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Ethereum Earns #1 Spot as Merge Approaches Fast—Top Coins to Watch for Sep 12—Sep 18

As we start to move deeper into September, let’s take a look at three cryptocurrency and blockchain projects that will be worth following this week.

3. FTX Token (FTT)

FTX Token is a token issued by FTX, a leading cryptocurrency exchange. The token is issued on the Ethereum, Solana and Binance Smart Chain blockchains, and trades under the ticker FTT. Holders of FTT enjoy discounted trading fees on FTX, and are also eligible for weekly airdrops of SRM tokens. By staking FTT, users can access better airdrop rewards or avoid withdrawal fees for ETH or tokens on the Ethereum blockchain. FTX periodically purchases FTT tokens on the market and burns them on a weekly basis, reducing the FTT supply over time. 

Why FTX Token? GameStop announces partnership with FTX US

The FTX US cryptocurrency exchange has entered a partnership with video game retailer and “meme stock” crowd favorite GameStop. Through the partnership, GameStop will be selling FTX gift cards in select physical locations. The two parties will also be collaborating on ecommerce and online marketing projects. 

Last week, FTX burned 125,277 FTT tokens, which translated to about $3.23 million at the time of the burn. In total, more than 20 million FTT have been removed from circulation through FTX’s buy and burn program.

In August, CNBC reported that FTX generated more than $1 billion in revenue in 2021, an increase of more than 1,000% over the previous year. FTX has solidified its status among the top cryptocurrency exchanges and the company has been aggressively marketing its exchange through advertisements in mainstream media.

2. BNB (BNB)

BNB is a token that was launched by the Binance cryptocurrency exchange in 2017. BNB serves two primary functions. Holders of the token get access to special benefits when using Binance – this includes lower trading fees, access the exchange’s Launchpad and Launchpool programs, cashback on Binance Visa card purchases, and more. 

The token is also used as the native asset of the BNB Chain blockchain. BNB Chain is a variant of Ethereum that offers significantly lower transaction fees to users, and it allows developers to easily deploy EVM-compatible decentralized applications. Previously known as Binance Coin, BNB has now gone through an extensive rebranding. 

Why BNB? BNB Chain introduces zkBNB layer 2 platform

The BNB Chain project has announced a new layer 2 scaling solution called zkBNB, which will provide a faster and cheaper alternative to users of BNB Chain. As the name implies, zkBNB utilizes ZK (zero-knowledge) technology. 

Zero-knowledge proofs were introduced to the cryptocurrency scene by Zcash, which leverages the technology to provide private transactions. Later on, projects also began utilizing zero-knowledge proofs in layer 2 scaling solutions—examples include zkSync, Loopring and Aztec.

The BNB Chain team says zkBNB provides faster transactions, faster finality and lower gas fees compared to the layer 1. In addition, users are able to transfer assets between layer 1 and layer 2 at any time. A zkBNB testnet has been running since September 2, but the project is targeting a mainnet launch before the end of the year.

Layer 2 solutions like zkBNB will help BNB Chain stay competitive, as one of the main selling points for BNB Chain is the fact that users can access faster and cheaper transactions than what is possible on Ethereum. With the rapid advancements displayed by layer 2s on Ethereum, projects like BNB Chain are now facing additional pressure to improve the scalability of their platforms.

1. Ethereum (ETH)

Ethereum was launched in 2015 and it was the first blockchain to introduce smart contracts and decentralized applications. Throughout the years, Ethereum has managed to sustain its position as the leading blockchain platform for smart contracts, and the market capitalization of its native asset ETH is second only to BTC. 

The Ethereum blockchain has enabled several blockchain-powered innovations, including DeFi, NFTs, token sales and DAOs. Ethereum is currently secured through Proof-of-Work, but the network is currently in the middle of a multi-year transition towards Proof-of-Stake. Combined with other improvements like sharding and layer 2 solutions, the next evolution of the Ethereum blockchain is expected to offer much stronger scalability than the current iteration of Ethereum.

Why Ethereum? The Merge is expected to happen this week

Ethereum’s long-awaited transition to Proof-of-Stake is just around the corner. Last week, the Beacon Chain successfully completed the Bellatrix upgrade, setting the stage for the actual Merge to occur. The Merge is the most highly anticipated fundamental event in crypto this year, and has even captured the attention of mainstream media outlets.

The Ethereum Merge will happen at terminal total difficulty (TTD) 58750000000000000000000. This will be the difficulty level of the last Proof-of-Work block that will be mined on Ethereum. The exact time at which this TTD will be hit depends on Ethereum network conditions, but the consensus seems to be that the Merge will most likely happen sometime between September 13 and September 16. 

The Merge will bring a lot of attention to Ethereum, but it remains to be seen whether it will be accompanied by increased volatility in the ETH markets. So far, there have been no major moves in ETH as the Merge approaches.

   

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