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Soaring growth of Ethereum layer-2 networks set to continue in 2023
Leading layer-2 networks on Ethereum have seen a surge in daily active users and fees recently.
Ethereum layer-2 networks have gone through an explosive growth phase over the past couple of months, a trend that is set to continue in 2023.
According to recent data, the leading layer-2 networks have seen an increase in daily active users that has translated into a growth in fees for the respective ecosystems.
According to analytics provider Token Terminal, Polygon leads the pack with 313,457 daily active users as of Jan. 17, a metric that spiked to over 600,000 daily active users earlier in January.
That’s a 30% increase in activity since the beginning of October, resulting in nearly $55,000 worth of daily fees for Polygon.
Optimism has seen even faster growth, with a 190% gain in daily active users over the past three months. This resulted in daily network fees of $119,475, a gain of almost 140% since the beginning of the year. Read More
Fresh proposal for improvement in governance on Zilliqa
To speed up the Zilliqa network’s decision-making process, a new proposal has been filed and made public that would reduce the quorum needed to approve votes to 8%. This was done with the help of Zilliqa’s governance platform.
The entity has chosen a strategy that involves the use of a decentralized governance structure, which demonstrates how all individuals connected to the network come together and work together to make the essential adjustments that must be made and implement those changes where the network is concerned. This is accomplished via a strategy of complete consensus and clarity.
By using gZIL (governance ZIL) tokens, each Zilliqa user can cast a vote on proposed changes to the platform and take an active role in shaping the future of Zilliqa. For the benefit of the blockchain, this implies that only community members who are invested in its future can vote on proposed changes to the protocol or system of governance. Read More
1inch launches proprietary hardware wallet as self-custody trend grows
1inch Networks’ upcoming hardware wallet has no direct connection to the internet and doesn’t require any wired connection.
Decentralized exchange (DEX) aggregator 1inch Network is the latest cryptocurrency platform to move into the hardware wallet industry amid the rise of self-custody.
On Jan. 19, 1inch officially introduced the 1inch Hardware Wallet, a proprietary hardware wallet developed by an independent team working within the 1inch Network.
In order to provide maximum security, the 1inch Hardware Wallet is “fully air-gapped,” meaning that it has no direct connection to the internet and does not require any wired connection.
“All data is exchanged using QR codes or, optionally, with NFC,” 1inch said, noting that the 1inch Hardware Wallet also doesn’t have any buttons.
The upcoming hardware wallet comes in the size of a bank card, featuring a 2.7-inch E-Ink grayscale touch display. The waterproof crypto wallet is equipped with a damage-resistant Gorilla Glass 6 surface and stainless-steel frame. The device supports wireless charging, with the Li-Po battery designed to last for roughly two weeks of use. Read More
Revolut ‘Assessing The Best Time’ for Native RevCoin Launch
Revolut has hinted at a native token for some time. Now the firm is mulling when to launch RevCoin "in the coming months," a spokesperson said.
Revolut is currently “assessing the best time” to launch its native cryptocurrency this year.
A spokesperson for the challenger bank told Decrypt via email that it is currently “scoping the market conditions and assessing the best time to launch RevCoin in the coming months."
Revolut is one of Europe's most valuable fintech firms, claiming over 25 million users worldwide, and was valued at $33 billion in its latest funding round in July 2021.
Anonymous sources speaking to CoinDesk in a September 2021 interview claimed Revolut is working on something “something like an exchange token,” but that this would not be a stablecoin.
A stablecoin is a cryptocurrency that is pegged to a fiat currency, like the dollar or the pound.
The sources compared the potential future offering to card issuer Wirex’s WXT token, which allows consumers to receive 2% cashback on their credit card purchases in the form of a proprietary cryptocurrency. Read More
HVC is poised to triumph in the crypto economy.
Markethive is a monolithic blockchain project currently operating as a social network, an entire inbound marketing platform with email, blogging, and digital media capabilities that broadcast to the vast internet. It’s a complete Market Network and the first of its kind.
Markethive is predominantly a free system where users can access a platform that can cost more than $2,500 offered by other marketing platforms. There are, of course, upgrades that open up more tools and monetization opportunities, the first being the Entrepreneur One Loyalty Program, and coming soon is the Premium Upgrade.
The many domains Markethive has and its autonomous cloud systems that ensure its sovereignty and longevity make it untouchable and immune from the tech giants’ rule and biased agenda. But can still remotely infiltrate the social media platforms and reach the multitudes either locked in or looking for an alternative meritocratic medium.
In other words, wherever you go, Markethive is there, anywhere and everywhere, delivering its message via its community of entrepreneurs to a far-reaching audience. This next-generation social market media is poised in the wings, and when the time is right, it will emerge as a shining light to lift people up and bring financial sovereignty and hope in this gloomy and uncertain world.
