Do Kwon Headed To Jail ⛓️🧑⛓️

GM. This is Degen Scoop. It’s Tuesday, let’s look at the latest happenings:

• Do Kwon Headed to Jail ⛓️🧑⛓️

• BNB Smart Chain Adds a Layer 2 Solution 💨

• ETH Validator Limit To Go To 2048 ETH 👀

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Do Kwon Headed To Jail For 4 Months For Using Fake Passport

The sentence doesn’t cover his alleged crimes pertaining to his participation with $LUNA and its collapse. Documents exposed the fact that Do Kwon would be going to jail for 4 months for his usage of a fake passport. This sentencing is a result of when he tried to escape Montenegro back in March.

This past Friday, Do Kwon pleaded not guilty to the charges. Prior to this, Do Kwon was being held in custody for six months as the country contemplates the extradition request from South Korea. This is the last thing the defendant wants, but everyone who lost money in the Luna collapse would like nothing more.

Binance Announced opBNB, A Layer 2 Solution on BSC

The success of layer 2 solutions on Ethereum can’t be understated. We’ve spoken before about this in regards to Ethereum, but a layer 2 solution on BSC would be a first for the chain. This is an interesting development considering that BSC was already positioned as a cheaper/faster chain to use in its own right.

As for opBNB, Binance will be employing the Optimism OP stack to enhance the scalability of their chain. Optimistic rollups have a clear product market fit and they are the first non-Ethereum chain to utilize them for scaling. The testnet launched yesterday on June 19th as Binance began to invite developers to begin building on the new chain.

Ethereum Developers Are Considering Raising The Max Validator Limit to 2048 ETH

As of right now, ETH validators are confined to 32 ETH as the max limit. For users, they can use ETH LSDs with low fees if they don’t have the 32 ETH giving anyone the ability to get a piece of staking yield. The issue with a 32 ETH limit is that it requires large staking operators to set up countless validators. As of right now, 32 ETH is only $55K USD which isn’t much when working with billions of capital. This also pertains to the waiting queue which sits above 40 days and is far from optimal.

Alongside this proposition made by Michael Neuder, there is the possibility of auto-compounding rewards for staking yield being discussed. This would increase yield and reduce unnecessary chain usage. These two propositions would simplify operations pertaining to staking and open up block space for other endeavors. This proposal remains under debate but has opened a novel conversation regarding staking.

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.