Celsius Finally Files for Bankruptcy

Celsis has filed petitions for Chapter 11 reorganization after closing off its DeFi debts owed to Compound, Aave and Maker. 

A Chapter 11 bankruptcy allows a company to stay in business and restructure its obligations, and there are successful examples such as American Airlines, Delta, General Motors, Hertz and Marvel, some experts voice skepticism regarding Celsius’ chances to stay afloat.

Customer withdrawals are still paused.

Moments ago, @CelsiusNetwork filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring. https://t.co/vf5wsT6TMp

— Celsius (@CelsiusNetwork) July 14, 2022

ApeCoin Rallys 45% Following Otherside Metaverse Demo

Around 4,500 people have jumped into the tech demo of the Otherside Metaverse project associated with BAYC. The demo was open to Otherdeed NFT land owners, who have all purchased tokenized land plots in the Otherside virtual world. The Otherdeed NFTs have seen generated more than $1 billion worth of sales volume in just 3 months.

Today's @OthersideMeta First Trip was truly a wild experience! Jumping through the swamp portal legit gave me chills and it was insane to see 4500 voyagers running around a large, immersive space. pic.twitter.com/Nl5luxaZl3

— illuminary.eth (@illuminaryETH) July 16, 2022

Ethereum Devs Confirm the Perpetual Date for The Merge

Ethereum network is nearing the merger phase of its crucial transition from proof-of-work (PoW) mining consensus to proof-of-stake (PoS). Ethereum (ETH) devs offered a perpetual merger date during a conference call on Thursday.

The conference call saw core Ethereum developer Tim Beiko, who runs core protocol meetings, propose September 19 as the tentative target date for the merger. The proposed target date didn’t face any objection from the core developers.

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