Meme-inspired cryptocurrency Dogecoin (DOGE) is now officially the second largest proof-of-work (PoW) crypto in terms of market cap, following the Ethereum network's proof-of-stake upgrade on Sept. 15.
Ethereum’s upgrade to proof-of-stake may have placed the cryptocurrency back in the crosshairs of the Securities and Exchange Commission (SEC).
The world’s second-largest cryptocurrency Ethereum (ETH) faced severe correction soon after the Merge was successfully live on Thursday, September 15. As of press time, Ethereum (ETH) is trading at $1,460 levels with a market cap of $178 billion.
Many of the benefits promised by the Ethereum merge have come to pass, including a greater-than-99% reduction in energy use and its carbon footprint. But analysts who had raised the alarm over increased centralization before the transition remain concerned that relatively few entities dominate the proof-of-stake mechanism now underlying the blockchain.
Blockchain analytics firm Chainalysis has published its 2022 cryptocurrency adoption index. Vietnam, the Philippines, India, and China are among the countries with the highest crypto adoption. While the overall adoption slows worldwide in bear markets, it “remains above pre-bull market levels,” the firm said.
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