibarium release date is still unclear. However, as we are all aware, the world of crypto is unpredictable and anything can happen.

That said, the creators behind the project, Unification Foundation, are keen to get the ball rolling. An October 2022 [Twitter post](https://twitter.com/ShytoshiKusama/status/15869099) by Lead Developer Shytoshi Kusama highlighted the team's insistence on doing 'one thing at a time'.

As far as we can tell, the project has completed an internal alpha testnet phase before a public testnet phase which shows that the project release date is 'close'. It is thought that one of the key components of the project is the development of a secure and efficient wallet function. Getting this element correct is something that cannot be rushed.


blue image of shiba inu dogs smiling with shibarium shiba coin in centre

Shibarium Release Date Update

A prolific hacker famously known as the 'Blockchain Bandit' is believed to be on the move again after hacked crypto was moved.

Blockchain Bandit first gained popularity in 2015-16 after using a technique called "Ethercombing" to steal more than £70m in crypto from thousands of holders.

Six years after the infamous incident, the hacker has awakened. The huge amount of crypto hacked back then was moved from the Bandit's wallet last week.

This crypto hacking scandal was considered a programmatic theft because of the sheer amount of money involved. The hacker stole 51,000 ETH and 470 BTC, valued at £73 million today. The hacker is suspected to be moving his funds due to the recent rise in crypto prices.

The Blockchain Bandit got their name after successfully stealing ETH from thousands of holders with weak private keys using Ethercombing. The hacker's attempt emptied more than 10,000 wallets from holders worldwide.

In 2019, the [Blockchain Bandit gained 45,000 ETH](https://cointelegraph.com/news/blockchain-bandit-has-stolen-45-000-eth-by-guessing-weak-private-keys-report-claims) by simply guessing the weak private keys. The now infamous thief heavily relied on the process of being able to guess an address's public key if you are aware of the private key. The hacker seems to have come up with an automated system that helped him scan and identify these weak keys. He exploited this to no extent and was able to steal millions in funds from thousands of crypto holders.

![hacked.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/hacked_008b7d1142.png)
 
Chainanalysis came up with a diagram to portray the shifting of funds. However, they did not mention any specific targets. Chainanalysis advises crypto holders to use well-known and reliable wallets to do transactions and use hardware wallets to move large amounts of funds to avoid getting their crypto hacked.

## Why is the hacker on the move?

After over half a decade of inactivity, the hacker's wallet was seen to be active as he was moving the crypto hacked previously. Crypto experts believe this sudden activity and the moving of funds is due to the recent hike in crypto prices.

The hacker is suspected of moving millions in stolen funds to a more secure location. There have been no updates since his last activity, but his moves are being heavily monitored.

The news comes only days after the [FTX reported more than £342m in stolen funds through hacking](/news/article/ftx-us-reports-415-million-hacked).


red image of hacker stealing crypto with bitcoins falling

Crypto Hacked: Blockchain Bandit Active Again

Dai is a crypto based on the Ethereum network. Its main defining feature is the fact that it's a stablecoin.

Dai works alongside MakerDAO, and the Maker Protocol, to ensure the stability of its coins is maintained throughout its existence.

Maker Protocol is open-source software, which, due to its nature, is accessible by anyone. It sits on the Ethereum network seamlessly, allowing Dai to carry out its operations to remain a stable crypto coin.

## How do stablecoins work?

Stablecoins are extremely popular in the crypto world, as they provide stability and regularity in the heavily volatile crypto world. In simple terms, [stablecoins](/news/article/what-are-stablecoins) are cryptocurrencies that match the US dollar in value. Essentially, its exchange rate with the USD will always remain 1:1 - if things are going well, that is!

This means that even if the crypto market is falling, a stablecoin, like Dai, will stay at the same ratio as the dollar. In fact, there are several reasons why you might want to hold on to a stablecoin instead of US dollars in fiat:

•	A stablecoin is less likely to be affected by inflation when the government prints too much fiat currency.

•	Stablecoins, like Dai, provide a borderless and international mode of payment that seamlessly transfers anywhere in the world in minutes.

•	The cost of transactions with these stablecoins is lower, too, with most options only requiring some cents per transaction.

## Types of stablecoins

Why are these coins, including Dai crypto, able to match the US dollar's value and stay par with it? Well, there are multiple ways to achieve that feat - mainly three, to be specific.

## Algorithm-based stablecoins

With these coins, particular algorithms are set to allow the crypto to match the USD's value. These projects will consist mainly of two different tokens representing the same organization: one to deal with the market's volatility and the other to stay level with the dollar.

This is the slightly more uncommon route we see in the crypto industry regarding stablecoins, as the other two models follow are more popular. Both the following models are based on the concept of collateralization, so we'll delve a bit into that before we talk about the models themselves.

## Collateralization

You may have heard of the term "collateral". It is a common term and an important factor in obtaining loans. If you're not familiar with collateralization, [here’s](https://www.fe.training/free-resources/corporate-finance/collateralization/) a great source of information where you can learn about the topic in depth.

To put it briefly, collateralization is securing a loan by providing a valuable asset in return to the lender. The asset that's provided as security to the lender is called collateral. Dai's approach to being a stablecoin in the crypto industry also follows the collateralization route.

