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As of 09:30 Beijing time, WTI crude oil futures rose 0.06%, and US natural gas futures rose 0.36%.The Peoples Bank of China announced today that it conducted 215 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 215 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.June 5th Futures News: According to JLC Networks calculations, as of June 5th, the first working day, the change rate was -1.07%, with the average price of benchmark crude oil at $94.04/barrel. Domestic gasoline and diesel prices should be reduced by 60 yuan/ton. The price adjustment window for this round is at 24:00 on June 18th. 1. Shandong Local Refineries: Lower international crude oil prices created downward pressure, coupled with weak sales of refined oil products from Shandong local refineries yesterday. The gasoline and diesel production-to-sales ratio was low, and refinery inventories continued to accumulate. It is expected that refined oil prices from Shandong local refineries will be under pressure and fall by 30-50 yuan/ton today. 2. East China: On Friday, crude oil prices stopped rising and fell back, and this was the first day of the retail price reduction. The news was bearish. It is expected that refined oil prices from major oil companies in East China will be under pressure today, with traders cautious in their immediate needs and a sluggish trading atmosphere. 3. South China: On Friday, international crude oil prices closed lower after a rebound, and the retail price reduction was implemented as expected. It is expected that gasoline and diesel prices in South China will remain stable to slightly lower today. Terminal market demand is weak, and traders are cautiously purchasing only as needed, resulting in a quiet trading atmosphere. 4. North China: On Friday, international oil prices closed lower overnight, and news has turned bearish. It is expected that gasoline and diesel prices in North China will remain stable to slightly weaker. Weather factors are dragging down immediate demand, coupled with strong crude oil volatility, leading to a cautious trading atmosphere. 5. Central China: On Friday, crude oil prices rebounded and fell back, and the retail price reduction was just implemented. News is pointing to a bearish trend, and it is expected that gasoline and diesel prices in Central China will be under pressure today. Traders are mostly reducing inventory and observing the market, resulting in a quiet and stable trading environment.The South Korean won fell to its lowest level against the US dollar since March 2009, trading at 1541.4.Russia and Ukraine are expected to reach an agreement peacefully, causing a sharp drop in international oil prices. A chart provides a quick overview of the pre-market conversion prices of crude oil between domestic and international markets.

Ethereum Development 55% Complete After Merge: Vitalik Buterin

Alice Wang

Jul 25, 2022 15:13



Vitalik Buterin discussed the long-term viability of the network on July 21 at the annual Ethereum Community Conference (EthCC) in Paris.


With just two months before Ethereum (ETH) switches from energy-intensive proof-of-work mining to proof-of-stake consensus, the highly anticipated Merge was a hot subject.


To an audience of developers, Buterin said, "After the merging, you will be able to construct an Ethereum client that does not even know the proof-of-work phase has occurred."


He continued by saying that developers still had a lot of work to do since the network as a whole will only be "55 percent complete until we conclude the Merge." Although there may be delays, September 19 has been set aside for The Merge, which will connect the current Ethereum chain with the fresh Beacon Chain.

Massive Planned Ethereum Scaling

The transaction costs associated with Ethereum, which soar when the network is overloaded, are one of the most often voiced grievances. As a consensus change, The Merge won't resolve this problem, therefore transaction fees will continue to vary and become more costly during periods of high block space demand.


As the network grows, this problem will be addressed by upgrades scheduled for the next year.


 Ethereum "will be a far more scalable system by the conclusion of this road plan," said Buterin, adding that it "will be able to perform 100,000 transactions per second" by then. The network can only handle 15-20 transactions per second at the moment, which makes wider adoption impractical.


Buterin suggested more improvements with the rhymes "surge," "verge," "purge," and "splurge" in addition to the present one. These are a component of the network's cleaning phase and scale development, which are anticipated to be implemented in the next years.


He continued by saying that there will be significant adjustments to the security model, token supply, and monetary policy of Ethereum. Currently, around 5.5 million ETH are still being issued annually for Ethereum. Once the Merge takes place, the EIP-1559 upgrade's transaction fee burning procedure will render issuance deflationary, causing the supply to gradually decline.


More than 2.5 million ETH have been burned or lost when the update was introduced in August 2021. This is worth almost $4 billion at the present pricing.

Merge momentum is still present

Asset values are still rising as a result of these monetary characteristics, which are the exact opposite of inflationary fiat currencies. As interest in Merge rises, ETH has gained 33% over the previous week.


Following a monthly gain of 40%, ETH was up 2.5 percent on the day and trading at $1,578 at the time of writing. It is driving the current crypto market rise, but next week's macroeconomic data and worries about a recession may swiftly send everything spiraling downward.

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