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Optimism network transactions surged 67% following Bedrock upgrade — Nansen
The Optimism layer-2 network saw less than 300,000 transactions per day around the time of the upgrade, but this number increased to over 500,000 afterwards.
Transactions on the Optimism network surged 67% following its June 7 “Bedrock” upgrade, according to a June 26 Twitter thread from blockchain analytics firm Nansen. The network had been seeing less than 300,000 transactions per day before the upgrade, but this figure increased to over 550,000 by the middle of June.
Optimism, a layer 2 of Ethereum, implemented its Bedrock hard fork on June 6. It was intended to reduce deposit times and fees, as well as increase the network’s security. According to the June 26 Nansen report, daily fees have fallen from $80,000 worth of Ether directly before the upgrade to only $50,000 as of late June.
Optimism saw a sharp increase in transactions immediately following the hard fork, rising to over 400,000 from approximately June 5 to 9. Volume rose slower after the initial spike, reaching a peak of over 550,000 on or around June 15. It then started to fall slowly, reaching 500,000 transactions per day by the end of the time data was collected around June 23, according to a chart posted in Nansen’s Twitter thread. Read More
Riot Platforms to add 33,000 Bitcoin miners ahead of 2024 halving
The new rigs will add 7.6 EH/s to the firm’s self-mining capacity, but won’t be installed until the first quarter of 2024.
Riot Platforms — one of the world’s largest Bitcoin mining companies — has bought 33,280 “next-generation” Bitcoin miners for its Texas facility, costing $162.9 million.
The rigs, which were sourced from mining manufacturer MicroBT, will boost the firm’s self-mining capacity by 7.6 exahashes per second (EH/s) and comes “in advance” of Bitcoin’s next halving cycle, which is set to take place in mid-2024.
Riot Platforms CEO Jason Les stated on June 26 that the deal will increase the firm’s self-mining capacity to 20.1 EH/s once the machines are installed in the first quarter of 2024:
“These new miners will contribute an additional 7.6 EH/s to Riot’s self-mining capacity when fully deployed and will further enhance our already strong fleet efficiency in advance of the upcoming Bitcoin halving.”
Les added the rigs we built specifically for “immersion cooling systems,” such as those used at the firm’s Corsicana facility. Read More
Solana, Polygon, Cardano Still Recovering From the SEC Calling Them Securities
The handful of tokens the SEC called securities have lost 15%, or $5 billion, off their collective market capitalizations since the start of June.
Solana, Polygon, Cardano, and other tokens being dragged into the court battles by the Security and Exchange Commission (SEC) have lost 15%, or $5 billion, off their collective market capitalizations, according to a Decrypt analysis of CoinGecko data.
On June 5 and June 6, the SEC filed lawsuits against Binance and Coinbase—two of the largest crypto exchanges in the industry. Among the charges levelled at the two exchanges were allegations they were selling unregistered securities. The industry wasted no time calling the declarations “pretty unfair,” But that hasn't stopped the tokens from taking some collateral damage.
According to the SEC’s lawsuits against Binance and Coinbase, a handful of cryptocurrencies were named, including: Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), Cosmos Hub (ATOM), The Sandbox (SAND), Decentraland (MANA), Algorand (ALGO), Axie Infinity (AXS), and COTI (COTI). Read More
Understanding the Rise of Non-Fungible Tokens
Non-fungible tokens are currently garnering attention in the digital market. To verify their ownership and authenticity, NFTs use blockchain technology. They represent a wide variety of things, such as art, music, games, and even real estate. The concept of NFTs has gained popularity and acceptance. This article details the rise of NFTs and the potential benefits of investing in them.
Understanding Non-Fungible Tokens:
Tokens that are not fungible are assets that are encoded and stored on the blockchain. Each NFT has its own unique identifier and associated metadata, distinguishing it from all other tokens. Non-fungible tokens can be traded for money, or in digital assets; their value is determined by market demand and owners.
For example, an exchange could be used to create a token for an image of a banana. NFTs could be highly sought-after and worth millions or worthless, depending on the buyer. Cryptocurrencies can be seen as tokens; however, they can be interchanged. This is a major distinction from non-fungible tokens, which are not interchangeable.
How Do Non-Fungible Tokens Work? Read More
Because of Solana’s POH method, it can horizontally scale the rest of the blockchain, the same way that operating systems and databases scale their software. Each Solana team member has over a decade of experience working in operating systems GPU acceleration. Compilers, networks, etc., giving them extensive and deep experience optimizing software.