## Crypto-backed collateralization

In this case, users provide cryptocurrency as collateral to obtain that project's tokens. To get their crypto back from the platform, they need to return the exact amount of tokens they borrowed plus a processing fee.

If we're talking about Dai crypto, in particular, it makes use of Ethereum as crypto collateral. So, users keep Ethereum in the vault of MakerDAO as collateral to receive Dai tokens in return. And, when they're looking to retrieve their Ethereum, they need to pay the exact amount they loaned in Dai, plus a fee on top. This is how the platform maintains stability and consistently matches with the USD.

## Fiat-backed collateralization

This follows the procedure of the crypto-based method, but uses fiat instead of cryptocurrency as collateral. Users can provide any fiat currency as collateral to receive that platform's token and then vice versa when they need to return it. Tether USD or TUSD is a popular stablecoin that follows this strategy to stabilize itself.

## What makes Dai crypto unique?

A major factor that makes the Dai crypto unique is that it was one of the first projects to introduce the idea of decentralized finance or DeFi. Its usage of stablecoins and matching with the exact value of the dollar, but more liquid and accessible, meant that it seemed more viable for the future.

Dai crypto is also one of the few stablecoins based on Ethereum using crypto collateralization. It also offers great incentives and security for users. One huge security factor with Dai is that it maintains a specific ratio of 150% of Ethereum kept as collateral to the amount borrowed in Dai. This means that to borrow $10 worth of Dai, one would need to keep $15 worth of Ethereum as collateral with MakerDAO.

And, if this ratio is ever broken or inconsistent, the user can appeal and receive a proportion of the collateralized Ethereum in compensation.

## Anomalies with Dai crypto

Dai has remained pretty stable over the years, with the crypto matching the USD value with a 1:1 ratio. However, there was one incident where it spiked to $1.11 in value. An increase of 0.11 might not seem much in the crypto world usually, but it's massive for a stablecoin.

It's worth noting that this happened during the COVID-19 pandemic when the market was extremely volatile. Apart from that, Dai has remained one of the best stablecoin options in the market, if not the best.

## Integration with applications and MKR token

MKR is the main crypto token of the MakerDAO platform and is tied heavily with Dai. Its primary role lies in the governance and operation of Dai. Holders of the MKR token have a say in the future of Dai. They can have voting rights, with the main idea being [decentralized governance](https://makerdao.com/en/governance/) for the Dai crypto. There are various forums and voting platforms where holders can have their say openly.

## Other applications

Various applications use Dai and accept it as a means of payment. These include crypto exchanges and platforms, such as [Coinbase](https://www.coinbase.com/), [Metamask](https://metamask.io/), and [Ledger](https://www.ledger.com/). Some popular Metaverse games also accept payment in Dai - notable names include [Sandbox](https://www.sandbox.game/) and [League of Kingdoms.](https://www.leagueofkingdoms.com/)

## Final thoughts on Dai crypto

The fact that Dai is accepted widely by many big-name applications shows that it's seen as a reliable crypto token. Accessibility is a big factor in making cryptocurrencies important for users. Dai does just that with its usability and stability.

Another crucial aspect that Dai implements well is integrating the community and users within the project. It's important, today, to involve your community in your operations, especially as a crypto-based project.

Dai looks to stay strong moving forward, with a great foundation like MakerDAO supporting the project. Hopefully, we have a lot more to come from the project in the future too!


green image of euros and altcoins with dai crypto in centre

Dai Crypto Contribution to the Stablecoin World

The Ether price in British pounds plummeted in November, with Trading View charts showing the ETH price at less than £1,100 on 11 November and failing to rise to the level again.

Ethereum tops the list of altcoins among traders and investors. It is the most well-known altcoin and, to many investors and enthusiasts, much more than just another cryptocurrency.

Currently, the ETH price is £1,575.97, slightly higher than the opening price of this week, £1,552.52. During an entire week, Ether's price moved between a maximum of £1,063.22 on 5 December to a lowest of £1,000.01 on 7 December.

![ether.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/ether_d1e3f1abb5.png)
  
Source: Tradingview.com

The Ether price pounds value rallied 19.74% from £907 on 22 November to £1,086 on 30 November before falling -7.20%. The resistance level at £1,086 has been keeping up for a month, which is the likely cause of the correction to £1,000.01 on 7 December. On the other hand, traders are happy that the ETH is now trading 15% above its low on 22 November.

The market is already in winter, and the fall of FTX worsened the mood of traders. However, two other events pushed the waves higher and broke traders' confidence. A [tweet by Elon musk asking SBF where did the money go](/news/article/elon-musk-tweets-where-did-money-go) acted as a stone to break the beaker.

Plus, three US Senators wrote to [Silvergate Bank asking for information regarding the bank's involvement with FTX](https://cointelegraph.com/news/us-lawmakers-request-answers-from-silvergate-over-ties-to-ftx-report). Lawmakers are trying to find out legislative or regulatory solutions to prevent a similar occurrence in the future. 

Following "reports suggesting that Silvergate enabled the transfer of FTX client cash to Alameda", the lawmakers asked inquiries. They gave the bank until 19 December to respond.

NBC News, on 5 December, reported that Silvergate is claiming not to be involved in FTX and Alameda Research's apparent misuse of customer funds. However, according to 6 December news, the three Senators, Elizabeth Warren, John Kennedy, and Roger Marshall, sent a letter to Silvergate CEO Alan Lane. It asked the bank to provide details on its connection with FTX regarding the allegations and queries around its name.

It is still unclear what the long-term consequences of FTX's collapse will be, as the latest wave of bankruptcy cases poses a risk of extending the present cryptocurrency bear market. Keeping these things in mind, investors are forced to think that the crypto meltdown will likely go deeper because of such frequent negative events happening in the market.

The FTX collapse has had an influence on the course of the regulatory regime in the United Kingdom. The planned revisions would make it possible for the Financial Conduct Authority (FCA) to keep an eye on the regional operations of the crypto businesses.

In this bearish scenario, investors fear Ether could lose the £1,000 support. It's important to note that making a firm call for the Ether price pounds value is challenging. Some predict that Ether could be in for a crash this year, with its value dropping as low as £750. Crypto market analysts expect ETH to drop as much as 80% from its all-time high of £3,560, leading it to around the said support level.

## Final words

A positive aspect of the network, when considering the Ether price pounds value, is that Ethereum has more than a 90% share of the NFT market.

It is hoped that the first smart contract blockchain will survive this period of instability.


green image of British flag and GBP with ETH logo in centre

Ether Price in Pounds: Unable to Reach £1,100

A Bored Ape whale, who goes under the pseudonym "Pokeee.eth" on [Twitter](https://twitter.com/pokeepandaa), just spent ~$900k on 69 DeGods NFTs. DeGods is a dominant [NFT project on Solana](/news/article/how-to-find-new-nft-projects), with all-time sales of over $135M, according to [CryptoSlam data](https://www.cryptoslam.io/degods).

That said, what makes a DeGods NFT such a prized asset? And why did the NFT collector spend BIG on the project?

![degods1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods1_d298b36907.png)

Source: DeGods

## What is DeGods?

DeGods claims to be the "#1 NFT community on Solana". These NFTs are NOT a derivative of the Bored Ape Yacht Club (BAYC). Instead, this collection is [works of original art](/news/article/how-to-make-nft-art).

These non-fungible tokens are held by many prominent members in the crypto space, including Anatoly Yakovenko and Raj Gokal (Co-founders of Solana), Ice Cube (an American rapper), and Sidney Zhang (Co-founder and CTO of Magic Eden).

At the time of writing, there are 3,540 holders of the digital art collection – North Korea is the only country that does not have a DeGods holder. With more than $135M in sales to date, it is not surprising that the DeDAO (The project's DAO) bought a basketball team on 28 April, 2022 – the Big3 team, Killer 3s, for $625,000! A first in NFT history.

![degods2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods2_b424d0178d.png)

Source: [DeGods](https://degods.com/)

Holders of the non-fungible token earn in $DUST, the native token of the DUST Protocol, based on Solana. Currently, the cheapest DeGods NFT available on the open market is worth 517.78 SOL. The piece of art goes by the name "DeGod 4640".

The most expensive sale to date was made as recently as 18 hours ago, for $17,657.76 – DeGod #9001. There's more information about the project on the [website](https://degods.com/).

## Why did Pokeee.eth buy 69 DeGods NFTs?!?

On 13 January, 2023, Pokeee.eth promised to purchase 69 of the digital art tokens if the below post received more than 1,000 likes. The digital art collector's move was in support of the project's impending [move to Ethereum](/news/article/ethereum-whales-fuel-eth-bounce-back). The post has received nearly 3,000 likes, and Pokeee.eth is a man of his word.

![degods3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods3_d4679166d3.png)

Source: [Twitter](https://twitter.com/pokeepandaa/status/1613961351780773890)

On 16 January, 2023, Pokeee.eth tweeted a video showing his floor sweep (purchase at floor price) of 69 of the NFTs for around $900k, through the Magic Eden marketplace.

![degods4.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/degods4_0f5a186be7.png)

Source: [Twitter](https://twitter.com/pokeepandaa/status/1614968118287433728?cxt=HHwWgIDU4c68wuksAAAA)

Notably, the NFT collector owns three BAYC NFTs as well – BAYC #7816, #6587, and #7369.


Pink image of nft whale and bored ape logo

Bored Ape Whale Buys 69 DeGods NFTs 

The cryptocurrency market experienced a difficult "crypto winter" in 2022, with many [altcoins](/news/article/altcoin-buzz), including ETH, seeing significant price corrections of up to 70%. But Ethereum whales are contributing to the fightback.

Recently the cryptocurrency market has shown some positive signs in 2023, with Ethereum experiencing a surge in value after experiencing strong selling pressure following the [collapse of the cryptocurrency exchange FTX](/news/article/is-crypto-dead) last month. 

As of 4 January, ETH's price had risen 5% to $1,253, and its market capitalization had reached $153 billion. This improvement has been linked to increased activity by Ethereum whales, who have conducted over 600 transactions totaling more than $100,000 on the blockchain in the past 24 hours.

