Author: NBTC

Since Sept. 15, 2024, onchain fees on the Ethereum network have seen a steady rise, jumping from $1 per transaction to $5.08 by Sept. 20. Though there was a slight dip, bringing fees down to just over $4 on Sept. 23, the average cost per transfer reached 0.0027 ETH ($7.06) on Tuesday morning. Ethereum Users Hit With Increasing Fees In the past seven days, ethereum (ETH) outpaced bitcoin, posting a 15.9% gain compared to BTC’s 9% increase. Alongside this price hike, Ethereum’s onchain fees have climbed, reaching an average of $7.06 per transaction. According to Etherscan’s gas tracker, a typical…

Stablecoins will drive institutional adoption in Asia, Chainalysis CEO Michael Gronager said in an interview. While Asia has greater user adoption, the U.S. is still the more influential geography. Even so, the result of the U.S. presidential election in November “won’t matter much.” SINGAPORE — Stablecoins will drive institutional adoption in Asia, “even if regulators are not happy with it,” Chainalysis co-founder and CEO Michael Gronager said in an interview at Token2049 in Singapore. Yet, while more users in the region have leaped into cryptocurrency than elsewhere, the U.S. is still the industry’s most influential geography. Stablecoins, crypto tokens whose…

Ethereum (ETH) rose 4% as inflows into Ethereum exchange-traded funds (ETFs) increased and decentralized exchange (DEX) tokens posted notable gains. Ethereum and DEX Tokens Rise as ETH ETFs See Positive Inflows Data from SoSoValue reveals that US-listed spot Ethereum ETFs experienced net inflows of $4.93 million on Monday. Notable contributors to this positive trend included Fidelity’s FETH, which saw $3.98 million in inflows, Franklin Templeton’s EZET with $1 million, and Bitwise’s ETHW with $2.86 million. In contrast, Grayscale’s two funds reported no inflows at all, and VanEck’s ETHV saw an outflow of $2.92 million. In comparison, Bitcoin ETFs collectively saw…

The House Financial Services Committee conducted a hearing today with US SEC Chairman Gary Gensler and four other Commissioners: Caroline A. Crenshaw, Hester Peirce, James Lizarraga, and Mark Uyeda. That’s the first time the Commissioners testify before the Congress together since 2019. Patrick McHenry, Chairman of the House Financial Services Committee, questioned Gensler again about the multiple terms used to address digital assets and a potential lack of clarity to define what tokens are securities. Following Gensler’s standard answer of token economics being more important than “labels” to define what a security token is, Peirce stated that there’s no regulatory…

Bitcoin (BTC) mining firm Hut 8 has initiated its GPU-as-a-service vertical, generating revenue from an AI cloud developer’s inaugural GPU cluster. The cluster in a tier-three data center in Chicago features multiple Hewlett Packard Enterprise Cray supercomputers powered by 1,000 NVIDIA H100 GPUs. Hut 8 collaborated with HPE and AdvizeX to design, configure, and commission the cluster, operated under its subsidiary, Highrise AI. The company secured a five-year agreement with the AI cloud developer, including fixed infrastructure payments and revenue-sharing. “The launch of our GPU-as-a-service vertical further diversifies our compute layer, which now spans AI compute, Bitcoin mining, and traditional…

The DeFi space is expanding, with liquid staking and restaking protocols gaining more and more attention. These developments allow users to stake and reuse assets multiple times, offering the potential for higher yields. However, as these systems become more complex, they also introduce potential systemic vulnerabilities. Projects like EigenLayer are pushing the limits of yield maximization, but are these returns sustainable? The question remains whether these innovations are setting DeFi up for lasting success or creating the next wave of risks. The Growing Influence Restaking protocols, led by platforms like EigenLayer, have become a major force in the decentralized finance…

Ethereum (ETH) is turning the tides on L2 applications. In the past month, fees to use the L1 network started growing. Ethereum (ETH) is leaving behind its period of ultra-low fees and is becoming more expensive for L2 apps. The right balance between L1 and L2 has not been struck and is still shifting. There is no consensus whether it’s better to have expensive ETH services or let L2 retain their fees. Ethereum fees rose from under $1M daily to more than $7.98M per day as of September 23. The days of gas fees under 1 GWei are also gone,…

Andreessen Horowitz (a16z) has made its first investment in a decentralized science (DeSci) project, backing AminoChain with $5M in a seed funding round. In 1951, Henrietta Lacks’ cells were taken without her knowledge or consent. Her cells, known now as “HeLa” cells, went on to become one of the most important tools in modern medicine, leading to breakthroughs in healthcare from the polio vaccine to cancer treatments. For 72… pic.twitter.com/01tZme6gLL — AriannaSimpson.eth (@AriannaSimpson) September 25, 2024 The funding, led by a16z, will support AminoChain’s development of a decentralized biobank and Layer 2 network. The project aims to improve ownership, transparency,…

The addresses holding Cardano (ADA) have stagnated around 4.45 million wallets for over a year despite the network set for its biggest technical advancement. Analytic platform IntoTheBlock confirmed this data in a recent update. The report highlighted that the Cardano ecosystem has seen a flattened progression in wallets holding ADA tokens since 2023. The trajectory of Addresses Holding Cardano Notably, Cardano saw a consistent uptrend in ADA holders in the last bull cycle. This was due to Cardano being promoted as an alternative to the largest smart contract network, Ethereum. Accordingly, ADA-holding wallets quickly expanded from below the 1 million…

All five commissioners of the Securities and Exchange Commission appeared on Capitol Hill Tuesday. While politicians had questions for each and every commissioner, it was clear that some lawmakers were eager to face off directly with SEC Chair Gary Gensler. Congressman Tom Emmer, R-MN., used his questioning to ask Gensler about the DEBT Box case. ICYMI, the SEC was sanctioned in the Utah-based case. The judge overseeing the case said that the sanctions were due to “bad faith conduct” and a “gross abuse of power.” Read more: DEBT Box loss shows SEC ‘overreach and failure,’ Hill says Emmer, on Tuesday,…