Solana is based on scaling software with hardware, with the vision of building the world's largest decentralized, single-chart blockchain. The only way to do that is by scaling all the core technologies with hardware.
Scaling the Blockchain in this way delivers a cheap cryptographic base for financial transfers and, more importantly, outside of finance. It is a way for Solana to build a better web experience for social media communities regarding micropayments.
Also, advertising-based revenues can be relinquished for social networks, leading communities to generate value by self-expression, creating their own content, and growing the network and the connections within the community, creating a better world for all. Read More
Avantgarde launches world’s first institutional-grade digital assets platform
Avantgarde Finance Group is partnering with Agio Digital, a digital assets and fund services platform, to offer the first-ever institutional-grade on-chain crypto products.
Using the platform, it is now possible to set up fully regulated and compliant on-chain funds in a matter of weeks, reducing total expense ratios by more than 80%.
Avantgarde is a provider of tech-enabled investment solutions which facilitate the secure management of digital assets, and embeds purpose-built risk management infrastructure. The firm made a name for itself by providing development services to Enzyme, a non-custodial solution which, through Enzyme vaults, securely automates operational, administrative, compliance and risk management functions for digital assets on-chain.
Agio Fund Services, a subsidiary of Agio Digital, adopts a digital-first approach for fund setup, licensing, NAV calculation, and investor transaction management. The partnership between Avantgarde and Agio emphasises the significance of professional fund administration in navigating regulatory requirements, mitigating operational and legal risks, ensuring compliance, and enhancing transparency and communication with investors in the rapidly evolving DeFi landscape. Read More
Survey Says: Nobody Knows What Web3 Is
Most people are down for what Web3 promises to offer for a new, decentralized internet, but they aren't familiar with the term itself.
Even if people like what Web3 promises to deliver, hardly anyone understands what the term Web3 means.
In a recent survey conducted by polling company YouGov together with Ethereum software company Consensys, people across the globe were asked about their awareness of emerging technologies, how they feel about the state of the internet economy, and what they say are the values they prioritize online. What it found was that not many people have an idea what Web 3 is, even if they heard of it.
The YouGov-Consensys survey polled just over 15,000 people across 15 countries on 32 questions between April 26 and May 18. They were asked 32 questions related to Web3, cryptocurrencies, and their thoughts on the current internet ecosystem. Read More
Six Samurai: Anonymous Developers Seek to Revive Terra Classic Ecosystem
While the co-founder of Terraform Labs has been sentenced to four months in jail in Montenegro, a team of six anonymous developers have been attempting to revive the Terra Classic ecosystem after its collapse in May 2022. The six programmers, known as the “Six Samurai,” wholeheartedly believe that luna classic (LUNC) has “limitless upside potential.”
Developers Rally to Breathe Life Into Terra Classic:
Following the collapse of the Terra ecosystem in May 2022, a new blockchain called Phoenix was formed, and the network issued new luna (LUNA) tokens. However, the old blockchain, now referred to as the “Classic” network, continues to exist and has a market valuation of approximately $531 million as of Monday, June 26, 2023. The native token of the Terra Classic chain, now known as luna classic (LUNC), currently trades at around $0.00009140 per unit.
A group of developers, self-identified as the “Six Samurai,” now aims to revive the struggling network and infuse new life into the Terra Classic blockchain ecosystem. The Six Samurai released a proposal outlining their idea, which was submitted by two developers named Bilbo Baggins and Solid Snake. Read More
Cathie Wood’s ARK Says Itself and Others Set To Get Bitcoin (BTC) ETF Approval Before BlackRock: Report
ARK Invest says they and others are set for a Bitcoin (BTC) exchange-traded fund (ETF) approval from the U.S. Securities and Exchange Commission (SEC) before BlackRock.
In a new report from Bloomberg, ARK Investment Management analyst Yassine Elmandjra says ARK is “first in line” for a BTC ETF.
“ARK and 21Shares filed an application with the SEC for a Bitcoin ETF that now is the only one ahead of BlackRock’s.”
As per the ARK representative, ARK Investment Management and 21Shares are currently the top contenders for potential approval of a spot-Bitcoin ETF. Their next SEC decision date has been scheduled for August 13, 2023.
According to ARK analysts, BlackRock’s application for a Bitcoin ETF spot is notable for its unique exchange surveillance-sharing agreement. However, other applicants can also update their filings with similar agreements. 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.
