Ethereum Classic
ETCWhat is The CoinDesk 20?
The CoinDesk 20 filters from the larger universe of thousands of cryptocurrencies and digital assets to define a core group of 20.
These assets constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges.
Price
$27.80
24 Hour % Change
0.05%
Market Cap
$3.82B
Volume (24h)
$320.12M
USD
Linear
Log
to
Key metrics
24 Hour Low
$27.30
24 Hour High
$28.28
Net change
$0.014350
24 Hour Open
$27.79
All time high
$177.26
Total Supply
137.25M
Returns (24H)
0.05%
Returns (YTD)
-18.80%
Volatility (30d)
1.13
Transaction Count (24h)
58,016
Average Transaction Fee (24h)
$0.002839
Value Transacted (24h)
$46.35M
About Ethereum Classic
Category
Software Platform
Value proposition
Global computer
Ethereum Classic, like ethereum, supports smart contracts and decentralized applications (dapps). It originated from a contentious hard fork of the ethereum blockchain that took place in 2016. Following the creation that year of a decentralized autonomous organization, dubbed The DAO, atop the Ethereum blockchain, hackers managed to exploit vulnerabilities and stole about $60 million of ether. After much debate, the Ethereum network’s code was altered to return the lost funds to investors. But some ethereum nodes objected to the fork on the grounds that it would mean that the blockchain would not be immutable, among other reasons, and decided that they would not run the updated software. These nodes continued to run and mine the pre-fork version of the ethereum blockchain, and it’s now known as ethereum classic. CoinDesk also provides a suite of institutional-grade price indexes. Find out more about them here.
Disclaimer
Any data, text or other content on this page is provided as general market information and not as investment advice. Past performance is not necessarily an indicator of future results. CoinDesk is an independently managed media company, wholly owned by the Digital Currency Group, which invests in cryptocurrencies and blockchain startups. DCG has no operational input into the selection or curation of CoinDesk content in all its forms.
Foundations - Consensus: Distributed
By Benjamin Dean
The Ethereum network experienced an update in mid-September 2022. The update, called "the merge," involved transitioning the network's consensus mechanism to proof-of-stake.
The Ethereum network has been running two blockchains since April 2022. The two blockchains are the original blockchain, using a proof-of-work consensus mechanism, and the "beacon" chain, which implements proof-of-stake. This has allowed people to stake their ether for some time now. However, they haven't been able to unstake their ether yet.
This will eventually change, the first step is the two chains coming together to form one - hence "merge" - on the path to the next step, termed the "Shanghai hard fork." This update will allow staked ether to be unstaked.
If you want to learn more about consensus mechanisms, you can learn more here.
What does the shift to proof-of-stake mean for Ethereum?
A new business model with proof-of-stake
First, new ether is now distributed to those who stake their ether holdings to validator nodes on the network. On average, these nodes already generate a yield of 4% per annum, which is a different business model from miners. This economic incentive structure differs from the previous network, where miners received new ether.
There is already an industry around managing staking to maximize performance and revenue from validator nodes. The main questions going forward will be:
- Who holds the (most) ether?
- Who runs the nodes?
- Who can run the nodes most efficiently?
Atcoins are rising, ether hits another all-time high and bitcoin’s correlation to gold drops to zero.
Ethereum Classic pops 53%, while bitcoin recovers and ether pushes back toward its all-time high.
Bull frenzy grips crypto markets as the hunt for yield goes beyond bitcoin and ether.
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