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Ethereum Fees Plummet—Etherscan Adds Decimals to Keep Up With Gas Drop
Currently, Ethereum’s onchain transaction fees are at a record low. Etherscan’s gas tracker shows that the highest transaction fee is around 4.399 gwei, or roughly $0.20. If you’re looking to make a decentralized exchange (dex) swap, it will set you back about $3.45. Listing a non-fungible token (NFT) costs approximately $5.83 for a high-priority transaction, while bridging costs are around $1.11, and borrowing tops out at $2.93 at its highest priority level.
Transaction fees have dropped to such an extent that Etherscan has introduced decimal points to its gwei gas figures. “Gas Tracker Decimal Points,” Etherscan wrote on X. “With gas prices dropping below 1 gwei recently, we’ve added 3 decimal points to the Gas Tracker for better accuracy.”
Etherscan added:
A base fee of 0.614 gwei in block 20496029 is the lowest recorded this past week!
A similar pattern is unfolding on the Bitcoin blockchain, with users now enjoying significantly lower fees for block space. Read More
Stablecoin Issuer Tether Announces Launch of USDT on Aptos (APT) Network
The firm behind the largest US dollar-pegged stablecoin by market cap will soon be launching on another layer-1 blockchain.
According to a new announcement from Tether, USDT will soon be available on Aptos (APT), a high-speed Ethereum (ETH) rival blockchain built for scalability.
“Tether, the largest company in the digital assets industry, today announced that they will soon be launching U.S. dollar-pegged Tether tokens (‘USDT’) on the Aptos Network. This integration is part of Tether’s broader strategy to make digital currency more accessible and useful globally, capitalizing on Aptos’ advanced blockchain technology and exceptional speed and scalability…
Recent data highlights significant ecosystem growth; average daily active users increased from 96K in January to 170K in July of 2024. Additionally, a record-breaking 157 million transactions were processed in a single day in May 2024.”
Aptos utilizes a Proof-of-Stake (PoS) consensus mechanism, in which validators stake their APT tokens to secure the network. The blockchain processes transactions in parallel, aiming to enhance efficiency and speed. Read More
What Is MEV and How Does It Impact Your Blockchain Transactions
Usually, miners, validators or block producers have the authority to include, exclude and rearrange certain transactions.
Imagine a scenario – you see an opportunity to earn money on a protocol. You realize that the opportunity has been available to everyone for a while, yet it hasn’t been exploited.
So, you prepare a transaction, send it and eagerly await its mining to receive the desired reward.
However, it turns out someone jumps right ahead of you with a similar transaction and steals the reward for themselves from under your nose.
It’s only reasonable to wonder what are the chances of two people simultaneously finding the same opportunity.
Pretty low, and to make matters worse, no one had been looking – there are programs and tools that automatically analyze the submitted transactions and then modify the ones that can prove profitable for the benefit of their owner. Read More
Private transactions now dominate Ethereum order flow: Report
Private orders consume more than 50% of gas used on Ethereum, according to Blocknative.
Private transactions now dominate Ethereum’s order flow as users seek to protect trades from frontrunners, according to an Aug. 20 report from Blocknative.
While private order flow still only comprises approximately 30% of Ethereum transactions, it consumes more than half of all gas used on the network, Blocknative said. This shift creates “new centralization vectors as private transaction order flow is accessible only to permissioned network participants,” according to the report.
Private orders involve sending transactions directly to a validator, in an arrangement known as a “dark pool,” instead of into the public queue. Public transactions risk being front-run by automated trading “bots” that profit at users’ expense — a practice known as maximum extractable value (MEV). Read More
The New Mini Blog Newsfeed Is Here At Markethive! A significant achievement unlocked, with many more to come
The Markethive Social Market Broadcasting Network is rapidly gaining prominence as a blockchain-based ecosystem that empowers entrepreneurs with a unique blend of uncensored expression and impartial dialogue, fostering a spirit of collaboration. This sets it apart from the often divisive and restrictive social media landscape.
At Markethive, your experience is our top priority. That's why we're recognized for our evolutionary and innovative ethos. We consistently broaden our decentralized, all-encompassing platform, creating a distinctive news feed interface that fully captures the user's experience.
We operate as an Inbound Marketing platform similar to Marketo and Paragon. The platform is comparable to popular platforms such as YouTube, Instagram, LinkedIn, and Twitter. However, we aim to surpass these traditional Web 2.0 media platforms with the upcoming release of Markethive 2.0, which includes various new features and an improved layout.