Here's what on-chain data provider Santiment [tweeted](https://twitter.com/santimentfeed/status/1610750951379599362) on the recent uptick in activity by Ethereum whales.

"As #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on 16 December ($ETH's local price bottom), whales are showing increased interest again. "

![Screenshot 2023-01-05 at 10.39.18.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/Screenshot_2023_01_05_at_10_39_18_48790ff4bb.png)
 
This increased activity from whales is a positive sign for Ethereum's short-term prospects.

## Ethereum co-founder expresses bullish outlook

Ethereum co-founder Vitalik Buterin has expressed a bullish outlook for the platform in 2023, following one of the worst crypto winters of market history in 2022. 

Buterin has announced plans to launch the ETH Improvement Protocol (EIP) 4884 in the near future. In response to a [tweet](https://twitter.com/VitalikButerin/status/1609209529706872833) by Balaji Srinivasan, Buterin stated that he is excited to achieve the "basic roll-up" milestone outlined in Ethereum's roadmap. The EIP 4884 is expected to bring significant improvements to the platform.

However, Buterin also stated several areas needing improvement within the cryptocurrency industry, including enhancing security for average users and improving scaling, privacy, and user experience. Despite these challenges, he remains confident in the potential of decentralized finance (DeFi) to play a significant role in the future financial system.


Ethereum Whales Fuel ETH Bounce Back

Are emissions from the crypto industry a global issue?

The worldwide energy market has been in turmoil for many years. Several European countries, the United States, China, India, and South Korea, are among those worst hit by the ongoing energy crisis. This crisis is a culmination of several issues, the chief of which is the sharp reduction in the use of oil and electricity during the early stages of the [COVID-19 pandemic](/news/article/omicron-variant-crypto).

This led oil and gas companies to limit the production of these resources. However, these companies did not anticipate the global market to recover so quickly from the pandemic. Factor in the Russia-Ukraine War, climate change, greenflation, and geopolitics, and we are in the middle of an unprecedented energy crisis. You must be thinking, what is this to do with cryptocurrencies and crypto emissions?

## Crypto emissions from crypto mining are a problem

Today’s total crypto market cap [is nearly $800B](https://www.tradingview.com/symbols/TOTAL/). Yes, billion. The most popular cryptocurrency, Bitcoin (BTC), boasts a market cap that is almost 40% of the market's total value! BTC is one among [19k+ potential cryptocurrencies](https://news.climate.columbia.edu/2022/05/04/cryptocurrency-energy/) generated on the Proof of Work (PoW) consensus mechanism.

This 'generation' takes place through crypto mining, a costly, time-consuming, energy-consuming, and rewarding (potentially) process. It involves sophisticated hardware and solving complicated computational maths problems. The 'energy-consuming' component of cryptocurrency mining is the real problem.

Crypto mining consumes an ENORMOUS amount of energy. The annualised consumption of [BTC alone is 88.87 TWh](https://ccaf.io/cbeci/index), with an upper limit of 125.93 TWh! That is around 10% of the [total energy consumption of countries](https://worldpopulationreview.com/country-rankings/energy-consumption-by-country) like South Korea, Brazil, Germany, and Canada, and much more than Austria as a whole! Now that we have established the amount of energy Bitcoin alone consumes through [Bitcoin mining](/news/article/free-bitcoin-mining), imagine the total energy consumption of all cryptocurrencies.

Also, imagine the massive carbon footprint of crypto. Now that is what is hurting the climate.

## The carbon footprint of crypto emissions

Earlier this year, Ethereum too was a PoW chain. However, the change from PoW to the consensus mechanism of Proof of Stake (PoS), [The Merge](/news/article/the-merge-ethereum-nft-impact), on 15 September, 2022, led to a reduction in energy consumption [by nearly 99.95%](https://ethereum.org/en/upgrades/merge/)!

Unfortunately, a move to the PoS model is not viable for Bitcoin. Bitcoin serves as a store of value, much like traditional assets such as gold and silver, and has fundamentals enabling the decentralisation of the chain securely. Moving to the PoS mechanism would undermine the very purpose of the crypto asset and would not be permitted by the Bitcoin mining community anyway. The six largest Bitcoin mining pools [control nearly 95% of the resources](https://definoobs.com/will-bitcoin-move-to-proof-of-stake/) on the chain–the irony!

Let us talk numbers. What impact do crypto emissions led by BTC really have on the environment? Bitcoin's carbon footprint increased a mammoth [126 times between 2016 and 2021](https://www.eco-business.com/news/bitcoin-minings-carbon-footprint-swelled-126-times-in-just-five-years-study/). During this duration, Bitcoin-led crypto emissions caused global climate damages worth an estimated $12B. According to Benjamin Jones, University of New Mexico Assistant Professor of Economics,

*“We find no evidence that Bitcoin mining is becoming more sustainable over time.”*

According to him, Bitcoin-led crypto mining is becoming “dirtier” and even more “damaging to the climate”. In 2021 alone, Bitcoin-caused crypto emissions resulted in 113 metric tonnes of carbon dioxide on average, PER COIN MINED. If we assume one metric tonne of carbon dioxide causes $100 worth of climate damage, each BTC mined led to $11.3k worth of environmental damage (researchers used similar figures). Ouch.

