🎙AMA Announcement
Crypto LVL will host an AMA Session with Pruf in Crypto LVL + Pruf chat.
⏱START 3PM UTC 02.07.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @pruftalk.
🌐Website - https://pruf.io
Crypto LVL will host an AMA Session with Pruf in Crypto LVL + Pruf chat.
⏱START 3PM UTC 02.07.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @pruftalk.
🌐Website - https://pruf.io
$200M hedge fund pauses crypto arbitrage trading amid market downturn.
The hedge fund co-founder says it is keeping its investment powder dry for when the crypto market resumes its parabolic advance.
Crypto hedge fund Nickel Digital Asset Management cycled into a cash position following the crypto market collapse of May.
According to Bloomberg, the $200 million crypto hedge fund led by JPMorgan and Goldman Sachs alumni redeployed its capital in anticipation of another explosive price run for cryptocurrencies.
Indeed, crypto arbitrage trading reportedly offered double-digit annualized gains for institutional investors with sufficient capital to make sizable returns on these momentary price gaps. These trades are market neutral rather than directional since the focus on price discrepancies and not price action.
Commenting on the fund’s investment thesis, Nickel Digital CEO Anatoly Crachilov told Bloomberg: “We don’t take directional bets, so whether Bitcoin goes up 300% or down 70%, we will seek to capture arbitrage opportunities from market dislocations,” adding:
“Our market-neutral, low volatility strategy is designed to provide positive returns irrespective of market directionality. It’s meant to make a transition into the crypto market easier for investors with lower risk tolerance.”
Bitcoin’s 50% crash from its $64,000 all-time high triggered a cascade of liquidations in the futures market especially for over-leveraged longs to the tune of about $9 billion. Altcoins also crashed more than 70% and price action has remained in a sideways accumulation state with frequent 10 to 15% dips.
For Crachilov, it is all about playing the waiting game, for now: “June will be remembered as a cash-rich, wait-and-see month.” The Nickel Digital CEO also stated that the current market downturn is not out of the ordinary for investors long in the crypto business.
The crypto hedge fund chief stated that institutional investors are starting to move away from seeing crypto investments as a reputational risk. Indeed, banks in the United States and Europe are beginning to offer direct exposure to Bitcoin for both retail and big-money players.
The hedge fund co-founder says it is keeping its investment powder dry for when the crypto market resumes its parabolic advance.
Crypto hedge fund Nickel Digital Asset Management cycled into a cash position following the crypto market collapse of May.
According to Bloomberg, the $200 million crypto hedge fund led by JPMorgan and Goldman Sachs alumni redeployed its capital in anticipation of another explosive price run for cryptocurrencies.
Indeed, crypto arbitrage trading reportedly offered double-digit annualized gains for institutional investors with sufficient capital to make sizable returns on these momentary price gaps. These trades are market neutral rather than directional since the focus on price discrepancies and not price action.
Commenting on the fund’s investment thesis, Nickel Digital CEO Anatoly Crachilov told Bloomberg: “We don’t take directional bets, so whether Bitcoin goes up 300% or down 70%, we will seek to capture arbitrage opportunities from market dislocations,” adding:
“Our market-neutral, low volatility strategy is designed to provide positive returns irrespective of market directionality. It’s meant to make a transition into the crypto market easier for investors with lower risk tolerance.”
Bitcoin’s 50% crash from its $64,000 all-time high triggered a cascade of liquidations in the futures market especially for over-leveraged longs to the tune of about $9 billion. Altcoins also crashed more than 70% and price action has remained in a sideways accumulation state with frequent 10 to 15% dips.
For Crachilov, it is all about playing the waiting game, for now: “June will be remembered as a cash-rich, wait-and-see month.” The Nickel Digital CEO also stated that the current market downturn is not out of the ordinary for investors long in the crypto business.
The crypto hedge fund chief stated that institutional investors are starting to move away from seeing crypto investments as a reputational risk. Indeed, banks in the United States and Europe are beginning to offer direct exposure to Bitcoin for both retail and big-money players.
Bitcoin, Ethereum and Altcoins Correct Gains.
Bitcoin price corrected lower after it failed to surpass USD 36,000 and corrected below the USD 34,000 support. It is currently (12:25 PM UTC) showing negative signs, postponing its plans to increase towards USD 36,000.
Similarly, most major altcoins corrected lower, dropping by 2%-4% in an hour. ETH failed to stay above the USD 2,250 support while XRP corrected towards USD 0.65.
Bitcoin price
After a downside correction, bitcoin price found support near USD 33,500. BTC is now seemingly moving higher, but if it fails and breaches the first key support of USD 33,500, the next support is near USD 33,200, below which the price might test USD 32,200.
Ethereum price
Ethereum price remained well bid above the USD 2,200 level but it is also showing signs of weakness. The next resistance is at USD 2,250, above which the price might test the USD 2,300 level.
If there is a downside correction, the next major support is near the USD 2,200 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is stuck near the USD 300 level. If BNB climbs above the USD 300 and USD 310 levels, it could gain momentum. In this case, the price might rise towards the USD 350 level. If not, there is a risk of a drop towards the USD 265 level.
Litecoin (LTC) is moving lower below the USD 138 level and there is a risk of a drop towards the USD 125 support zone. If LTC gains pace, it could revisit the USD 150 resistance.
Dogecoin (DOGE) is facing an uphill task below the USD 0.250 level. If it fails to settle above this price level, it could move down towards USD 0.200.
XRP price is trading above the USD 0.650 support after dropping by more than 5% in a day. The key breakout zone is near the USD 0.700 level. A daily close above USD 0.700 could set the tone for a larger increase in the near term.
Bitcoin price corrected lower after it failed to surpass USD 36,000 and corrected below the USD 34,000 support. It is currently (12:25 PM UTC) showing negative signs, postponing its plans to increase towards USD 36,000.
Similarly, most major altcoins corrected lower, dropping by 2%-4% in an hour. ETH failed to stay above the USD 2,250 support while XRP corrected towards USD 0.65.
Bitcoin price
After a downside correction, bitcoin price found support near USD 33,500. BTC is now seemingly moving higher, but if it fails and breaches the first key support of USD 33,500, the next support is near USD 33,200, below which the price might test USD 32,200.
Ethereum price
Ethereum price remained well bid above the USD 2,200 level but it is also showing signs of weakness. The next resistance is at USD 2,250, above which the price might test the USD 2,300 level.
If there is a downside correction, the next major support is near the USD 2,200 level.
BNB, LTC, DOGE, and XRP price
Binance Coin (BNB) is stuck near the USD 300 level. If BNB climbs above the USD 300 and USD 310 levels, it could gain momentum. In this case, the price might rise towards the USD 350 level. If not, there is a risk of a drop towards the USD 265 level.