The video platform, conference rooms, the unique four specific news feeds currently in development, and many other projects and incentives add to the credibility and need for an ecosystem in the social media and digital marketing space. Read More
Decentralized forex will reduce cost by as much as 80%: Report
The researchers compared the cost of trading USDC and EUROC stablecoins on Uniswap with World Bank estimates of the average cost of remittances.
If the foreign exchange market starts using decentralized finance (DeFi) protocols instead of the current centralized systems, the cost of remittances could be reduced by “as much as 80%,” according to a Jan. 19 paper jointly published by researchers at Circle and Uniswap.
The paper, titled “On-chain Foreign Exchange and Cross-border Payments,” was written by Uniswap Data Scientist Austin Adams, Circle Chief Economist Gordon Liao, Mary Catherine Lader, David Puth and Xin Wan.
The authors studied the trading activity of Circle’s U.S. Dollar Coin and Euro Coin (EUROC) on Uniswap from July 2022 through January. They found that the coins had $128 million in total volume, with some days having trading volume as high as $8 million.
During this time, the stablecoins USDC and EUROC traded within a few basis points of exchange rates found in the wholesale forex market for their backing currencies, USD and EUR. In the authors’ view, this showed that the DeFi forex market was providing a reasonable alternative to traditional forex, with good price efficiency, despite its smaller trading volume. Read More
Robinhood Rolls Out Its MetaMask Wallet Competitor to 1 Million Users
Robinhood’s Crypto GM says the wallet will function as a “browser” for Web3.
Robinhood is finally entering the software wallet game.
The company today launched the Robinhood Wallet, a smartphone app that allows users to swap and transfer crypto, and view owned NFTs and crypto. It’s currently being slowly rolled out to over 1 million waitlisted users via an access code, according to Robinhood. It was previously released in beta to just 10,000 waitlisted customers in September.
The Robinhood Wallet uses Polygon, an Ethereum sidechain, to offer swaps without network fees. It also added support for Ethereum today.
If you’re confused about what’s going on with Robinhood “wallets,” we don’t blame you. Robinhood initially referred to a new transfer feature on its original trading app as a “Crypto Wallet” product. That feature launched in beta in January 2022, and it finally allowed Robinhood users to transfer crypto to and from the platform.
That wasn’t really a “wallet”—it’s no different than how users are able to transfer crypto to and from Coinbase, Kraken, Binance, or any other crypto trading app. The Robinhood Wallet that is being rolled out today, however, is more like MetaMask, or Phantom, or the Coinbase Wallet (not to be confused with the Coinbase trading app). Read More
What are hierarchical deterministic (HD) crypto wallets?
A hierarchical deterministic wallet generates public and private keys from a master key, allowing users to create a new wallet and retrieve all addresses and keys, given that they have access to the seed. On the contrary, non-deterministic wallets randomly generate wallet addresses and private keys, restricting users’ ability to recover addresses and keys if the wallet’s details are lost.
Typically, digital signatures and pairs of private and public signing keys are used in blockchain-based cryptocurrencies. That said, users spend their money by signing a transaction with the private key, and other users (recipients) can use the public key to confirm the signature’s validity. Private keys can be used to generate public keys, but not the other way around.
For instance, a user’s Bitcoin wallet comprises a set of private keys that enable the owner to spend any Bitcoin (BTC) linked to those keys. When the user needed them, Bitcoin wallets would randomly generate BTC addresses and private keys. Such types of digital wallets are called non-deterministic wallets (ND).
However, since the keys are not generated in any pattern, users must make a backup of each key whenever a new one is generated. That said, if the wallet’s details are lost, all of the addresses and keys would also be lost.
This type of Bitcoin wallet is also known as a “just-a-bunch-of-keys” (JBOK) wallet, as it produces unrelated keys and requires users to keep track of their transactions every time they buy and sell their cryptocurrencies. So, what are hierarchical deterministic (HD) wallets? Read More
1inch Network Launches Hardware Wallet for Storing Users' Private Keys in a Secure Offline Setting
The decentralized exchange aggregation service 1inch Network has announced the launch of a cold storage hardware wallet. The team notes that the project is in its final stages of development. The hardware wallet, expected to go on sale later this year, features a 2.7-inch e-ink grayscale touch display and it does not require a wired connection.
New Hardware Wallet From 1inch Network Offers Air-Gapped, Offline Storage for Crypto Assets
On Thursday, the decentralized finance (defi) project 1inch Network announced the launch of a new hardware wallet that will go on sale later this year. The team explains in a press release sent to Bitcoin.com News that the wallet will offer “the safest approach to storing users’ private keys in an offline, simple and open-source way.” The announcement made by 1inch follows the recent collapse of FTX, which spurred a significant amount of demand for hardware wallets, according to the manufacturers behind Ledger and Trezor. 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.
