Bitcoin Blockchain Tech
ByAuthor J.D. SmithPosted on
36
0

Ethereum on track to settle $1.6 trillion this quarter

BY
img-ads

Ethereum usage is surging this year, with the value of transactions settled on the network skyrocketing during 2021.

According to research from Messari, Ethereum has settled $926 trillion worth of transactions this quarter so far — 700% more than it processed during Q1 2020. 

The network is currently on-pace to settle $1.6 trillion in transactions for the first quarter of this year. In the last 12 months, Ethereum has already settled $2.1 trillion in transactions.

If Messari’s $1.6 trillion forecast is accurate, Ethereum’s quarterly settlement value will have increased 1,280% compared to Q1 2020, and more than 5,000% compared to Q1 2019. 

Messari researcher Ryan Watkins noted the data counters the prevailing narrative that Ethereum is seeing an exodus of users amid its high gas fees, exclaiming:

“Incredible scale for a technology that critics claimed couldn’t scale.”

Ethereum’s recent surge in settlement value can be attributed to explosive growth in the DeFi and non-fungible token sector — most of which is based upon Ethereum.

The massive demand on the network has caused gas prices to surge to all-time highs. With many retail traders increasingly getting priced out of using the Ethereum mainnet for smaller transactions.

Average Ethereum transaction fees spiked to record highs of $40 on Feb. 23, with Ethereum generating $50 million worth of transaction fees in a single day.

Cryptofees.info is currently reporting an average daily fee generation of $32 million for ETH over the past seven days. Comparatively, Bitcoin has generated just $8 million daily on average over the past week.

According to Bitinfocharts.com, average transaction fees surged to a record high of almost $40 on Feb. 23. At the time of writing, Ethereum’s fees have retreated to $21 on average.

On Feb. 24, Cointelegraph reported that a fat-fingered DeFi user mistakenly paid more than 25 Ether worth $36,000 for a transaction this week.

Amid the high fees, Crypto influencers are urging an accelerated launch of ETH 2.0 to alleviate pressure on the congested proof-of-work blockchain.

img-ads

Leave a Comment

Your email address will not be published.

You may also like

Bitcoin Blockchain Investment Markets Opinion
ByAuthor J.D. SmithPosted on
16
0

Bitcoin Cash is on the brink of falling below 1% of Bitcoin’s price

BY

Bitcoin Cash (BCH) holders have no reason to celebrate, despite the 46% year-to-date gains in U.S. dollar terms. One year ago, the altcoin was the third-largest by market capitalization. It now risks dropping out of the top 10, having been surpassed by other cryptocurrencies including Litecoin (LTC) and Chainlink’s LINK.

BCH/BTC. Source: TradingView

After three years of continuous devaluation, BCH finally traded below 0.01 Bitcoin (BTC) on Feb. 22. Besides being psychological support, it marks a 96.5% devaluation from its highest close of 0.285 BTC on Aug. 2, 2017.

Even though both cryptocurrencies’ combined hash rate was somewhat comparable at the time, it has since become a one-sided battle, with BTC’s hash rate dominance now over 98% versus BCH and Bitcoin SV (BSV) combined.

Bitcoin Cash and Bitcoin hash rate. Source: Coin Metrics

As depicted above, the BCH hash rate currently stands at 1%…

View More Article
Blockchain Tech
ByAuthor J.D. SmithPosted on
11
0

Bison Trails’ new Polkadot API promises faster access to data

BY

Bison Trails, a blockchain infrastructure company that was recently acquired by Coinbase, has launched a new Polkadot API that could allow developers to build their applications much faster.

Beginning Thursday, Bison Trails customers will be able to leverage Polkadot Indexer, a new protocol that allows users to retrieve and query all types of blockchain data much more efficiently.

On a technical level, Polkadot Indexer allows users to pull data with significantly fewer requests to their nodes. Bison Trails claims that for very active accounts, the Indexer can save upward of a thousand requests. In practice, the Indexer is an API that lets users make the equivalent of on-chain market intelligence platform Glassnode, DeFi asset management tool Zerion or Zapper wallets — but for Polkadot tokens.

