Ethereum Layer-1 Revenue Collapse: What's Behind the Drop? ๐
๐ Since the Dencun upgrade on March 13, 2024, Ethereum's layer-1 network revenue has plummeted by 99%! Despite a surge in layer-2 (L2) user activity and transactionsโboth doubling since Marchโfees for layer-1 transactions have dramatically dropped from $35.5M to just $578,000. ๐
The Dencun upgrade, aimed at reducing layer-2 fees, has led to an explosion of competing L2 solutions. With 74 L2 and 21 layer-3 projects now vying for users, the race to offer the lowest fees has intensified, driving more activity off the Ethereum base layer. ๐ง
This fierce competition has driven transaction costs down, counteracting the deflationary effects of EIP-1559 and causing a steady increase in ETH supply. Therefore, Ethereum has ceased to be a deflationary asset, which can negatively affect its price. ๐คท
Is the L2 boom causing Ethereumโs base layer to suffer? ๐ค๐
๐ Since the Dencun upgrade on March 13, 2024, Ethereum's layer-1 network revenue has plummeted by 99%! Despite a surge in layer-2 (L2) user activity and transactionsโboth doubling since Marchโfees for layer-1 transactions have dramatically dropped from $35.5M to just $578,000. ๐
The Dencun upgrade, aimed at reducing layer-2 fees, has led to an explosion of competing L2 solutions. With 74 L2 and 21 layer-3 projects now vying for users, the race to offer the lowest fees has intensified, driving more activity off the Ethereum base layer. ๐ง
This fierce competition has driven transaction costs down, counteracting the deflationary effects of EIP-1559 and causing a steady increase in ETH supply. Therefore, Ethereum has ceased to be a deflationary asset, which can negatively affect its price. ๐คท
Is the L2 boom causing Ethereumโs base layer to suffer? ๐ค๐
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TON Crashes 94%! ๐ฑ
TON has dropped to $0.30
on CoinMarketCap ๐
It's not even showing in the top 10! But donโt worry, itโs just another network glitch. ๐ป๐ตโ๐ซ
TON has dropped to $0.30
on CoinMarketCap ๐
It's not even showing in the top 10! But donโt worry, itโs just another network glitch. ๐ป๐ตโ๐ซ
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TON Accelerator and TON Ventures have announced the launch of the TON Accelerator: Acc.
๐ฐ This $2.5 million incubation program will support 5 startups working on the TON blockchain. Selected projects will get 3 months of growth support, funding, and expert assistance.
๐จ Oh, and CoinMarketCap is fixed nowโTON is showing a current price of $5.16. ๐
๐ฐ This $2.5 million incubation program will support 5 startups working on the TON blockchain. Selected projects will get 3 months of growth support, funding, and expert assistance.
๐จ Oh, and CoinMarketCap is fixed nowโTON is showing a current price of $5.16. ๐
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Bybit exchange has announced the listing of the Hamster Kombat token, following the lead of OKX and Bitget.
Spot market trading on Bybit, along with other platforms, is set to begin on September 26.
Currently, on Bybit's pre-market platform, the HMSTR token is trading at $0.094. Since its launch, the pre-market trading volume has already surpassed $2.5 million. ๐ฐ
Spot market trading on Bybit, along with other platforms, is set to begin on September 26.
Currently, on Bybit's pre-market platform, the HMSTR token is trading at $0.094. Since its launch, the pre-market trading volume has already surpassed $2.5 million. ๐ฐ
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The founders of Glassnode have confidence in September. ๐
๐ While September has historically been a weak month for BTC in terms of returns, this year it "begins with growth catalysts, and when everyone expects one thing, usually the opposite happens." ๐ค
๐ While September has historically been a weak month for BTC in terms of returns, this year it "begins with growth catalysts, and when everyone expects one thing, usually the opposite happens." ๐ค
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Binance executive Tigran Gambaryan appeared in a Nigerian court on crutches, reportedly in severe pain, as his trial for money laundering resumed.
Held for six months, Gambaryan's health has deteriorated significantly, suffering from a herniated disc, pneumonia, malaria, and tonsillitis. ๐ท
His family and lawyers claim he has been denied adequate medical care and access to legal counsel.
โ๏ธ The judge allowed him to use a wheelchair, and a new bail application has been filed.
The case has drawn criticism from Binance and Gambaryanโs family, with calls for U.S. intervention on humanitarian grounds. ๐ง
Held for six months, Gambaryan's health has deteriorated significantly, suffering from a herniated disc, pneumonia, malaria, and tonsillitis. ๐ท
His family and lawyers claim he has been denied adequate medical care and access to legal counsel.
โ๏ธ The judge allowed him to use a wheelchair, and a new bail application has been filed.