As long as non-renewable resources like coal are used to fuel crypto mining operations, crypto emissions will be a climate problem and an ever-growing one. So is a change to PoS for all PoW chains the answer to reducing crypto emissions for other cryptocurrencies? Changing from one consensus mechanism to another is not easy. 

It is a very time-consuming and complicated procedure.

To put it into perspective, the original date for 'The Merge' was January 2020! The Ethereum community waited more than two years for the change.

Ethereum is backed by the strongest community in crypto and boasts of some of the best talents, led by the charismatic and brilliant Vitalik Bueterin. A change to PoS is not the solution. While cryptocurrencies of the future should look away from the PoW model, for current PoW chains, the solution is a move to green mining. This will help drastically reduce crypto’s carbon footprint.

## A move to green mining will help address the issue of crypto emissions

I'd be lying if I said there are no mining rigs that have turned to green energy sources for crypto mining. Texas, for example, produces the most [renewable energy](/news/article/crypto-mining-farms) in the US, powered by solar and wind farms. A crypto mining data centre in West Texas, called [HODL Ranch](https://www.forbes.com/sites/christopherhelman/2021/08/02/green-bitcoin-mining-the-big-profits-in-clean-crypto/?sh=268943ff34ce), is taking full advantage of the ferocious gusts in the region and mining BTC at the cost of just $2,000 per coin! On today's market, that is a profit of over $14,000 per coin. Insane.

Crusoe Energy Systems has raised $250M to mine Bitcoin in states including Texas, New Mexico, and Dakota. 

This green mining gamble will be fuelled by natural gas that would have either been flared or burnt off. The Scrubgrass Generating power plant in Pennsylvania combusts gob (coal waste) to mine Bitcoin, earning significantly more from mining than selling to the power grid–nearly 15 times more. These are just a few examples from the US.

Several players all over the globe are [turning to green mining](/news/article/norway-bitcoin-mining) to reduce crypto emissions or maximising existing waste to good effect. The problem is that at the current rate of carbon emissions per BTC mined, the green mining initiative of today just is not enough. We need a more drastic change soon.

The fact is that the above-listed 'organisations' can afford to use green energy or combust waste material. Other crypto and Bitcoin miners will always choose the cheapest available fuel source. Dirty fuels like coal will remain cheap for the foreseeable future, and this will prohibit a green revolution.

Banning crypto mining will not solve the issue either. [China banned cryptocurrency mining](https://techstory.in/china-bans-crypto-mining-due-to-huge-power-consumption/) last year, leading to miners fleeing to countries such as the US and Kazakhstan, where they sourced energy for mining from coal power and gas. We have to enforce a change for the betterment of the climate.

It is no longer why but how. How do we enforce a global green mining revolution? How soon can we significantly reduce crypto emissions? We are harming the environment by the day. It is time for the cryptoverse to stand as one and work towards a common goal - a green planet.


image of emissions with cryptocurrency falling from sky

Crypto Emissions: A Growing Climate Problem?

MetaMask is a non-custodial Ethereum-based cryptocurrency wallet that encapsulates several features that investors and developers find interesting. Available as a multi-platform wallet (mobile app and browser extension), it allows users to manage their cryptocurrency portfolio on its user-friendly interface. Despite this, there are questions on how to withdraw from MetaMask.

MetaMask allows users to store, buy, send, and swap a wide range of Ethereum-based tokens (ERC-20 tokens), such as USDC, USDT, and ETH. The wallet also paves the way for developers and crypto users to securely connect to the decentralized web and explore several decentralized applications (Dapps).

Having more than [10 million monthly active users](https://consensys.net/blog/press-release/metamask-surpasses-10-million-maus-making-it-the-worlds-leading-non-custodial-crypto-wallet/) and its support for a variety of non-fungible tokens (NFTs) doesn't just prove its popularity. It also demonstrates its centrality among NFT and Web3 enthusiasts.

Unlike centralized wallets, where users can simply convert their tokens to fiat, Metamask's case is quite different since third-party remittance partners aren't supported on decentralized platforms. This guide explores the most popular way of withdrawing funds from this decentralized wallet to local bank accounts.

## How to withdraw from MetaMask to local bank accounts

Being a decentralized wallet, MetaMask users don't have the luxury of directly converting digital assets to cash. However, they can achieve this in several ways, which include withdrawing into a bank account.

To make withdrawals from MetaMask to a bank account, users can follow the steps:

•	Besides having a sufficient number of the coins they desire to withdraw, they must check to ensure they have enough Ether (ETH) to cover gas fees. Since MetaMask is an Ethereum-based protocol, it follows that transactions are facilitated by gas fees.

Should there be insufficient ETH, users can use the “buy button” to buy some ETH.
 
![1.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/1_01731be4d5.png)

•	Search for an exchange that supports the tokens your desire to withdraw. While there are several exchanges to choose from, [Binance](/news/article/guide-to-binance-uk) and [Coinbase](/news/article/coinbase-singapore-approval) are highly recommended due to the simple user interface and wide range of crypto assets supported.