Litecoin (LTC) is moving lower below the USD 138 level and there is a risk of a drop towards the USD 125 support zone. If LTC gains pace, it could revisit the USD 150 resistance.
Dogecoin (DOGE) is facing an uphill task below the USD 0.250 level. If it fails to settle above this price level, it could move down towards USD 0.200.
XRP price is trading above the USD 0.650 support after dropping by more than 5% in a day. The key breakout zone is near the USD 0.700 level. A daily close above USD 0.700 could set the tone for a larger increase in the near term.
Hydro plant from 1897 earns 3X as much mining BTC as selling power to the grid.
An historic renewable energy facility in New York has tripled its profits by mining Bitcoin.
New York’s Mechanicville hydroelectric plant — one of the oldest hydropower generation facilities in the United States — is now host to Bitcoin mining.
The plant is owned by Albany Engineering Corp (AEC), which was asked to restore it by the National Grid in 1986. Jim Besha Sr., AEC’s chief executive, notes that cryptocurrency mining offers triple the profit margins available from selling electricity back to the grid:
“We think this is the oldest renewable energy facility in the world that’s still running. We can actually make more money with Bitcoin than selling the electricity to National Grid.”
Besha noted he is content to liquidate the BTC as it comes in, expressing skepticism regarding the crypto asset’s longer-term potential.
Despite the robust profit margins, Besha laments not selling his electricity to be used as power, but a decade of fighting with the National Grid has left him looking to alternative revenue streams.
When AEC was asked to restore the plant, a contract was signed with the National Grid guaranteeing it would purchase power from Besha for 40 years at a discounted rate. However, after AEC received licensing to operate independently in 1993, Besha claims the National Grid reneged on their deal, leading to a protracted legal battle.
After the facility incurred substantial damages from a flood, and later a generator catching fire, the National Grid agreed to give up the plant, pay for repairs, and purchase electricity from AEC at market value in 2003. Despite National Grid giving up its price discount, the profits from Bitcoin mining still dwarf what AEC can make by selling electricity.
An historic renewable energy facility in New York has tripled its profits by mining Bitcoin.
New York’s Mechanicville hydroelectric plant — one of the oldest hydropower generation facilities in the United States — is now host to Bitcoin mining.
The plant is owned by Albany Engineering Corp (AEC), which was asked to restore it by the National Grid in 1986. Jim Besha Sr., AEC’s chief executive, notes that cryptocurrency mining offers triple the profit margins available from selling electricity back to the grid:
“We think this is the oldest renewable energy facility in the world that’s still running. We can actually make more money with Bitcoin than selling the electricity to National Grid.”
Besha noted he is content to liquidate the BTC as it comes in, expressing skepticism regarding the crypto asset’s longer-term potential.
Despite the robust profit margins, Besha laments not selling his electricity to be used as power, but a decade of fighting with the National Grid has left him looking to alternative revenue streams.
When AEC was asked to restore the plant, a contract was signed with the National Grid guaranteeing it would purchase power from Besha for 40 years at a discounted rate. However, after AEC received licensing to operate independently in 1993, Besha claims the National Grid reneged on their deal, leading to a protracted legal battle.
After the facility incurred substantial damages from a flood, and later a generator catching fire, the National Grid agreed to give up the plant, pay for repairs, and purchase electricity from AEC at market value in 2003. Despite National Grid giving up its price discount, the profits from Bitcoin mining still dwarf what AEC can make by selling electricity.
Green energy-focused Bitcoin miner Hive joins North American mining pool.
Hive aims to take advantage of the East-to-West shift in Bitcoin mining power after regulators in China have renewed efforts to crack down on the industry.
Following its approval for a Nasdaq listing, Canadian Hive Blockchain Technologies has bought more than 3,000 Bitcoin (BTC) mining rigs to get involved in the Bitcoin mining shift from East to West.
Purchased from Digital Currency Group subsidiary Foundry Digital LLC, the 3,019 MicroBT M30S miners acquired as part of the deal are already located at Hive’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. Foundry will be issued cash and 1.5 million warrants of Hive, according to an official announcement.
Hive’s new hash power will join the Foundry USA Pool, which includes Blockcap, Hut 8, Bitfarms and Foundry as participants.
Noting the massive migration of mining power from China to the United States and Canada, Hive executive chairman Frank Holmes said that the firm’s entry into a North American mining pool furthers the company’s goal of increased transparency and accountability with its partners.
“We are excited to have Hive as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network,” Foundry CEO Mike Colyer added.
The announcement says that the addition of the new miners would add an aggregate hash power of 264 petahash per second (PH/s), increasing Hive’s overall Bitcoin operating hash rate by 46% to approximately 830 PH/s. Based on the current difficulty and Bitcoin’s price, the newly enhanced mining setup would generate an additional $80,000 in daily income for Hive.
Hive is known for its green energy-based mining efforts. The company has green energy-powered data center facilities in Canada, Sweden and Iceland. It recently sold its Norwegian operations due to legislative challenges.
Hive aims to take advantage of the East-to-West shift in Bitcoin mining power after regulators in China have renewed efforts to crack down on the industry.
Following its approval for a Nasdaq listing, Canadian Hive Blockchain Technologies has bought more than 3,000 Bitcoin (BTC) mining rigs to get involved in the Bitcoin mining shift from East to West.
Purchased from Digital Currency Group subsidiary Foundry Digital LLC, the 3,019 MicroBT M30S miners acquired as part of the deal are already located at Hive’s facilities in Lachute, Quebec and Grand Falls, New Brunswick. Foundry will be issued cash and 1.5 million warrants of Hive, according to an official announcement.
Hive’s new hash power will join the Foundry USA Pool, which includes Blockcap, Hut 8, Bitfarms and Foundry as participants.
Noting the massive migration of mining power from China to the United States and Canada, Hive executive chairman Frank Holmes said that the firm’s entry into a North American mining pool furthers the company’s goal of increased transparency and accountability with its partners.
“We are excited to have Hive as a partner for the Foundry USA Pool as we continue playing our part in securing the global bitcoin mining network,” Foundry CEO Mike Colyer added.
The announcement says that the addition of the new miners would add an aggregate hash power of 264 petahash per second (PH/s), increasing Hive’s overall Bitcoin operating hash rate by 46% to approximately 830 PH/s. Based on the current difficulty and Bitcoin’s price, the newly enhanced mining setup would generate an additional $80,000 in daily income for Hive.
Hive is known for its green energy-based mining efforts. The company has green energy-powered data center facilities in Canada, Sweden and Iceland. It recently sold its Norwegian operations due to legislative challenges.
UK FCA will spend £11M to warn people about investing in crypto.
