Zenith Flash August 18th Edition

Zenith Flash August 18th Edition
Zenith Flash August 18th Edition
  • Canaan Anticipates Tougher Market Conditions
  • $HUSD Loses Dollar Peg
  • EOS Network Foundation Switches to Antelope Protocol
  • Ethereum Merge Will Not Reduce Gas Fees
  • AFL NFTs Sold Out in 12 Hours

Canaan Anticipates Tougher Market Conditions

Despite a 53% revenue increase, Canaan is anticipating tougher market conditions in the coming months. The CEO of the bitcoin mining firm confirmed that the firm saw a significant rise in ROI. However, Nangeng Zhang expects the bitcoin prices to drop lower over the next quarters.

$HUSD Loses Dollar Peg

$HUSD joins the list of stablecoins to lose their dollar peg. The cash-basked token dropped to $0.92 on some exchanges. It was traded as low as $0.89 against $USDC on Curve Finance. Worse still, FTX announced that it would no longer consider the token part of the USD basket. Despite the issue, Stable Universal did not respond to comments.

EOS Network Foundation Switches to Antelope Protocol

Following its separation from Block.one, the EOS Network Foundation will migrate to the Antelope protocol. However, this process will occur after a hard fork ON THE 21st of September. In this regard, the community-operated blockchain will serve as the foundation for all ENF products. These include EOS, Telos, Wax, and UX Network.

Ethereum Merge Will Not Reduce Gas Fees

Ethereum has taken the time to clarify some issues relating to the upcoming PoW and PoS consensus merge. The notable aspect of this update is that this initiative will not reduce gas fees. According to the firm, “Gas fees are a product of network demand relative to the network’s capacity. The merger does not significantly change the parameters influencing the throughput.”

AFL NFTs Sold Out in 12 Hours

The Australian Football League issued its first edition of non-fungible tokens to fans and investors. There were two stages to this sale. The first is via an AllowList, and the second is via public sale. Within 12 hours of going live, the entire 3,800 packs were sold out. Each one cost 34.39 $USDC and totalled $130,000 for all the NFTs.

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Zenith Chain is an innovative environment built to usher in web3 integrations at a greater scale.