The case has drawn criticism from Binance and Gambaryanโs family, with calls for U.S. intervention on humanitarian grounds. ๐ง
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Today, Nvidia saw its market capitalization drop by $278 billion (-9.5%). ๐
This massive decline follows the US Department of Justice ramping up its investigation into Nvidia and issuing a subpoena to explore potential antitrust violations. ๐ง
The fallout from Nvidiaโs drop has extended to other major "big seven" companies, which collectively lost about $0.5 trillion in market capitalization. ๐ฐ๐
๐ The crypto market hasnโt been immune either; Bitcoin dipped below $56,000 and is currently trading near that level. In the past 24 hours, $170 million in long positions have been liquidated.๐คท
This massive decline follows the US Department of Justice ramping up its investigation into Nvidia and issuing a subpoena to explore potential antitrust violations. ๐ง
The fallout from Nvidiaโs drop has extended to other major "big seven" companies, which collectively lost about $0.5 trillion in market capitalization. ๐ฐ๐
๐ The crypto market hasnโt been immune either; Bitcoin dipped below $56,000 and is currently trading near that level. In the past 24 hours, $170 million in long positions have been liquidated.๐คท
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Polymarket integrated into Bloomberg Terminal ๐ป
๐ฎPolymarket founder Shane Coplan announced the integration of a decentralized prediction platform into a computer system from Bloomberg.
- he wrote.
๐ฎPolymarket founder Shane Coplan announced the integration of a decentralized prediction platform into a computer system from Bloomberg.
What once was a fringe, sci-fi idea for transforming the flow of information is now becoming the new normal, as 10s of millions of people build habit around relying on Polymarket forecasts as a source of truth, to make sense of whatโs going on in the world. And itโs still early.
- he wrote.
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๐ฅท Unknown attackers have breached the DeFi protocol Penpie, stealing $27 million.
Pendle has confirmed the discovery of a vulnerability in Penpie. ๐ง
๐งโ๐ป The developers assure that investors' funds remain secure on the Pendle protocol, but all contracts have been temporarily halted as a precautionary measure.
Pendle has confirmed the discovery of a vulnerability in Penpie. ๐ง
๐งโ๐ป The developers assure that investors' funds remain secure on the Pendle protocol, but all contracts have been temporarily halted as a precautionary measure.
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Former MtGox CEO to Launch New Cryptocurrency Exchange ๐
Mark Karpeles, the former Mt. Gox CEO, is launching a new crypto exchange called EllipX later this month in Poland. ๐ With a strong focus on transparency and user-friendliness, EllipX aims to set a new standard in the industry. ๐ก
Karpeles plans to apply a unique structure similar to the NYSE but for crypto, separating trading from brokerage and storage to enhance transparency. The platform will also feature a new, easy-to-use wallet with multi-party computation technology. ๐ผ๐
In addition to EllipX, Karpeles is launching Ungox, a non-profit that will rate crypto projects and exchanges. ๐โจ Former Mt. Gox users will receive special perks, including discounts and free NFTs. ๐
Karpeles is determined to push for industry-wide transparency and better security. ๐
Mark Karpeles, the former Mt. Gox CEO, is launching a new crypto exchange called EllipX later this month in Poland. ๐ With a strong focus on transparency and user-friendliness, EllipX aims to set a new standard in the industry. ๐ก
Karpeles plans to apply a unique structure similar to the NYSE but for crypto, separating trading from brokerage and storage to enhance transparency. The platform will also feature a new, easy-to-use wallet with multi-party computation technology. ๐ผ๐
In addition to EllipX, Karpeles is launching Ungox, a non-profit that will rate crypto projects and exchanges. ๐โจ Former Mt. Gox users will receive special perks, including discounts and free NFTs. ๐
Karpeles is determined to push for industry-wide transparency and better security. ๐
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In 2024, 96% of NFT collections were deemed "dead," according to a study by NFTEvening.
The average lifespan of a collection is just over a year, with one-third failing this year.
๐ Researchers analyzed over 5,000 collections and 5 million transactions on NFTScan, classifying projects as "dead" if they had zero trading volume, low weekly sales, or no social media activity.
About 43% of NFT holders faced losses, averaging 44.5%.
Among major collections, Azuki was profitable, while Pudgy Penguins was the most unprofitable. ๐ค
The average lifespan of a collection is just over a year, with one-third failing this year.
๐ Researchers analyzed over 5,000 collections and 5 million transactions on NFTScan, classifying projects as "dead" if they had zero trading volume, low weekly sales, or no social media activity.
About 43% of NFT holders faced losses, averaging 44.5%.