U.K. financial regulators have announced an 11 million pound digital marketing war chest to warn people about the dangers of crypto investments.
The United Kingdom’s Financial Conduct Authority (FCA) created an 11 million pound ($15.2 million) digital marketing campaign to warn citizens about the risks associated with crypto investments.
Nikhil Rathi, chief executive of the FCA, made this known in a draft speech for the agency’s webinar titled “Our Role and Business Plan” delivered on Thursday.
Detailing the FCA’s decision to create the campaign fund, Rathi stated that the U.K. regulator is concerned about the increasing adoption of crypto investment among the younger demographic.
According to Rathi, “more people are seeing investment as entertainment” and that such irrational behavior may lead to significant losses on their part:
“This is a category of consumer that we are not used to engaging with: 18 to 30-year-olds more likely to be drawn in by social media. That’s why we are creating an £11m digital marketing campaign to warn them of the risks.”
According to Rathi, the risks involved in crypto investments are “stark,” with the FCA boss restating the agency’s popular refrain that people should be “prepared to lose all their money” if they invest in cryptocurrencies.
The FCA’s digital marketing campaign is coming on the heels of actions taken by the U.K.’s Advertising Standards Authority against crypto ads that are deemed “misleading and socially irresponsible.”
As previously reported by Cointelegraph, the U.K. ad watchdog agency ordered crypto exchange platform Luno to halt its “time to buy” Bitcoin (BTC) advert. Earlier in July, the advertising regulator announced a crackdown on cryptocurrency-related ads, which the body described as a “red alert” priority.
Apart from the crypto warning campaign, the FCA boss also stated that the agency will continue to focus on robust examinations of “financials and business models” for operators in complex markets like cryptocurrencies, especially in the area of Anti-Money Laundering (AML) compliance.
U.K. financial regulators have announced an 11 million pound digital marketing war chest to warn people about the dangers of crypto investments.
The United Kingdom’s Financial Conduct Authority (FCA) created an 11 million pound ($15.2 million) digital marketing campaign to warn citizens about the risks associated with crypto investments.
Nikhil Rathi, chief executive of the FCA, made this known in a draft speech for the agency’s webinar titled “Our Role and Business Plan” delivered on Thursday.
Detailing the FCA’s decision to create the campaign fund, Rathi stated that the U.K. regulator is concerned about the increasing adoption of crypto investment among the younger demographic.
According to Rathi, “more people are seeing investment as entertainment” and that such irrational behavior may lead to significant losses on their part:
“This is a category of consumer that we are not used to engaging with: 18 to 30-year-olds more likely to be drawn in by social media. That’s why we are creating an £11m digital marketing campaign to warn them of the risks.”
According to Rathi, the risks involved in crypto investments are “stark,” with the FCA boss restating the agency’s popular refrain that people should be “prepared to lose all their money” if they invest in cryptocurrencies.
The FCA’s digital marketing campaign is coming on the heels of actions taken by the U.K.’s Advertising Standards Authority against crypto ads that are deemed “misleading and socially irresponsible.”
As previously reported by Cointelegraph, the U.K. ad watchdog agency ordered crypto exchange platform Luno to halt its “time to buy” Bitcoin (BTC) advert. Earlier in July, the advertising regulator announced a crackdown on cryptocurrency-related ads, which the body described as a “red alert” priority.
Apart from the crypto warning campaign, the FCA boss also stated that the agency will continue to focus on robust examinations of “financials and business models” for operators in complex markets like cryptocurrencies, especially in the area of Anti-Money Laundering (AML) compliance.
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Dapp for Diem blockchain partners with Polkadot infrastructure provider.
Pontem founder Boris Povod said the partnership was aimed at improving Polkadot’s current node infrastructure, with Pinknode providing “reliable and secure API endpoints.”
The decentralized application aiming to connect Facebook’s Diem blockchain with public networks is partnering with node infrastructure provider Pinknode.
In a Friday announcement, the Pontem Network said it would be working with Pinknode to provide node infrastructure through the Polkadot ecosystem. The network is aimed at allowing developers to use a Polkadot parachain as a testing ground for their ideas before submitting them to the Diem blockchain.
According to Pontem founder Boris Povod, the partnership will help improve Polkadot’s current infrastructure as Pinknode provides “reliable and secure API endpoints.” The network added that Pinknode’s code would allow Polkadot developers to connect their dApps through Kusama, while Pontem and Pinknodes teams could provide "critical infrastructure for Web 3.0 purposes."
Last month, Pontem raised $4.5 million in seed investments for the project to allow interoperable features developed in its ecosystem to be accessible through the Diem blockchain. The project also recently hired new staff, including former BlockFi employee Alejo Pinto for the role of chief growth officer.
Many reports have stated that the Facebook-backed project is planning to launch its Diem stablecoin pilot program sometime in 2021. The project was first introduced by Facebook in 2019 as Libra, but quickly faced backlash from international regulators. It was rebranded to Diem the following year.
Pontem founder Boris Povod said the partnership was aimed at improving Polkadot’s current node infrastructure, with Pinknode providing “reliable and secure API endpoints.”
The decentralized application aiming to connect Facebook’s Diem blockchain with public networks is partnering with node infrastructure provider Pinknode.
In a Friday announcement, the Pontem Network said it would be working with Pinknode to provide node infrastructure through the Polkadot ecosystem. The network is aimed at allowing developers to use a Polkadot parachain as a testing ground for their ideas before submitting them to the Diem blockchain.
According to Pontem founder Boris Povod, the partnership will help improve Polkadot’s current infrastructure as Pinknode provides “reliable and secure API endpoints.” The network added that Pinknode’s code would allow Polkadot developers to connect their dApps through Kusama, while Pontem and Pinknodes teams could provide "critical infrastructure for Web 3.0 purposes."
Last month, Pontem raised $4.5 million in seed investments for the project to allow interoperable features developed in its ecosystem to be accessible through the Diem blockchain. The project also recently hired new staff, including former BlockFi employee Alejo Pinto for the role of chief growth officer.
Many reports have stated that the Facebook-backed project is planning to launch its Diem stablecoin pilot program sometime in 2021. The project was first introduced by Facebook in 2019 as Libra, but quickly faced backlash from international regulators. It was rebranded to Diem the following year.
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Bitcoin security still a concern for some institutional investors.
Security of cryptocurrency custodial services is still among significant hurdles preventing institutional investors from buying crypto for the first time, new data suggests.
United Kingdom-based crypto fund Nickel Digital Asset Management released a survey of 100 wealth managers and global institutional investors to find out the biggest investor concerns associated with crypto.
The survey features respondents from the United States, France, Germany, the United Arab Emirates and the United Kingdom, who collectively own $275 billion in assets under management.
Conducted online from May to June 2021, the survey found low confidence among institutional investors in crypto security, with 76% of respondents citing concerns about the security of custodial services as one factor stopping them from investing in crypto.
Respondents also identified the regulatory environment as a significant hurdle. Other important concerns included a lack of transparency and volatility, and a perceived lack of reputable fund managers offering crypto investment.
Nickel Digital co-founder and CEO Anatoly Crachilov said that institutional concerns over crypto custody and security come despite the industry seeing “very strong progress on that front.” Crachilov stated that crypto service providers have been increasingly deploying sophisticated cryptographic solutions, such as distributed keys and multi-party computation vaults, while traditional financial institutions have been also moving into such services.
“We are now seeing Fidelity, BNY Mellon, and State Street entering the market, thus further reinforcing market infrastructure. All of this increases the confidence levels in the sector and lead to ever-growing allocations to this fast developing asset class,” Crachilov said.
The new survey comes shortly after the Australia Securities Exchange issued a warning related to custodial services on centralized cryptocurrency exchanges, cautioning investors against cybersecurity risks in the form of theft by hackers.
Security of cryptocurrency custodial services is still among significant hurdles preventing institutional investors from buying crypto for the first time, new data suggests.
United Kingdom-based crypto fund Nickel Digital Asset Management released a survey of 100 wealth managers and global institutional investors to find out the biggest investor concerns associated with crypto.
The survey features respondents from the United States, France, Germany, the United Arab Emirates and the United Kingdom, who collectively own $275 billion in assets under management.
Conducted online from May to June 2021, the survey found low confidence among institutional investors in crypto security, with 76% of respondents citing concerns about the security of custodial services as one factor stopping them from investing in crypto.
Respondents also identified the regulatory environment as a significant hurdle. Other important concerns included a lack of transparency and volatility, and a perceived lack of reputable fund managers offering crypto investment.
Nickel Digital co-founder and CEO Anatoly Crachilov said that institutional concerns over crypto custody and security come despite the industry seeing “very strong progress on that front.” Crachilov stated that crypto service providers have been increasingly deploying sophisticated cryptographic solutions, such as distributed keys and multi-party computation vaults, while traditional financial institutions have been also moving into such services.
“We are now seeing Fidelity, BNY Mellon, and State Street entering the market, thus further reinforcing market infrastructure. All of this increases the confidence levels in the sector and lead to ever-growing allocations to this fast developing asset class,” Crachilov said.
The new survey comes shortly after the Australia Securities Exchange issued a warning related to custodial services on centralized cryptocurrency exchanges, cautioning investors against cybersecurity risks in the form of theft by hackers.
Reddit deploys layer-2 solution aimed at scaling Ethereum-based community points.
“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit if the solution is migrated to the Ethereum mainnet.
Social media platform Reddit announced it would be using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points system.
In a Thursday announcement, Reddit administrator jarins said the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points. Reddit said it had deployed the layer-2 solution on top of the Rinkeby testnet before it plans to migrate to the Ethereum mainnet.
The platform cited Arbitrum’s features of being decentralized, being developer-friendly, and having broad ecosystem support in its decision. Arbitrum essentially “rolls up” transactions on a gasless sidechain with a separate set of security and consensus protocols, then reports the batched transactions to Ethereum. The development team at Offchain Labs has touted the project for scaling solutions.
Users on the social media platform earn Community Points by posting certain content to earn rewards. In the r/Cryptocurrency subreddit, these come in the form of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. Reddit said the integration of Arbitrum could potentially result in faster and cheaper transactions for the platform’s tokens.
“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit. “They’ll just show up in your Vault like magic!”
Though the tokens from Community Points are popular on the platform, there is seemingly no clear consensus among crypto analytics sites how many are currently in circulation. Data from Etherscan shows roughly 67 septillion — that’s 24 zeros at the end — MOONs have been distributed to more than 78,000 holders. However, CoinMarketCap claims there is a total supply of only 6,962,504 tokens.
“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit if the solution is migrated to the Ethereum mainnet.
Social media platform Reddit announced it would be using scaling solution Arbitrum to handle scaling its Ethereum-based Community Points system.
In a Thursday announcement, Reddit administrator jarins said the platform had launched its own layer-2 rollup using Arbitrum technology for its rewards points. Reddit said it had deployed the layer-2 solution on top of the Rinkeby testnet before it plans to migrate to the Ethereum mainnet.
The platform cited Arbitrum’s features of being decentralized, being developer-friendly, and having broad ecosystem support in its decision. Arbitrum essentially “rolls up” transactions on a gasless sidechain with a separate set of security and consensus protocols, then reports the batched transactions to Ethereum. The development team at Offchain Labs has touted the project for scaling solutions.
Users on the social media platform earn Community Points by posting certain content to earn rewards. In the r/Cryptocurrency subreddit, these come in the form of Moon tokens, and in r/FortNiteBR, the points are known as Bricks. Reddit said the integration of Arbitrum could potentially result in faster and cheaper transactions for the platform’s tokens.
“You’ll notice transactions happen much faster, and once you’ve created a Vault, you won’t have to keep claiming Moons every month,” said Reddit. “They’ll just show up in your Vault like magic!”
Though the tokens from Community Points are popular on the platform, there is seemingly no clear consensus among crypto analytics sites how many are currently in circulation. Data from Etherscan shows roughly 67 septillion — that’s 24 zeros at the end — MOONs have been distributed to more than 78,000 holders. However, CoinMarketCap claims there is a total supply of only 6,962,504 tokens.
Chicago Bulls team up with Shopify to launch NFT series.
The Chicago Bulls have launched an NFT drop via Shopify, with the e-commerce platform having recently integrated Sweet's NFT marketplace.
The NBA’s Chicago Bulls have launched NFTs depicting six championship wins from the 1990s via leading e-commerce platform Shopify.
Shopify is a multinational firm that provides website-based storefronts and payments infrastructure. Shopify president, Harley Finklestein, announced the NFT drop on Twitter earlier today.
According to Finklestein, the Chicago Bulls franchise is one Shopify's first partners to launch an NFT storefront on the platform, with Shopify's president noting the service will only be available to a “select few” in its formative stages.
Shopify integrated Sweet’s NFT marketplace in May, allowing its customers to issue and sell nonfungible tokens directly through the popular e-commerce interface. Sweet supports NFTs issued via Ethereum’s ERC-721 standard, Simple Ledger Protocol’s SLP token standard, and Dapper Labs’ Flow blockchain.
The Chicago Bulls’ NFTs were minted on Flow, which also hosts the officially licensed NBA Topshot tokenized highlight collectibles.
The “Bulls Legacy Collection” will be released over six drops, with each token celebrating the team’s six iconic championship wins between 1991 and 1998. The first NFT was launched on July 26 and has already sold out, with the second token slated for launch later today. The remaining four NFTs scheduled for launch over the next four days.
Despite the NFT sector recently cooling off, NFT sales surpassed $2.5 billion for the first half of 2021.
On July 21, Cointelegraph reported that popular NFT marketplace, OpenSea, had closed a $100 million Series B funding round led by venture capital firm Andreessen Horowitz at a valuation of $1.5 billion — indicating VC investors remain bullish on the nonfungible sector.
Retail investors still appear eager to get their hands on prized NFTs too, with Tyson Fury’s first NFT launch seeing a single token fetch almost $1 million in a July 16 auction, while more than 32,000 people signed up to participate in contemporary artist Damien Hirst’s latest NFT drop last week.
The Chicago Bulls have launched an NFT drop via Shopify, with the e-commerce platform having recently integrated Sweet's NFT marketplace.
The NBA’s Chicago Bulls have launched NFTs depicting six championship wins from the 1990s via leading e-commerce platform Shopify.
Shopify is a multinational firm that provides website-based storefronts and payments infrastructure. Shopify president, Harley Finklestein, announced the NFT drop on Twitter earlier today.
According to Finklestein, the Chicago Bulls franchise is one Shopify's first partners to launch an NFT storefront on the platform, with Shopify's president noting the service will only be available to a “select few” in its formative stages.
Shopify integrated Sweet’s NFT marketplace in May, allowing its customers to issue and sell nonfungible tokens directly through the popular e-commerce interface. Sweet supports NFTs issued via Ethereum’s ERC-721 standard, Simple Ledger Protocol’s SLP token standard, and Dapper Labs’ Flow blockchain.
The Chicago Bulls’ NFTs were minted on Flow, which also hosts the officially licensed NBA Topshot tokenized highlight collectibles.
The “Bulls Legacy Collection” will be released over six drops, with each token celebrating the team’s six iconic championship wins between 1991 and 1998. The first NFT was launched on July 26 and has already sold out, with the second token slated for launch later today. The remaining four NFTs scheduled for launch over the next four days.
Despite the NFT sector recently cooling off, NFT sales surpassed $2.5 billion for the first half of 2021.
On July 21, Cointelegraph reported that popular NFT marketplace, OpenSea, had closed a $100 million Series B funding round led by venture capital firm Andreessen Horowitz at a valuation of $1.5 billion — indicating VC investors remain bullish on the nonfungible sector.
Retail investors still appear eager to get their hands on prized NFTs too, with Tyson Fury’s first NFT launch seeing a single token fetch almost $1 million in a July 16 auction, while more than 32,000 people signed up to participate in contemporary artist Damien Hirst’s latest NFT drop last week.
1inch Foundation plans to distribute 10M tokens to compensate for gas costs
The non-profit arm of decentralized exchange aggregator 1inch plans to give away more than $23 million to users starting September 1.
In an announcement on Tuesday, the 1inch Foundation said it would begin distributing 10 million of its native 1INCH in an effort to refund gas costs for users who stake the tokens. The foundation intends to issue monthly refunds for those who stake the token anytime between the first swap in a given month and the day it distributes 1INCH.
At the time of publication, the price of 1INCH has risen more than 15% in the last 24 hours to reach $2.33, meaning the foundation would potentially be distributing more than $23 million in tokens.
However, only users who stake 100,000 1INCH or more will receive a full refund for their gas fees. The project also reported a minimum of 100 tokens is necessary to get a 25% gas refund for transactions that include “fast gas price” and a slipping tolerance greater than or equal to 1%.
According to the foundation, it will continue refunding gas fees for users under the terms mentioned above until it distributes 10 million 1INCH tokens. The project said the original idea for such a program came from community members via the 1inch Network’s governance forum.
https://apps.apple.com/app/apple-store/id1546049391?mt=8
The non-profit arm of decentralized exchange aggregator 1inch plans to give away more than $23 million to users starting September 1.
In an announcement on Tuesday, the 1inch Foundation said it would begin distributing 10 million of its native 1INCH in an effort to refund gas costs for users who stake the tokens. The foundation intends to issue monthly refunds for those who stake the token anytime between the first swap in a given month and the day it distributes 1INCH.
At the time of publication, the price of 1INCH has risen more than 15% in the last 24 hours to reach $2.33, meaning the foundation would potentially be distributing more than $23 million in tokens.
However, only users who stake 100,000 1INCH or more will receive a full refund for their gas fees. The project also reported a minimum of 100 tokens is necessary to get a 25% gas refund for transactions that include “fast gas price” and a slipping tolerance greater than or equal to 1%.
According to the foundation, it will continue refunding gas fees for users under the terms mentioned above until it distributes 10 million 1INCH tokens. The project said the original idea for such a program came from community members via the 1inch Network’s governance forum.
https://apps.apple.com/app/apple-store/id1546049391?mt=8
Chinese, Taiwanese Bitcoin Miners Eyeing Paraguay Move.
Chinese bitcoin (BTC) miners are reportedly preparing to flock to Paraguay in their droves – with reports claiming that there could be half a million rigs online in the nation in the next three years if regulators do not block miners’ progress, with some industrial players already setting up shop in the South American nation.
Per Criptonoticias, “at least eight” Chinese “financial entities” had expressed a strong interest in “transferring their mining operations to Paraguay,” according to the Paraguayan mining firm Digital Assets’ CEO Juanjo Benítez Rickmann.
In addition to Mainland Chinese miners, Rickmann claimed that “large consortiums from other regions” are also “interested in” relocating to Paraguay, with “some from Taiwan” particularly keen.
On June 23, Rickmann wrote on Twitter that he had had a “good chat” with Alfredo Shu, the Economic Advisor to the Taiwanese Embassy in Paraguay. He wrote that Shu and he had spoken about the “current situation of Bitcoin mining,” as well as a draft bill that has recently been put before parliament seeking to institutionalize and regulate crypto mining in Paraguay.
Although many international observers claim to have been underwhelmed by the bill, which was co-authored by Digital Assets, some in the Paraguay-based crypto community are cautiously optimistic that its relatively conservative nature might at least give policymakers pause for thought.
For its part, the Taiwanese Embassy in Paraguay wrote that it had been talking about BTC with Digital Assets and had spoken about “a new business strategy that will generate many opportunities” and “becoming more and more established” in Paraguay.
Miners have long been eyeing Paraguay’s huge hydroelectric dams: Itaipú and Yacyretá, both of which generate an estimated 8,500 MW of power. Much of this currently goes to waste, however, with the nation only consuming around 3,300 MW.
The media outlets stated that the mining firms, who chose not to reveal their identities, had been in contact with Paraguayan miners – many of whom helped shape the bill – in recent weeks. The Chinese firms are reportedly keen to learn how the draft bill is progressing in parliament.
Chinese bitcoin (BTC) miners are reportedly preparing to flock to Paraguay in their droves – with reports claiming that there could be half a million rigs online in the nation in the next three years if regulators do not block miners’ progress, with some industrial players already setting up shop in the South American nation.
Per Criptonoticias, “at least eight” Chinese “financial entities” had expressed a strong interest in “transferring their mining operations to Paraguay,” according to the Paraguayan mining firm Digital Assets’ CEO Juanjo Benítez Rickmann.
In addition to Mainland Chinese miners, Rickmann claimed that “large consortiums from other regions” are also “interested in” relocating to Paraguay, with “some from Taiwan” particularly keen.
On June 23, Rickmann wrote on Twitter that he had had a “good chat” with Alfredo Shu, the Economic Advisor to the Taiwanese Embassy in Paraguay. He wrote that Shu and he had spoken about the “current situation of Bitcoin mining,” as well as a draft bill that has recently been put before parliament seeking to institutionalize and regulate crypto mining in Paraguay.
Although many international observers claim to have been underwhelmed by the bill, which was co-authored by Digital Assets, some in the Paraguay-based crypto community are cautiously optimistic that its relatively conservative nature might at least give policymakers pause for thought.
For its part, the Taiwanese Embassy in Paraguay wrote that it had been talking about BTC with Digital Assets and had spoken about “a new business strategy that will generate many opportunities” and “becoming more and more established” in Paraguay.
Miners have long been eyeing Paraguay’s huge hydroelectric dams: Itaipú and Yacyretá, both of which generate an estimated 8,500 MW of power. Much of this currently goes to waste, however, with the nation only consuming around 3,300 MW.
The media outlets stated that the mining firms, who chose not to reveal their identities, had been in contact with Paraguayan miners – many of whom helped shape the bill – in recent weeks. The Chinese firms are reportedly keen to learn how the draft bill is progressing in parliament.
🎙AMA Announcement
Crypto LvL will host an AMA Session with ESP in Crypto LvL + ESP chat.
⏱START 4PM UTC 03.08.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @espcoin_chat
🌐Website - http://www.espcoin.io
Crypto LvL will host an AMA Session with ESP in Crypto LvL + ESP chat.
⏱START 4PM UTC 03.08.2021
Prepare your best questions and be ready to participate in time, see you soon.
Please make sure to follow Telegram group @espcoin_chat
🌐Website - http://www.espcoin.io
This Is How Musk’s and Saylor’s Tweets Steer Bitcoin Price
As crypto influencers such as Tesla's chief Elon Musk and MicroStrategy’s boss Michael Saylor continue to tickle millions of their followers with crypto-related tweets, recent findings show that their social media activities exert opposing effects on the prices of cryptocurrencies such as bitcoin (BTC) and dogecoin (DOGE), according to digital asset data provider The TIE and multi-asset trading platform eToro.
Musk’s 57.7m followers on Twitter and Saylor’s 1.3m followers on the same platform put significant weight behind both entrepreneurs’ crypto-related comments, in some cases leading to price hikes or drops.
“Within a few hours after a simple change in Musk’s bio to a single word, 'Bitcoin,' sent the cost of the crypto asset soaring by over 20%,” reminded the report. On the other hand, Tesla’s decision to suspend bitcoin payments amid Musk’s concerns about miners’ energy use triggered a major selloff in the market.
“The price of Bitcoin dropped -13% within a few hours before consolidating and trending sideways. Over the next 24 hours, investor sentiment also decreased from 43 (low) to 21 (very low), while tweet volume increased by 150%, from 52k to 130k,” according to the analysis.
The study contains an analysis of Musk’s and Saylor’s tweets from the second quarter of 2021, using this data to chart how their comments impacted the price performance, sentiment scores, and tweet volume change between 6 hours before and 24 hours after they were published.
In the case of Tesla’s CEO, on average, “Musk’s tweets mentioning Bitcoin resulted in a -1.6% decrease in price 24 hours that followed,” according to the study.
In spite of an overall negative impact on bitcoin’s price, his “Bitcoin-focused tweets positively affected investor sentiment, +23.5%, and overall Bitcoin-Twitter volume +44.4%,” the report said.
In contrast, tweets by MicroStrategy’s chief have demonstrated a positive impact on bitcoin’s price.
On “average, bitcoin decreases by -1.6% return within the 24hr period after Musk tweets and an increase of +0.2% after Saylor’s,” according to the analysis.
This said, Musk’s Dogecoin-related tweets show a substantially more significant impact on the cryptocurrency’s price, contributing to an average increase in the price of +8.4%, per the researchers.
The two entrepreneurs exchange roles when it comes to how their tweets shape investors’ sentiment for bitcoin.
While Musk’s Twitter activity exerts a positive impact on investor sentiment for both bitcoin and dogecoin, in Saylor’s case, “the data tells a different story” as irrespectively of his “positive, forward-looking, informational-based tone, bitcoin has dropped by -0.8% on average after [Saylor’s] tweets.”
What Tesla’s and MicroStrategy’s chiefs have in common is their influence on the overall conversation on Twitter about bitcoin and dogecoin: typically, within 24 hours of sending tweets, Bitcoin volume increases by 44% and Dogecoin by 99.7%.
“Each exists as a market force and can serve as a leader or laggard in the market. While Saylor champions the role of Bitcoin as a new means to store value, Musk seems to lean into cryptoassets as a means to challenge the status quo. Above all, this information demonstrates the value of different points of view,” the report concluded.
As crypto influencers such as Tesla's chief Elon Musk and MicroStrategy’s boss Michael Saylor continue to tickle millions of their followers with crypto-related tweets, recent findings show that their social media activities exert opposing effects on the prices of cryptocurrencies such as bitcoin (BTC) and dogecoin (DOGE), according to digital asset data provider The TIE and multi-asset trading platform eToro.
Musk’s 57.7m followers on Twitter and Saylor’s 1.3m followers on the same platform put significant weight behind both entrepreneurs’ crypto-related comments, in some cases leading to price hikes or drops.
“Within a few hours after a simple change in Musk’s bio to a single word, 'Bitcoin,' sent the cost of the crypto asset soaring by over 20%,” reminded the report. On the other hand, Tesla’s decision to suspend bitcoin payments amid Musk’s concerns about miners’ energy use triggered a major selloff in the market.
“The price of Bitcoin dropped -13% within a few hours before consolidating and trending sideways. Over the next 24 hours, investor sentiment also decreased from 43 (low) to 21 (very low), while tweet volume increased by 150%, from 52k to 130k,” according to the analysis.
The study contains an analysis of Musk’s and Saylor’s tweets from the second quarter of 2021, using this data to chart how their comments impacted the price performance, sentiment scores, and tweet volume change between 6 hours before and 24 hours after they were published.
In the case of Tesla’s CEO, on average, “Musk’s tweets mentioning Bitcoin resulted in a -1.6% decrease in price 24 hours that followed,” according to the study.
In spite of an overall negative impact on bitcoin’s price, his “Bitcoin-focused tweets positively affected investor sentiment, +23.5%, and overall Bitcoin-Twitter volume +44.4%,” the report said.
In contrast, tweets by MicroStrategy’s chief have demonstrated a positive impact on bitcoin’s price.
On “average, bitcoin decreases by -1.6% return within the 24hr period after Musk tweets and an increase of +0.2% after Saylor’s,” according to the analysis.
This said, Musk’s Dogecoin-related tweets show a substantially more significant impact on the cryptocurrency’s price, contributing to an average increase in the price of +8.4%, per the researchers.
The two entrepreneurs exchange roles when it comes to how their tweets shape investors’ sentiment for bitcoin.
While Musk’s Twitter activity exerts a positive impact on investor sentiment for both bitcoin and dogecoin, in Saylor’s case, “the data tells a different story” as irrespectively of his “positive, forward-looking, informational-based tone, bitcoin has dropped by -0.8% on average after [Saylor’s] tweets.”
What Tesla’s and MicroStrategy’s chiefs have in common is their influence on the overall conversation on Twitter about bitcoin and dogecoin: typically, within 24 hours of sending tweets, Bitcoin volume increases by 44% and Dogecoin by 99.7%.
“Each exists as a market force and can serve as a leader or laggard in the market. While Saylor champions the role of Bitcoin as a new means to store value, Musk seems to lean into cryptoassets as a means to challenge the status quo. Above all, this information demonstrates the value of different points of view,” the report concluded.
SEC claims first enforcement action in $30M fraud case involving DeFi project.
"The labeling of the offering as decentralized and the securities as governance tokens did not hinder us from ensuring that DeFi Money Market was immediately shut down and that investors were paid back," said the SEC.
A Cayman Islands-based company and two individuals may be the first subjects in decentralized finance, or DeFi, to face enforcement action from the United States Securities and Exchange.
According to a Friday announcement, the Securities and Exchange Commission, or SEC, said that this is the first case involving securities using DeFi technology which resulted in an enforcement action. The agency said it charged the company Blockchain Credit Partners as well as Florida residents Gregory Keough and Derek Acree, alleging they were involved in offering and selling more than $30 million in unregistered securities from February 2020 to February 2021.
DeFi Money Market, according to the project’s white paper, was “a permissionless and fully decentralized protocol to earn interest on any Ethereum digital asset backed by real-world assets represented on-chain.” Billionaire Tim Draper also backed the project.
The SEC claimed that Keough and Acree misrepresented how the company was operating to investors and did not reveal that it would be unlikely to pay interest and profits from offering and selling mTokens as well as DeFi Money Market’s DMG governance tokens. Instead of purchasing car loans, as the project claimed, the SEC alleged the pair used personal funds as well as funds from Blockchain Credit Partners to make interest payments for mToken redemptions.
However, the DeFi project closed its doors in February, saying at the time it was the “result of regulatory inquiries.” The announcement led to a huge price drop in DMG, making it more unlikely that investors would be able to redeem their tokens.
“The federal securities laws apply with equal force to age-old frauds wrapped in today’s latest technology,” said Daniel Michael, chief of the SEC Enforcement Division’s Complex Financial Instruments Unit. “The labeling of the offering as decentralized and the securities as governance tokens did not hinder us from ensuring that DeFi Money Market was immediately shut down and that investors were paid back.”
"The labeling of the offering as decentralized and the securities as governance tokens did not hinder us from ensuring that DeFi Money Market was immediately shut down and that investors were paid back," said the SEC.
A Cayman Islands-based company and two individuals may be the first subjects in decentralized finance, or DeFi, to face enforcement action from the United States Securities and Exchange.
According to a Friday announcement, the Securities and Exchange Commission, or SEC, said that this is the first case involving securities using DeFi technology which resulted in an enforcement action. The agency said it charged the company Blockchain Credit Partners as well as Florida residents Gregory Keough and Derek Acree, alleging they were involved in offering and selling more than $30 million in unregistered securities from February 2020 to February 2021.
DeFi Money Market, according to the project’s white paper, was “a permissionless and fully decentralized protocol to earn interest on any Ethereum digital asset backed by real-world assets represented on-chain.” Billionaire Tim Draper also backed the project.
The SEC claimed that Keough and Acree misrepresented how the company was operating to investors and did not reveal that it would be unlikely to pay interest and profits from offering and selling mTokens as well as DeFi Money Market’s DMG governance tokens. Instead of purchasing car loans, as the project claimed, the SEC alleged the pair used personal funds as well as funds from Blockchain Credit Partners to make interest payments for mToken redemptions.
However, the DeFi project closed its doors in February, saying at the time it was the “result of regulatory inquiries.” The announcement led to a huge price drop in DMG, making it more unlikely that investors would be able to redeem their tokens.
“The federal securities laws apply with equal force to age-old frauds wrapped in today’s latest technology,” said Daniel Michael, chief of the SEC Enforcement Division’s Complex Financial Instruments Unit. “The labeling of the offering as decentralized and the securities as governance tokens did not hinder us from ensuring that DeFi Money Market was immediately shut down and that investors were paid back.”
Pre-sale in 10minutes, huge marketing campaign the one you've never seen before + a famous rapper is going to advertise our pre-sale shhh🤫!
Pre-Sale link : www.rodtoken.com/presale
✅ Website : https://rodtoken.com
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♛ 2% Rewards to Holders💰
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♛ 7% Buy-Back Contracts🔥
♛ Long-term marketing strategy
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♛ Total Supply: 1 Quadrilion🔥
Presale will be organized on DxSale Platform.
Pre-Sale link : www.rodtoken.com/presale
✅ Website : https://rodtoken.com
✅ Telegram : https://t.me/rodtoken - beware of scammers.
♛ 2% Rewards to Holders💰
♛ 3% Marketing Contribution💎
♛ 7% Buy-Back Contracts🔥
♛ Long-term marketing strategy
♛ Transparent project🖼
♛ Total Supply: 1 Quadrilion🔥
Presale will be organized on DxSale Platform.
Take Part in PrimeXBT’s $20,000 Giveaway!
PrimeXBT is excited to present an all-new giveaway designed to reward some of the platform’s users who interact with PrimeXBT on social media and community chanels.
