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On October 12, according to US media reports, US Navy officials said on the same day that the US Navy dismissed the commander of the USS Wyoming (SSBN 742) ballistic missile nuclear submarine this week. The US Navy issued a statement saying that the commander of the Navys 10th Submarine Squadron, Rear Admiral Bob Worth, dismissed Lieutenant Commander Robert Moreno, who led the "Blue" crew of the USS Wyoming nuclear submarine, because of "loss of confidence in his command ability." US media said that the military usually removes commanders from their posts due to loss of confidence, but does not provide specific reasons for dismissal. The US Navys statement did not provide more information about the decision to remove Moreno, and a Navy spokesman declined to provide further details. The statement read: "Navy commanders must adhere to high standards of personal and professional conduct. They should uphold the highest standards of responsibility, reliability and leadership, and if they fail to meet these standards, the Navy will hold them accountable."According to TASS: Russian air defense forces shot down 32 Ukrainian drones at night.On October 12th, French Prime Minister Jean-Claude Le Cornu, who was reappointed by French President Emmanuel Macron as Prime Minister on October 11th local time, stated during a visit to a police station in the Paris suburbs that he currently only wants to focus on resolving Frances political crisis. Given the deep political divisions within Frances political parties, he could be impeached by the National Assembly at any time. Le Cornu declined to specify when he would form a new government or its potential composition, but did indicate that it would not include anyone interested in running in the 2027 presidential election.On the evening of October 12th, local time, Wilders, leader of the far-right Dutch Freedom Party, posted on social media that the Dutch National Intelligence Service had officially informed him that he was being targeted by a terrorist organization. As a result, he had decided to suspend all campaign activities. The Netherlands is set to hold parliamentary elections on October 29th, and Wilderss far-right Freedom Party is currently leading in opinion polls. According to multiple European media reports, the terrorist organization also orchestrated the recent attack on Belgian Prime Minister Thomas de Weve. The Belgian government has arrested two suspects in connection with the case.On October 12, according to the Russian Satellite News Agency, the Afghan Ministry of Defense issued a statement saying that in response to repeated Pakistani airspace incursions and airstrikes, Afghanistan had carried out retaliatory operations against Pakistani security forces along the border. The statement said, "The operation successfully concluded at midnight." The report also warned that "if Pakistan violates Afghan airspace again, the Afghan armed forces will resolutely retaliate to defend the border." Reports indicate that Afghanistan began striking Pakistan on the evening of October 11 in response to attacks in Kabul and Paktika Province in the early morning hours of the 10th. According to Afghanistans Dawn News Network, the conflict between Afghanistan and Pakistan has resulted in the deaths of 12 Pakistani soldiers. Reuters also reported that Pakistani security officials alleged that the Afghan side launched unprovoked attacks, with the two sides exchanging fire at more than six locations along the border.

Cryptoverse: Ether holds its breath for the lean, mean ‘merge’

Jimmy Khan

Jun 28, 2022 14:44

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The integration is a significant crypto milestone that investors in ether and its problematic sibling stETH are anxiously expecting.


Its purpose is to make the Ethereum blockchain network, which serves as the foundation for numerous cryptocurrency projects, leaner, meaner, and cleaner.


It evades you. The integration was planned to take place years ago but has been repeatedly postponed. Most recently, developers decided against plans to activate the merger in June, which alarmed investors who started to worry that it would never happen.


However, market participants are already making bets that the wait will soon be over. But it's not a sure thing.


Investors have priced in a 67 percent likelihood that the update, also known as Ethereum 2.0, would materialize by October and a 13 percent possibility by September on Polymarket, a cryptocurrency platform where users can wager stablecoins on the occurrence of future events.


According to the Ethereum Foundation, who compares the merger to upgrading a spacecraft's engine in midflight, the merger will "ship" around "Q3/Q4 2022."


It would be very relieving for ether if the integration really took place since it has fallen due to previous delays and dwindling support for the upgrade. The second-largest cryptocurrency was last trading at roughly $1,200, down from a little over $3,500 in April. However, most of the recent negativity on the upgrade has been masked by larger recent market turbulence.


For investors holding staked ether, or stETH, a cryptocurrency derivative token that symbolizes ether locked up in a testing environment for the upgrade and that is difficult to redeem at scale until at least six months after the merging, the merger might also mean the end of an agony.

Still, skeptics persist

"It's simply the overwhelming amount of process. The size of Ethereum just prevents me from believing that they will meet their target in time, according to Brent Xu, founder and CEO of Umee, which is constructing a base-layer blockchain for borrowing and lending.


Because the Merge is undoubtedly going to take longer than anticipated, "they are simply frightened that their stETH is going to be for nothing," said Xu.

THE QUAKE OF STEEM

With the update, proof-of-work, which consumes a lot of energy, will no longer be used for ether mining. The new proof-of-stake consensus mechanism will be integrated with Ethereum's current execution layer.


For individuals who own stETH, a cryptocurrency project named Lido's token that may be changed into ether on a 1:1 ratio between six and twelve months after the merging occurs, any more delays would be terrible news.


Until then, the market determines the price at which stETH trades, with the majority of transactions taking place on the Curve trading platform.


According to pricing website CoinGecko, its market valuation rose to $11 billion in May. Up until last month, it traded mostly at ether's parity.


However, when cryptocurrency markets fell last month, stETH's value plummeted and it now trades at a discount of around 8% to ether as a result of significant selling by investors like Celsius and Three Arrows, according to available data.


Although the price has somewhat increased, it has not yet reached parity, in part due to the effects of the delayed merging (stETH is now trading at a 4% discount to ether).


Along with other troubled U.S.-based cryptocurrency lenders, stETH has several major investors.

Anyone interested in that trade?


While investors may "stake" their ether to earn income elsewhere, doing so requires a minimum of 32 ether, or around $38,000 at the time of writing, which is why the stETH initiative was so well-liked.


Instead, Lido gave customers the option to bet whichever little ether they want in exchange for yield and obtain stETH.


Investors in stETH, meanwhile, are becoming anxious due to the merge's ongoing delays.


According to Ryan Shea, a cryptocurrency economist at major fintech firm Trakx.io, Curve's liquidity is rapidly running out. Data from the platform shows that Curve's stETH liquidity has more than decreased in half since mid-May.


If you want to sell a significant number of stETH, you will need to find alternate sources, according to Shea, who suggested using stETH as collateral in another lending process.


But whether anybody will be willing to take that trade in this sort of atmosphere when people are thoroughly scrutinizing crypto loan firms, I don't know.

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