It’s mandatory to create an account and meet Know Your Customer (KYC) verification requirements before accessing the features that both wallets provide.

•	Send the desired tokens from MetaMask to either Coinbase or Binance. This can be done by copying the selected wallet address URL and pasting it into the “recipient address section” on MetaMask. Ensure to confirm the wallet address before sending the coins. Users may find the images below helpful.

![2.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/2_bb02c58185.png)
 
If using Coinbase, click on send/receive to get the wallet address URL.

![3.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/3_23b3dc5ddd.png)
 
You may either copy your wallet address URL or simply scan.

![4.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/4_13a44286eb.png)
 
## Send coins from MetaMask to Coinbase wallet

![5.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/5_48be32b779.png)
 
### Enter the desired number of tokens (e.g., ETH) to send

•	To get details of the transaction, such as timestamp, transaction hash, or transaction block, you simply visit Etherscan and enter your MetaMask wallet address to view the details.

•	Once the coins have been successfully sent to your Coinbase wallet, you can directly convert them into fiats such as the US dollar, Canadian dollar, GB pound, and several others.

•	Once this is done, you can withdraw your funds directly to your local bank account.

Since the MetaMask wallet isn't designed to manage fiat currencies, users will need external centralized exchanges to perform withdrawals. Besides local bank accounts, Gcash and PayPal wallets are excellent methods that can be used for withdrawals. It should be understood that these methods attract certain fees.



How to Withdraw from MetaMask

As decentralized finance (DeFi) continues to shape the world of finance, many cryptocurrencies have entered the market. One such is SPELL, the reward token for the DeFi protocol Abracadabra. Read on to find out how to buy Spell Token.

It's one of those small altcoins in the crypto market with huge potential. While moderately sized, it plays a crucial role in the lending and borrowing platform [Abracadabra.money](https://abracadabra.money/). The token is built on the [Ethereum](/coins/eth) network, so it's an ERC-20 token.

However, before we dive deep into buying Spell Token, let's look at some fundamental knowledge.

## What is Spell Token? 

Decentralized lending platform Abracadabra.money offers two tokens - Spell Token (SPELL), the native token, and Magic Internet Money (MIM), a stablecoin pegged to the USD utilized to fund user loans.

Spell Token is the native token that can be farmed by providing liquidity in one of the pools and also staked to accrue the share of gas fees on the Abracadabra platform. The token has a total supply of 210 billion, with [105 billion](https://coinmarketcap.com/currencies/spell-token/) currently in circulation.

After making an investment in the Spell Token, users have voting rights and a say in how the project is run. You can influence decisions in direct proportion to how much SPELL you hold. Investors receive 75% of the trading charge, with the remaining 25% going to other uses.

Additionally, Abracadabra provides users with yield farming possibilities. By acting as liquidity providers, users can farm SPELL tokens and improve the liquidity of specific cryptocurrency pairs, such as ETH-SPELL and MIM-3CRV. Additionally, users can open leveraged farming positions by using borrowed MIM.

## What problem does the Spell Token solve? 

As stated, SPELL is the native token of the Abracadabra ecosystem. Hence, it plays an important role in the functionality of the project. Here are the major two:
 
## A reward token 

SPELL's primary purpose in the ecosystem is to serve as the reward token for Abracadabra.money users. The token serves as an incentive to help ensure user loyalty and support. This, in turn, aids the growth and price stability of the platform.

## A lender token 

Users can farm SPELL on the platform via staking, yield farming, depositing collateral, and borrowing Magic Internet Money (MIM). All of this enables higher liquidity for specific cryptocurrency pairs, including ETH/SPELL and MIM/3CRV.

## How to buy Spell Token

There are many crypto exchanges that trade in SPELL. Prominent among them are Coinbase, Binance, FTX, OKX, and Bybit.

In a few minutes, you can acquire as much SPELL as you desire. Just follow these simple steps.

1.	Do your research: 
Buying the Spell Token is easy, but you've to compare which exchange offers the best in terms of low fees and around-the-clock support.

2.	Open an account: 
Once you have been able to figure out which crypto exchange to use, you can then create an account with the exchange. This will require you to verify your email address and other necessary KYC requirements.

3.	Make a deposit: 
Once your account is created and verified, you can deposit your local fiat currency as accepted by the crypto exchange.

4.	Buy SPELL: 
With your deposit, you can now exchange your funds for SPELL.

## What do you need to buy SPELL? 

Generally, you only need your email, phone number, and other KYC requirements to buy cryptocurrencies on [crypto exchanges](/news/article/best-crypto-exchange-uk-reddit). The documents needed may include proof of address and proof of identity documents to verify you on those exchanges.

After you've been verified, you can buy cryptocurrencies like SPELL. However, it's advisable that you activate two-factor authentication to protect your digital assets from cyberattacks.

## To buy or not to buy? 

Since the general crypto market plunged into the [crypto winter](https://www.forbes.com/advisor/investing/cryptocurrency/what-is-crypto-winter/), DeFi tokens have suffered significant losses. The price momentum that the Spell Token gathered over the last year has almost fizzled out.

The utility that SPELL offers within the Abracadabra.money ecosystem is a key driver of the token's growth. However, negative market conditions have turned the token towards a bearish trajectory, pushing the price lower.

However, future growth is imminent. New technological solutions, a more bullish market, and more utility are some factors that may shape the future of the token. To reap future benefits, investors should consider investing in Spell Token. Please do your own research before investing.



green skyline with floating altcoin logos. Speel token logo is central

How to Buy Spell Token

Ethereum (ETH) price dropped after the network completed a long-awaited upgrade known as "the [merge](/news/article/the-merge-ethereum-nft-impact)". So, why is Ethereum going down even after an upgrade?

Despite a successful merger that moved the Ethereum network from an energy-intensive proof-of-work mechanism to a proof-of-stake consensus, this leading altcoin fell more than 7% below its $1,500 threshold.

Experts from the [Forbes Advisor](https://www.forbes.com/advisor/investing/cryptocurrency/why-is-ethereum-down/) expected the price of Ethereum to drop slightly after the long-awaited merger. ETH is moving along traditional markets, especially the tech-heavy Nasdaq Composite. However, crypto enthusiasts are bullish on Ethereum's post-merger prospects. As they point out, there are no fundamental changes regarding Ethereum. If anything, the combined ecosystem is better positioned in terms of decentralization, energy efficiency, and growth, further cementing its position as the dominant Layer 1 blockchain.

## Why is Ethereum going down from its initial fall after the merger?

Cryptocurrencies like Ethereum are risky assets subject to volatility if inflation continues. The US Federal Reserve is attempting to keep inflation in check and has made it clear that its priorities are now on fighting inflation before attempting a soft landing.

The latest inflation rate has fueled investors to fear the rise in interest rates. By raising interest rates further, the Fed can strengthen the US dollar and extract more liquidity from the market. Reduced liquidity can drive down the prices of riskier assets, such as technology stocks, cryptocurrencies, and growth stocks, as investors curb spending.

Amidst rising inflation and falling liquidity, there has been little institutional investment in cryptocurrency markets other than Ethereum. There has been much excitement around the Ethereum merger and what it is bringing to the Web3 space. This decoupling move (from Ethereum) is expected to continue in the near term as investors process the [long-term implications of the merger](/news/article/ehermine-switches-off-servers), including increased energy efficiency, growth of the staking economy, and the potential deflation of ETH.

## When will Ethereum prices hit bottom?

Just as it is difficult to tell why Ethereum is going down, no one can tell for sure if Ethereum has bottomed out. Aside from the immediate aftermath of the merger and Fed price pressure, other factors could be driving a broader downtrend for Ethereum.

Ethereum's recent low of $880 was reached on 18 June. The cryptocurrency has been up and down since then. Its most recent high reached just over $2,000 in mid-August. However, it was down 58% from its all-time high in November 2021. Ethereum's price today stands at $1,299.

Investors once believed that cryptocurrencies could be viewed as a hedge against inflation, but this has not materialized. Cryptocurrencies are starting to move alongside riskier asset classes, such as growth stocks and the tech stocks of Nasdaq.

In other words, investors can escape cryptocurrencies for traditionally safer assets such as gold, oil, and real estate during times of high inflation. All of this does not bode well for Ethereum's near-term price potential.

## Bottom Line

Like all cryptocurrencies, Ethereum is a risky investment. After hitting an all-time high of around $4,800 in November 2021, Ethereum has been down about 72.9% since then. Risky investments can experience large price swings and extreme volatility. However, it can also be compared to the Nasdaq, which is full of risky growth stocks.

As a relatively new asset class, no one knows what the future holds for cryptocurrencies as an investment vehicle, and the [news about such currencies](/news) is constantly changing. Predicting their price movements is very difficult. Cryptocurrencies are also subject to cyber hacks and future regulations that can affect their overall value.

In a dynamic investment like cryptocurrency, an investor cannot just stop by thinking, "Why is ETH going down?", because it can always go up again, and then you will be in for a big windfall.


Why is Ethereum Going Down?

Ethereum price in the UK has spiked with recent developments. Before falling to $1,602 at press time today, [Ethereum](https://www.cryptopolitan.com/ethereum-price-analysis-2022-10-30/) had earlier set a 24-hour high of $1,652.

The price of Ethereum is extremely unsteady and sensitive to important developments that can affect the market. The appointment of Rishi Sunak as the UK's new Prime Minister is one of these events, along with new applications created on the [Ethereum](/news/category/ethereum-news-today) network, crucial announcements from businesses using Ethereum, and changes to policies.

The price of Ethereum has been noticeably declining for several months, but as of early last week, it seems to be trending upward. Its price rose above the descending channel pattern as it encountered critical support close to the $1,250 mark. The key negative trendline is being tested, and it looks like the price will break above it.

We'll have to wait and see if this has anything to do with the UK's new Prime Minister's appointment, as speculated.

## Future of Ether in the UK: Forces and projection

Lisa Cameron, the group chair of The Crypto and Digital Assets All Party Parliamentary Group (APPG), said on Tuesday that businesses in the UK "desperately need clarity" regarding the [nation's approach to crypto policy](https://cryptonews.net/news/legal/14972141/).