Learn more https://primexbt.com/blog/take-part-in-primexbts-20000-giveaway/
PrimeXBT is excited to present an all-new giveaway designed to reward some of the platform’s users who interact with PrimeXBT on social media and community chanels.
Learn more https://primexbt.com/blog/take-part-in-primexbts-20000-giveaway/
Ethereum supply flips briefly into deflation as gas fees spike.
A spike in gas fees and ETH burn rates has produced almost 800 deflationary blocks so far.
The theoretical deflationary properties of Ethereum’s London upgrade last week have already been seen in action on the blockchain with almost 800 "deflationary blocks" produced.
A spike in the Ethereum transaction fee burn rate has resulted in at least two hours when the supply was deflationary. The network has come under heavy load over the past couple of days which has resulted in a lot more gas being burnt.
Around four hours ago (as of 22.00 UTC), the ‘ETH Burn Bot’ recorded an instance when 545 ETH was burnt within a one-hour period. With Ethereum issuance reported at 532 ETH per hour, it resulted in the asset seeing deflation of minus 13 ETH for that brief period.
A larger deflationary burn was detected by the ETH Burn Bot a couple of hours later in which 945 tokens were burnt within the hour resulting in a temporary negative issuance of -417 ETH. It calculated this as an annualized deflation rate of -3.12%.
When the amount of ETH burned is greater than the mining reward, deflationary blocks are produced and the supply temporarily decreases. This has been observed on a tracker from advisory firm Carbono which is currently reporting that there have been 791 deflationary blocks so far, which it defines as blocks where the burnt fee exceeded the mined ETH.
When the London hard fork was deployed on August 5, it introduced the highly anticipated EIP-1559 upgrade that adjusted the transaction fee calculation system. Part of that adjustment introduced a mechanism that burns a portion of the base fees collected.
The Ethereum economy is not expected to see sustained deflation until the fee burning is combined with the reduction in block reward issuance as a result of the merge to proof-of-stake at some stage in 2022.
The news is not all good for Ethereum users however, as gas prices have increased again. According to Bitinfocharts, the average transaction price has climbed to $20 from a low of around $4 in late July. Etherscan’s gas tracker is reporting as much as $28.60 for a token swap on Uniswap.
A spike in gas fees and ETH burn rates has produced almost 800 deflationary blocks so far.
The theoretical deflationary properties of Ethereum’s London upgrade last week have already been seen in action on the blockchain with almost 800 "deflationary blocks" produced.
A spike in the Ethereum transaction fee burn rate has resulted in at least two hours when the supply was deflationary. The network has come under heavy load over the past couple of days which has resulted in a lot more gas being burnt.
Around four hours ago (as of 22.00 UTC), the ‘ETH Burn Bot’ recorded an instance when 545 ETH was burnt within a one-hour period. With Ethereum issuance reported at 532 ETH per hour, it resulted in the asset seeing deflation of minus 13 ETH for that brief period.
A larger deflationary burn was detected by the ETH Burn Bot a couple of hours later in which 945 tokens were burnt within the hour resulting in a temporary negative issuance of -417 ETH. It calculated this as an annualized deflation rate of -3.12%.
When the amount of ETH burned is greater than the mining reward, deflationary blocks are produced and the supply temporarily decreases. This has been observed on a tracker from advisory firm Carbono which is currently reporting that there have been 791 deflationary blocks so far, which it defines as blocks where the burnt fee exceeded the mined ETH.
When the London hard fork was deployed on August 5, it introduced the highly anticipated EIP-1559 upgrade that adjusted the transaction fee calculation system. Part of that adjustment introduced a mechanism that burns a portion of the base fees collected.
The Ethereum economy is not expected to see sustained deflation until the fee burning is combined with the reduction in block reward issuance as a result of the merge to proof-of-stake at some stage in 2022.
The news is not all good for Ethereum users however, as gas prices have increased again. According to Bitinfocharts, the average transaction price has climbed to $20 from a low of around $4 in late July. Etherscan’s gas tracker is reporting as much as $28.60 for a token swap on Uniswap.
How ‘Bitcoin With Smart Contracts,’ Ethereum Classic, Outperformed ETH.
Ethereum Classic (ETC) has had as good a bull market as pretty much every other top-50 cryptoassets out there. Long neglected by virtue of its well-documented vulnerability to 51% attacks, it nonetheless outperformed Ethereum (ETH) on various days in May, while enjoying a nearly 2,900% rise in trading volume.
It continued to attract attention at the end of June, when it posted an 80% surge in just over a week, and capped off a 200% rise in one quarter. For those who’d grown used to disregarding the cryptoasset and its blockchain, such rises caused them to sit up and take notice, wondering what exactly was driving this growth.
Well, according to industry players, interest in ETC has been caused by a combination of Ethereum’s transition to proof-of-stake (PoS) and an increase in development work. As such, they expect Ethereum Classic to have long-term viability as a smart contract platform with a commitment to proof-of-work (PoW) and a supply cap.
Ethereum Classic and Ethereum 2.0
On January 1, ETC was priced at around USD 6. However, it rose to USD 167 by May 6, representing an increase of 2,847% in roughly five months.
At the time of writing, ETC, ranked 21st by market capitalization, trades at USD 64 and is up by 821% in a year, compared with ETH's 671%. (But ETH outperformed ETC in the past month.)
However, ETC is still far away from ETH when it comes to usage and adoption of this original Ethereum blockchain.
Ethereum Classic (ETC) has had as good a bull market as pretty much every other top-50 cryptoassets out there. Long neglected by virtue of its well-documented vulnerability to 51% attacks, it nonetheless outperformed Ethereum (ETH) on various days in May, while enjoying a nearly 2,900% rise in trading volume.
It continued to attract attention at the end of June, when it posted an 80% surge in just over a week, and capped off a 200% rise in one quarter. For those who’d grown used to disregarding the cryptoasset and its blockchain, such rises caused them to sit up and take notice, wondering what exactly was driving this growth.
Well, according to industry players, interest in ETC has been caused by a combination of Ethereum’s transition to proof-of-stake (PoS) and an increase in development work. As such, they expect Ethereum Classic to have long-term viability as a smart contract platform with a commitment to proof-of-work (PoW) and a supply cap.
Ethereum Classic and Ethereum 2.0
On January 1, ETC was priced at around USD 6. However, it rose to USD 167 by May 6, representing an increase of 2,847% in roughly five months.
At the time of writing, ETC, ranked 21st by market capitalization, trades at USD 64 and is up by 821% in a year, compared with ETH's 671%. (But ETH outperformed ETC in the past month.)
However, ETC is still far away from ETH when it comes to usage and adoption of this original Ethereum blockchain.