Among major collections, Azuki was profitable, while Pudgy Penguins was the most unprofitable. ๐ค
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Unknown hacked the ๐ (Twitter) account of the NEAR project but decided not to post links to scam tokens. ๐ง
Instead, they recommended deleting social media accounts and going for a walk. ๐
Additionally, they changed the preview to suggest checking out a list of all scam projects, with a link to CoinMarketCap. ๐ค
Instead, they recommended deleting social media accounts and going for a walk. ๐
Additionally, they changed the preview to suggest checking out a list of all scam projects, with a link to CoinMarketCap. ๐ค
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Changpeng Zhao Banned from Managing Binance for Life ๐ซ
๐ Binance has issued a lifetime ban on its founder, Changpeng Zhao (CZ), from overseeing the company, as confirmed by Richard Teng, the current CEO of the world's largest cryptocurrency exchange, to Axios.
Zhao is currently serving a four-month prison sentence in the U.S. for money laundering and sanctions violations, with his release anticipated by the end of September. ๐
โ๏ธ The U.S. Department of Justice's indictment did not include a permanent ban on Zhao's participation; the initial restriction was planned for just three years.
Despite the ban from management, Zhao will remain a majority shareholder in Binance but will not be formally part of the board of directors. ๐คต๐ปโโ๏ธ
After pleading guilty in April, Zhao announced his intention to step down as CEO of Binance and to focus instead on investments in blockchain technology, AI, and biotechnology. ๐ฐ
๐ Binance has issued a lifetime ban on its founder, Changpeng Zhao (CZ), from overseeing the company, as confirmed by Richard Teng, the current CEO of the world's largest cryptocurrency exchange, to Axios.
Zhao is currently serving a four-month prison sentence in the U.S. for money laundering and sanctions violations, with his release anticipated by the end of September. ๐
โ๏ธ The U.S. Department of Justice's indictment did not include a permanent ban on Zhao's participation; the initial restriction was planned for just three years.
Despite the ban from management, Zhao will remain a majority shareholder in Binance but will not be formally part of the board of directors. ๐คต๐ปโโ๏ธ
After pleading guilty in April, Zhao announced his intention to step down as CEO of Binance and to focus instead on investments in blockchain technology, AI, and biotechnology. ๐ฐ
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Crypto soothsayer
Unknown hacked the ๐ (Twitter) account of the NEAR project but decided not to post links to scam tokens. ๐ง Instead, they recommended deleting social media accounts and going for a walk. ๐ Additionally, they changed the preview to suggest checking out a listโฆ
Near Protocol has regained control of the account and acknowledged the breach ๐ช
๐ No security incidents (infected links or contract addresses) resuting from the hacker's actions have been detected.
๐ No security incidents (infected links or contract addresses) resuting from the hacker's actions have been detected.
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Here's what the cryptocurrency top 8 looked like 10 years ago
Since then:
โช๏ธ Litecoin (the first Bitcoin clone) has dropped from 2nd to 19th
โช๏ธ Ripple has moved from 3rd to 7th
โช๏ธ BitSharesX (the great-grandfather of EOS, and yes, itโs now forgotten) has fallen from 4th to 1203rd
โช๏ธ NXT (Iโve forgotten what this even is) has dropped from 5th to 8100th
โช๏ธ Peercoin (another obscure one) has fallen from 6th to 978th
โช๏ธ Dogecoin lost little ground, moving from 7th to 8th
โช๏ธ Darkcoin, which became DASH, fell from 8th to 152nd (DASH was the first coin to reach a price of $1000, not ETH as some might think now)
And Bitcoin is still Bitcoin ๐ซก
Since then:
โช๏ธ Litecoin (the first Bitcoin clone) has dropped from 2nd to 19th
โช๏ธ Ripple has moved from 3rd to 7th
โช๏ธ BitSharesX (the great-grandfather of EOS, and yes, itโs now forgotten) has fallen from 4th to 1203rd
โช๏ธ NXT (Iโve forgotten what this even is) has dropped from 5th to 8100th
โช๏ธ Peercoin (another obscure one) has fallen from 6th to 978th
โช๏ธ Dogecoin lost little ground, moving from 7th to 8th
โช๏ธ Darkcoin, which became DASH, fell from 8th to 152nd (DASH was the first coin to reach a price of $1000, not ETH as some might think now)
And Bitcoin is still Bitcoin ๐ซก
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Crypto is listed among the 15 least attractive hobbies for men from a female perspective, coming in 9th from the bottom. ๐ง
It ranks below clubbing, porn, smoking cigars and marijuana, and gambling. ๐คทโโ๏ธ
On the other hand, the most appealing hobbies include reading, speaking foreign languages, playing musical instruments, and cooking. ๐ค
It ranks below clubbing, porn, smoking cigars and marijuana, and gambling. ๐คทโโ๏ธ
On the other hand, the most appealing hobbies include reading, speaking foreign languages, playing musical instruments, and cooking. ๐ค
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Crypto soothsayer
The Binance exchange has announced the launch of the $BNSOL token for liquid staking on Solana.๐
Following Binance's announcement of a token for liquid staking on the Solana blockchain, the exchange Bybit has also revealed its own token - $bbSOL
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