Reth client bug slows down Ethereum nodes
On September 2, a crash was detected in the Ethereum client of the Reth execution layer, developed by Paradigm. The problem was reported by the company's CTO. The error stopped node synchronization at block #2,327,426 and affected versions 1.6.0 and 1.4.8. Konstantopoulos published instructions to restore functionality, but the team is still looking for the root cause of the problem.
Reth is responsible for processing transactions and updating the state of the network. It was during the calculation of the state root, which guarantees the integrity of data - balances and smart contracts - that the crash occurred.
Currently, Reth's share among validators is 5.4%, while the leader Geth controls about 48%. Paradigm introduced Reth in June 2024: the client is capable of synchronizing an archive node with a volume of ~2.25 TB in 50 hours and is distinguished by high speed of RPC requests with minimal latency.
Dogecoin Foundation announces meme-coin treasury
The Dogecoin Foundation's corporate structure, House of Doge Inc., has announced the creation of an official treasury for the meme coin with investments of about $175 million.
The reserve is being formed in partnership with CleanCore Solutions with the participation of 21Shares, which manages a $12 billion crypto ETF. The companies will be responsible for capital allocation and oversight. To finance the initiative, CleanCore will issue shares for $175 million, and all proceeds will be used to purchase DOGE.
Elon Musk's lawyer Alex Spiro will head the CleanCore board of directors. Earlier, Bit Origin was the first to announce a corporate reserve in Dogecoin, attracting $500 million in investments. The price of DOGE has hardly changed on the news.
Ethereum staking queue reaches $3.7 billion
On September 2, the volume of incoming Ethereum staking exceeded 860,000 ETH ($3.7 billion) — the highest since the launch of the Shanghai update in 2023. The average waiting time is now about two weeks.
Later, the figure decreased to 817,213 ETH, but is still close to record levels. Analysts attribute the increase in interest to the strengthening of confidence in Ethereum, favorable market dynamics, low fees, and the activity of institutional investors.
The queue to exit staking has fallen by 20% after a peak of 1 million ETH and is about 852,000 ETH. In total, 35.7 million ETH (~$162 billion) are locked in the network, which is equivalent to 31% of the emission.
ETH whales have accumulated 14% more coins since April low
Santiment analysts attribute the growth of the Ethereum rate to $4,500 to active purchases by large holders controlling from 1,000 to 100,000 ETH. Since April, their total reserves have increased by 14% and reached 5.54 million ETH (~$24.2 billion).
In total, such investors have 42.5 million ETH ($186.4 billion), which is about 35% of the circulating supply. At the same time, the volume of coins on exchanges fell to a three-year low - 17.26 million ETH versus 28.8 million in 2022.
Corporate BTC reserves growth slows
By August, corporate Bitcoin reserves had reached a record 840,000 BTC, but purchase and transaction volumes had fallen to yearly lows, CryptoQuant notes. The largest holdings belong to Michael Saylor’s Strategy — 637,000 BTC, or 76% of the total. Another 203,000 BTC are spread across 32 companies. Since the November 2024 US election, Strategy has more than doubled its portfolio, while other firms have increased their holdings by 13 times.
In August, Strategy acquired 3,700 BTC, while other participants added 14,800 BTC — significantly less than the average since the beginning of the year and the June peak. The average transaction size has also fallen sharply: Strategy to 1,200 BTC, while other companies to 343 BTC.
The pace of accumulation has slowed: Strategy's monthly growth has fallen from 44% in December to 5% in August, a trend that is similar for its competitors. The number of transactions has decreased slightly, from 53 in July to 46 in August, while a year ago only 14 transactions were recorded.
Tether held talks on gold mining investment
The issuer of the USDT stablecoin, Tether, considered investing in the gold mining sector, the Financial Times writes, citing sources. Investments in the entire chain were discussed - from mining and processing to trading and royalties. This move caused skepticism among participants in the traditional precious metals market. Tether was also reportedly in talks with Terranova Resources, but they did not result in an agreement. Earlier, in June, Tether Investments acquired 31.9% of the shares of Elemental Altus Royalties.