In contrast to traditional social media platforms, which rely on a single, primary news feed algorithmically set by the central authorities, Markethive's innovative approach will incorporate four distinct news feeds tailored to support the diverse range of features and functions within the Markethive ecosystem.
Markethive's feeds, including the Conglomerate or general newsfeed, video content, blogging, and curated content, are all about putting you in control. With advanced algorithms, you can tailor these feeds to your preferences, giving you the power to shape your Markethive experience. Markethive's reach is vast, as it consolidates the various features of other platforms into a single, unified system. Read More
Crypto Lender Ledn Gets $50 Million Bitcoin-Backed Loan
The BTC-backed loan from regulated Swiss bank Sygnum Bank is hailed as an industry first.
Digital asset banking group Sygnum has given crypto lender Ledn a Bitcoin-backed loan of $50 million, described as the first such loan of its kind.
The idea, according to a Tuesday announcement, is that Toronto-based Ledn—which offers interest-bearing savings accounts and Bitcoin-backed loans—will use the cash to grow its retail lending operations. The firms say it's the first time a regulated bank has issued a loan backed by Bitcoin.
"With the first Bitcoin-backed syndicated loan from a fully regulated bank, Sygnum is excited to support Ledn's future growth and kick-start a new market for institutional lenders and borrowers as the crypto ecosystem matures," Sygnum's head of credit and lending, Benedikt Koedel, said in Tuesday's announcement. Read More
El Salvador launches Bitcoin certifications for civil servants
El Salvador’s government aims to upskill 80,000 employees through a comprehensive Bitcoin certification program that emphasizes strategic management and public policy.
The National Bitcoin Office (ONBTC) of El Salvador will train and provide Bitcoin instruction and certifications to 80,000 government employees.
The Bitcoin-friendly Central American nation has launched a training program for public servants to impart knowledge about the strategic management and public policies around Bitcoin.
The 160-hour virtual and asynchronous training session — Certification in Public Administration 1 — is divided into seven modules, each detailing several concepts, laws, skills and management related to the use of Bitcoin as legal tender.
Stacy Herbert, director of ONBTC, expects that training civil servants will have a “compounding effect” on El Salvador’s Bitcoin-driven economy. In believing so, she plans to announce more educational initiatives. She said:
“These education projects are very low time preference commitments to the long-term success of El Salvador and its Bitcoin (and tech) policy.” Read More
Hong Kong Lawmaker Calls for DAO Regulation to Boost Web3 Investments
A Hong Kong lawmaker, Johnny Ng Kit-Chong, has urged the region’s government to create a legal framework to regulate decentralized autonomous organizations (DAOs). With such a legal framework, he argued, Hong Kong would enhance its Web3 investment landscape, attracting significant overseas talent and capital.
According to a report, Ng’s call for the creation of a DAO regulatory framework follows a recent High Court order for the disclosure of Mantra Chain’s financial details. In explaining its ruling, the court concluded that the application aimed to maintain the status quo pending trial by giving plaintiffs access to key financial details.
Mantra DAO Inc. and its infrastructure host, Riodefi, took legal action against the latter’s four ex-employees, who are accused of misappropriating the DAO’s funds. However, in their defense, the ex-Riodefi employees reportedly suggested that since the DAO has no beneficial owners, they should not be put to their defense. Read More
YieldNest launches new liquid restaking token
Stakers with Lido, Frax, Origin and Mantle can “restake” with the DeFi protocol.
Decentralized finance (DeFi) protocol YieldNest is launching a new liquid staking derivative (LSD) called ynLSDe designed to capture restaking yield from EigenLayer, according to an Aug. 21 announcement.
The token “will allow the holders of Ether staked with Lido, FRAX, Origin Protocol, or Mantle to earn additional yield… through restaking,” YieldNest said. Lido, FRAX, Origin, and Mantle are decentralized Ethereum staking platforms, each of which issues its own LSD.
Restaking involves taking Ether that has already been staked — posted as collateral with a validator in exchange for rewards — on the Ethereum network and using it to secure other protocols simultaneously. The premise is that in exchange for taking on additional risk, restaking can considerably enhance rewards.
Restaking rose to prominence after the launch of EigenLayer, a restaking protocol on Ethereum that has bootstrapped approximately $12 billion in total value locked (TVL) since 2023, according to data from DefiLlama. Read More
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image Source: Pixabay
