Ethereum Gas Fees Drop By 93%
Ethereum Co-Founder Joseph Lubin Accused Of Fraud, Tokyo-Listed Metaplanet Makes Bitcoin A Reserve Asset
Primarily as a result of Ethereum’s recent Cancun-Deneb upgrade and decreased network activity, Ethereum fees have dropped by around 93% to around 6 gwei from the $30 peak 6 months ago.
This was initially noticed on BitInfoCharts, and the drop marks the lowest Ethereum fee level since early 2020,
Right now, it costs around $5 to swap an asset, $9 to mint an NFT, and $2 to cross-chain bridge.
While users enjoy cheap transactions, node runners of the Ethereum network may face challenges with less profitability due to the near-zero "blob fee" that drove down demand for block space.
The 0 blob fee issue with it having not event entered price discovery was questioned and discussed by Gnosis co-founder Martin Köppelmann on Twitter.
For scalability, Ethereum co-founder Vitalik Burerin proposed another upgrade that would introduce "multi-dimensional gas" — a system for managing and allocating resources more efficiently.
Experts say that the drop may be temporary. This coincides with another piece of ours, where the drop in fees has resulted in Ethereum turning inflationary again.
Market Update
News
Ethereum Co-Founder Joseph Lubin Faces Fraud Allegations
The Cancun-Deneb upgrade, a significant update within the Ethereum network, alongside a decrease in network activity, are the main factors behind the 93% drop in gas fees. This decrease has made it cheaper for users to execute transactions and for developers to deploy and interact with smart contracts, enhancing the overall accessibility of the Ethereum blockchain. | Read More
Tokyo's Metaplanet Makes Bitcoin a Reserve Asset
Tokyo-listed Metaplanet Inc. has recently made headlines by adopting Bitcoin as a strategic reserve asset. This decision comes at a time when Japan is grappling with significant economic challenges, including a towering debt-to-GDP ratio that exceeds 254%, the highest among advanced economies. | Read More
El Salvador Unveils Public Bitcoin Mempool, With ~$353 Million Holdings
El Salvador has taken a significant step towards transparency in its cryptocurrency endeavors by unveiling a public Bitcoin mempool. This initiative allows anyone around the world to view the country's Bitcoin holdings in real-time. As of the latest update, El Salvador's Bitcoin treasury is valued at over $352.8 million. The recent disclosure revealed a purchase of an additional 31 BTC over the last month, employing a DCA strategy. | Read More
Degen Chain L3 Stops Producing Blocks for 11 Hours
The Layer 3 Degen Chain experienced a significant operational hiccup, halting block production for an extended period of 11 hours. This unexpected pause was due to a massive 500,000-block reorganization, commonly referred to as a "reorg," sparking discussions and concerns regarding the chain's reliability and future performance. | Read More
Mark Cuban Criticizes SEC's Crypto Stance
Mark Cuban has taken aim at Gary Gensler, the Chair of the SEC, accusing him of failing to protect cryptocurrency investors from fraud. Cuban's comments highlight a growing concern within the crypto community regarding the SEC's approach to regulation and its impact on the industry's future. | Read More