The Indexer is also available for Kusama, Polkadot’s multichain network.

In terms of broader use cases, Polkadot Indexer is marketed toward wallets, exchanges and custodians, as…
View More Article
Blockchain Markets
ByAuthor J.D. SmithPosted on
8
0

Coinbase public listing filing details 2020 revenue, major a16z stake

BY

As Coinbase plans to pursue a direct listing on the stock market, which would see its existing shares be traded on United States stock exchanges, the exchange has submitted an S-1 report to the Securities and Exchange Commissio, which details all the relevant data that would help investors conduct due diligence on the company.

The document represents the first time that Coinbase publicly revealed sensitive details like revenue and ownership structure.

The filing reveals that the exchange posted a direct revenue of $1.1 billion in 2020, a significant increase from $482 million in 2019. About 96% of this revenue is derived from transaction fees charged to users, with the remainder coming from subscription services. A further $136 million revenue was generated from sales of Coinbase assets to fulfill over-the-counter transactions.

The company’s operating expenses are significant. In 2020, they totalled over $880 million, with the majority being…

View More Article
Bitcoin Blockchain Investment
ByAuthor J.D. SmithPosted on
15
0

What Russian journalists can learn from Navalny’s Bitcoin wallet

BY

Alexei Navalny is a noted leader of the Russian opposition. His “Anti-Corruption Foundation” (FBK) has been a thorn in President Vladimir Putin’s side for many years.

Though the FBK has been locked out of mainstream politics — much as Navalny has been blocked from running in recent elections — its investigations have managed to garner an audience that Putin has found stubbornly difficult to disperse. That audience has transformed into protests across the country.

On top of it all, Navalny’s story highlights an important use case for Bitcoin in a country that effectively sanctions media that don’t toe the official line. Long touted as a means of getting money to people subject to government oppression, Bitcoin should be a serious consideration for journalists in Russia, many of whom face a regime that is going to great lengths to silence and effectively sanction them.

A recent timeline of Navalny

Navalny’s FBK went on the…

View More Article
Bitcoin Tech
ByAuthor J.D. SmithPosted on
16
0

Creditors of Mt. Gox Bitcoin exchange to vote on draft refund plan

BY

The trustee of hacked, now-defunct cryptocurrency exchange Mt. Gox has posted another update on the long-running process of refunding the exchange clients.

Nobuaki Kobayashi, a Tokyo attorney appointed to act as civil rehabilitation trustee to manage Mt. Gox’s bankruptcy estate funds, announced Thursday that the Tokyo District Court ordered that “There were no grounds for disapproving the draft rehabilitation plan.” As previously reported, the plan was filed on Dec. 15, 2020.

According to the announcement, the court has approved a repayment process schedule that includes a vote by creditors on the proposed refund plan. As part of the process, the trustee will initially determine the creditors with voting rights on March 24. Following the voting deadline on Oct. 8, creditors will attend a meeting on the resolution of the compensation plan on Oct. 20.

Creditors will have three options to proceed with the voting on the draft…

View More Article
Bitcoin Markets
ByAuthor J.D. SmithPosted on
5
0

Crypto derivatives exchange FTX launches futures on 2021 Olympics

BY

Cryptocurrency derivatives exchange FTX has created a new specialized futures contract for traders to bet on the likelihood of the Olympic Games occurring in Tokyo in 2021. The coronavirus pandemic continues to cast a shadow over the safety of hosting the event this year, particularly after a renewed outbreak of the virus in Tokyo last month.  

For each such uncertainty, as FTX noted in its tweet promoting the new contract, there can be a lucrative market. The new futures contract on FTX Token (FTT) has, according to the exchange, a different risk profile than Bitcoin (BTC). That is, “It has significantly higher chances of making large moves (to $0 or $1).”

In addition to the OLY2021 contract, FTX is continuing its line of products for speculation on the

View More Article
%d bloggers like this: