It’s that time of the week when we look at the latest news of the crypto ecosystem happening over the week. Today, we will be giving you the rundown of what’s happening with Bitcoin, Altcoins, and other crypto projects.
Vitalik Doubling Down on PoS
After the whole fiasco caused by Elon Musk’s tweet, several crypto investors started wondering if it’s time to move on to another cryptocurrency. However, Vitalik Buterin, the co-founder of Ethereum, cleared all the doubts in his latest interview. On asking about the future of Bitcoin, he said,
“Proof-of-stake is a solution to the [environmental issues] of Bitcoin—which needs far fewer resources to maintain,”
He added that the Proof of Stake mechanism would be established in Ethereum as well. However, when asked about a timeline, he said,
“[We thought] it would take one year to [implement] POS… but it actually [has] taken around six years” due to the complexity of building such a model.”
The PoS mechanism is more efficient than the PoW (proof of work) mechanism and can help resolve the “carbon footprint of Bitcoin.”
Is DogeCoin’s winning streak coming to an end?
After the continuous support from Elon Musk to DogeCoin, its popularity rose exponentially. However, its recent surge in network activity shows signs of curve flattening.
Recently DogeCoin was the talk of the town as it briefly processed a higher dollar value in daily transactions than BTC and ETH combined. The altcoin’s price saw a continuous upward graph throughout 2021, with wallet-to-wallet transactions peaking at $82 Billion on May 5.
However, the popularity was short-lived as the daily transactions dropped to $5 billion on May 26, signifying a 93% drop. Crypto is a volatile market, and these fluctuations are a part of the community. However, it would be interesting to see what the future holds for DogeCoin.
Other DeFi news
On the other hand, the DeFi world saw quite an eventful week with some significant announcements.