This occurs as the UK's lower chamber, the House of Commons, [decides to recognize cryptocurrency assets as regulated financial instruments](https://www.investopedia.com/uk-approves-crypto-regulations-6757694) and goods.
"UK crypto and digital asset enterprises sorely need clarity over the UK's approach to crypto policy and for the government to deliver on its vision for the UK crypto sector," Cameron stated in a written statement made available to the media on Tuesday.

This latest development is believed to have sparked investors' optimism for cryptocurrencies and contributed to the steep increase in Ethereum price. The price is currently at almost £1,200, having increased by more than 2,000% from the year's beginning.

The value of [Ethereum](https://coincodex.com/crypto/ethereum/price-prediction/) is expected to increase by 8.37% and reach $1,703.62 by November 5, 2022, according to the current Ether price projection.

As a reminder, this is merely a forecast and not financial advice.














Ethereum Price in the UK

[DigitalBits blockchain](https://digitalbits.io/) is one of the best-known names in the [football arena](/news/article/okx-partners-manchester-city). Last year, it launched its Mainnet 2.0 with the introduction of the XDB mainnet token. The platform users now have to use these new tokens in place of previous ERC-20 ones.

For this reason, the blockchain announced its first token swap with Digifinex Exchange in August 2022. It also announced integration on other supported exchanges, including Gate.io and KuCoin. 

The deadline for completion of integration was 7 October. But now, the XDB news confirms that it has revised the timeline. Now, the users can swap tokens between 18 October and 31 December on Coinbar. It also confirmed that it will be the final chance for [token swapping](/news/article/what-is-metamask) across exchanges and brokerages.   

## DigitalBits Overview

DigitalBits is a highly acclaimed blockchain among footballers. It has collaborated with several major clubs like [Inter Milan](https://www.inter.it/en) and [AS Roma](https://www.asroma.com/). Football legends like David Beckham and Francesco Totti serve as their brand ambassadors.

The project started as a fork of [Stellar](/news/article/what-are-altcoins) back in 2017 and shares its core features. It aimed to provide an efficient and affordable platform for brand currencies, NFTs, and stablecoins. Also, it identifies itself as 'the blockchain for brands'.

It is an open-source protocol layer blockchain that offers complete decentralisation and ease of use. Using the platform, you can create transaction tools. For brands, it can be beneficial as it allows asset tokenisation, increasing audience engagement.  

## Token swap between XDB ERC-20 and Mainnet tokens

Initially, the platform used the XDB [ERC-20](/news/article/weth-vs-eth) (Ethereum Request for Comments 20) tokens as its natives. However, last year, the blockchain changed its protocol and launched version 2.0 with Mainnet tokens. That’s why the previous tokens needed to be swapped with the newer ones. 

The platform decided to integrate the mainnet chain with all its supported exchanges to make the process easier for the users. Through this procedure, exchanges seamlessly interchanged users' ERC-20 tokens into Mainnets with 1:1. The platform allocated a time window for each exchange. 

During this period, exchanges paused withdrawals and deposits of the previous tokens, but allowed trades. The process allowed the users easy access to the mainnet tokens without needing manual swapping. Most of the blockchain’s compatible exchanges like [Gate.io](https://www.gate.io/), [KuCoin](https://www.kucoin.com/), Digifinex, and Bitpanda backed this procedure. 

## XDB news confirms extension in token swap date

Most exchanges that supported this procedure have already carried out token swaps. The [KuCoin exchange](https://news.monitalks.io/news/article/where-can-i-buy-moonbeam-crypto) was the last among them to do so, which closed the swaps on 7 October. However, the [XDB news blog](https://medium.com/digitalbitsorg/this-is-the-very-last-chance-to-swap-xdb-erc-20-to-mainnet-99c8f6b2f1ae) revealed that some users could not swap tokens within the proposed period. 

To facilitate such users, an Italian-regulated exchange, [Coinbar](https://coinbar.io/), presented a plan. It has extended the cut-off period. The DigitalBits mainnet went live on Coinbar on 18 October, and its token swaps will continue till 31 December 2022.

![xdb news.png](https://s3.eu-west-2.amazonaws.com/prod-monitalks-media/xdb_news_1c0936a775.png)
    
After the end of this cut-off period, XDB ERC-20 tokens will be removed permanently. From 1 January, 2023 onwards, you can use Mainnets on the platform for transactions. 

## Bottom line

DigitalBits’ ERC-20 token is going to be removed permanently from the platform. Though it announced the cut-off date to be 7 October on KuCoin, there has been an extension. According to XDB news, the last date to swap the previous version for a new one will be 31 December on Coinbar.



Latest Moni

Latest Ethereum News

Read the latest Ethereum news.

Lil Pudgys Explained

Ethereum Price Today: 7% Fall

ETH Shanghai Upgrade Postponed

Second Ethereum Testnet Successful

Ethereum PoW Price Prediction

What the Ethereum Shanghai Upgrade Really Means

UAE CBDC to Complete First Phase by 2024

Terraform Labs CEO Do Kwon Arrested

Enter the Metaverse London Explained