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High Gas Prices Are Slowing Down The Growth Of NFT Marketplaces

High gas prices are slowing down the growth of the NFT marketplaces and they could even leave Ethereum altogether just so they don’t have to deal with gas fees as we are about to read in the latest Ethereum news today. High gas prices have become a huge problem for non-fungible token marketplaces especially as they want o mint at scale. Sean Papanikolas, the founder of the NFT marketplace Cargo, said that the NFT sector is right now at an inflection point but scalability weighs on new players in the sector that the gas prices have spiked as he said:…

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Ethereum’s Top Gas Consumers Turn Out To Be Ponzi Schemes

Ethereum’s top gas consumers are turning out to be Ponzi schemes that are competing with Defi applications for bandwidth on the ETH network. They make decentralized applications unusable because of the high fees as we are reading more in the latest ethereum news today. Two Ponzi schemes on ETH, Contribute and Forsage is gathering 13% of the network’s total gas. Uniswap is the main gas consumer on ETH while tether takes the second spot. Higher fees and long confirmation times impede the growth in the DeFi sector. It now seems that Ethereum’s top gas consumers are Ponzi schemes which are…

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Filecoin Looks to Mitigate Ethereum Fees with EIP-1559

Decentralized file storage firm Filecoin is testing a long-awaited Ethereum Improvement Proposal (EIP) on its network. It aims to counteract the high network fees on the industry’s current market leader Ethereum. Filecoin Testnets Show Positive Results The EIP-1559 is a  long-awaited implementation that wants to tackle the ill-effects of high Ethereum fees, which renders dApps Read MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Ethereum gas price dropped 80% and it’s still expensive

After peaking at $447 on 17 August, the price of Ethereum has been moving lower. As ETH was currently being traded for $396, its miners were witnessing a sharp decline in their revenue as the Ethereum fees dropped by almost 80% from its all-time high on 22 August. The DeFi hype had maintained higher gas prices on Ethereum and the drop has enabled the price to return to its normal trajectory. Source: Glassnode Despite a strong drop, the current gas price was still far higher than historical levels. However, the recent plunge helped the gas price to return to its…

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UniSwap Traders Spent About $7 Million In Ethereum Fees

The Uniswap traders have spent about $7 million in Ethereum fees over the past month according to the gas tracking site ETH Gas Station as we are reading further in the upcoming Ethereum news. The average GWEI which is a unit of Gas was around 125 with more than 17,700 ETH spent by the Uniswap traders and users. other decentralized exchanges such as Khyber Network and 1Inch accounted for $968,000 and $336,000 in fees with an average Gwei value of 126 and 100 respectively. Uniswap emerged as the DEX of choice for the new projects and scams and anyone is…

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People Spent About $7M On ETH Gas For Uniswap: Analysis

It looks like people spent more than $7 million on ETH gas for Uniswap since at the time of writing deduced from the data of EthGasStation the decentralized exchange Uniswap was pointed as the place in which the customers have spent their Ethereum (ETH) the most on gas payments throughout the previous 30 days. Following the latest Ethereum news, we read more about the analysis. People spent in total 17,700 Ethereum tokens on fuel to accomplish their trades, which is equal to $6.99 million spent on gas throughout the past 30 days. The second place is held by Tether (USDT).…

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Ethereum Gas and Transaction Fees Explained

Not enough gas for a transaction! How many gwei is it? The gas limit is too low! Most users outside of the Ethereum ecosystem can’t wrap their heads around this kind of talk. The Ethereum platform is quite peculiar when it comes to transaction fees and operational features. It uses an internal payment method called gas – a fee required to process a transaction or execute a smart contract.   Let’s dive into the mysterious Ethereum world and discover how gas works with Changelly. We’ll talk about the Ethereum virtual machine, gas limits, and gwei sub-units, then discuss miners’ rewards for…

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Tether Transfers Go Live On OMG Network’s Scaling Solution

Tether transfers are going live now on OMG Network’s scaling solution as the ETH network congestion could become a thing of the past as we are about to read in the tether coin news today. OMG Network has just launched Tether transfers integration providing an alternative option for swapping the leading stablecoin on the market. Shifting Tether transactions to the OMG network will reduce ETH congestion by about 15%. Tether users will be able to deposit and withdraw directly from the Bitfinex exchange and this could relieve the Ethereum gas fees that recently hit an all-time high. We are pleased…

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Ethereum Gas Fees Dips Amid Easing Network Congestion

The smart contract platform’s gas fees finally seem to be dipping as network congestion shows signs of easing. Ethereum Network Congestion Easing The months of June and July witnessed unprecedented transaction activity on the Ethereum (ETH) network, buoyed by the astronomical rise in popularity of decentralized finance (DeFi) protocols such as Uniswap, Aave, Compound, andRead MoreRead More. The post by Aisshwarya Tiwari appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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Ethereum Set to Shatter 2018 Cumulative Annual Gas Fee Record

Despite 2020 being only halfway done, the Ethereum blockchain is set to achieve a new annual gas payment record. USDT and DeFi Push Ethereum Gas Fees to New Heights According to Wilson Withiam — a researcher at crypto analytics platform Messari — the total gas payment recorded on the Ethereum network so far in 2020Read MoreRead More. The post by Osato Avan-Nomayo appeared first on BTCManager, Bitcoin, Blockchain & Cryptocurrency News

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