Wed 01/18

Good Morning. Polygon completed a hard fork, Ethereum will soon have 100 mil addresses with non-zero balance which is a great milestone, and a new blockchain climate initiative has been started at the World Economic Forum in Switzerland.

• Polygon Completes Hard Fork To Reduce Gas Fee Spikes, Disruptive Reorgs: Polygon announced the completion of its proof-of-stake hard fork upgrade in an attempt to reduce gas spikes and chain reorganizations(reorgs) on 17 Jan. About 87% of Polygon validator teams voted for approval. The hard fork proposal aims to reduce gas spikes by reducing the BaseFeeChangeDenominator to 16 from 8. Although gas fees will continue to increase during peak demand, they will be aligned with Ethereum gas dynamics. In addition, the second proposal reduces the time it takes to finalize a data block – thereby preventing frequent chain reorganizations. Frequent reorgs happen when a validator node receives information that creates a temporary version of the blockchain.

• Gari Network Crosses Historic Milestone Of 2 Million Token Holders: Gari, a social token now boasts of more than two million token holders in just 11 months of its integration into Chingari, a Web 3.0 short video app with over 170 million downloads. The massive jump has propelled the Gari token to the second-largest project on the Solana Blockchain in terms of the number of token holders. It is to be noted that 100,000 new token holders were added to the Gari network in just the last 10 days. As part of the Gari mining program, users and creators are rewarded with Gari tokens for viewing, commenting, and uploading videos on Chingari’s app. Gari is Chingari’s native crypto token.

• Ethereum Will Soon Have 100 Million Addresses With Non-Zero Balance: Over the last three years, Ethereum has added about 20 million addresses holding a non-zero balance per year. Back of the fag box calculation thus implies that, with only around 7.5 million to go, the 100 million address mark will probably be hit sometime in Q2 23. Some analysts view the number of Ethereum addresses holding a non-zero balance as a proxy for the second-largest cryptocurrency by market capitalization’s broader “adoption”. Viewed through that lens, the continued, seemingly unstoppable rise of the number of non-zero balance Ethereum addresses can be interpreted as a long-term bullish sign for ETH.

• Solana Foundation, Ripple, GBBC, and Others Form Partnership to Promote Crypto Solutions for Climate Change: Solana Foundation and Ripple are partnering with Eqo Networks, industry group Global Blockchain Business Council (GBBC), and blockchain-climate collective BxCi to accelerate the use of crypto-based solutions for climate change.The newly founded non-profit organization, called Blockchain x Climate Leadership Network (BxC), aims to be the "single largest common gathering of climate action innovators, leaders and builders under one global umbrella," according to a press statement. BxC's launch was announced at GBBC's gathering at the 2023 annual meeting of the World Economic Forum held in Switzerland.

• Ethereum Mainnet Hits Record-breaking 32b Weekly Gas Expenditure: Ethereum (ETH) Layer 2 (L2) networks spent a record-breaking 32 billion gas — a year-on-year increase of 22.8% — to validate transactions and activate bridges between Jan. 9 and Jan. 15, according to Dune Analytics data. Optimism (OP) contributed around 50% of the gas spent — with a seven-day moving average of 2.8 billion gas — followed by Arbitrum with about 30% of the share, according to Dune Analytics data.

Web3 Business Development Intern ( Remote ) At Appavengers

What Does Hashrate Mean?: "Hashrate" refers to the total combined computational power that is being used to mine and process transactions on a Proof-of-Work blockchain, such as Bitcoin and Ethereum (prior to the 2.0 upgrade).