Ethereum Bulletin #14

Summary of the Ropsten Merge, 20 million OP tokens stolen, Energy consumption statistics of blockchains, Legal wrappers for DAOs, Overview of token distribution over the years, Grants Round 14 is officially live

Ethereum Bulletin #14


Summary of the Ropsten Merge

Ropsten testnet has been merged yesterday at around ~16:00 UTC. It went pretty smoothly with no major issues except for a slight inconvenience caused because 14% of validators had downtime at the transition

  1. 9% -- nimbus-team config issue, fixed with CLI change and redeploy
  2. 1.8% -- known concurrency bug in nethermind, required a reboot for some nodes
  3. 2.5-3% -- nimbus-besu web-sockets problem, swapped to use http
    These were just small issues which were observed and eventually overcome.

20 million OP tokens stolen

OP tokens are part of Optimism's layer 2 ecosystem, and a company called Wintermute had a wallet that was eligible for 20 million OP tokens, but the wallet address they provided was based on Layer 1, which means that if something like this happens, attackers can easily gain access to those tokens and deploy them to layer 2, where they can obviously sell them and earn profit.

Read the thread below to learn more about the situation's technicalities.

Optimism itself shared a document explaining the situation!

Energy consumption statistics of blockchains

As you might have come across people saying things like cryptocurrencies are dangerous for the environment as they use up a lot of energy which is partially true the Proof of Work consensus protocol onto which the largest blockchains like Bitcoin and Ethereum run puts in a lot of energy for processing each transaction as it has computational complexity and each and every node competes to complete the transaction in the shortest time possible and the one node that wins gets the miner's fees.

The estimated electricity consumption in Terra Watt Hour (TWh) is listed below. Look over the thread.

Legal wrappers for DAOs

The matrix analyses the legal organisations available for DAOs based on a number of factors, including creation requirements, member liability, securities regulations, and tax considerations. It's not meant to take the place of the critical legal guidance that each DAO should seek on its own, but rather to serve as a generic resource for projects as they weigh their alternatives.

Read the whole paperhere.

Overview of token distribution over the years

Many projects create their own tokens, from which they can determine what percentages to keep for their core team members and how much to utilise in airdrops and other activities. A thread and a graphic depicting the trends over time can be seen below.

Grants Round 14 is officially live

Individuals can apply for financing for a public goods project they are working on through Gitcoin Grants. Quadratic Funds (QF) is used by Gitcoin Grants to distribute extra funding from a matching pool to the most influential projects based on the number of contributors.

We are happy to share that EtherWorld team is also participating in the GR14 and you may support us by donating as low as 1 DAI [here]

Read more

Read more about Ethereum in previous Bulletins -Ethereum Bulletin

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