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Uniswap Network Fees Are Still Attractive Despite UNI Price Crash

The Uniswap network fees are still attractive to traders despite the recent UNI price crash due to the turbulence on the market as we saw previously in the altcoin news. Just before listing on Uniswap, the token’s price dropped to lows of $1.00 after the 400 UNI airdrop recipients cashed out their tokens. Right after that, bigger buyers stepped in and boosted the price up to highs of $8.50. Since these highs were reached, the price of UNI was sliding lower with it not being able to escape the immense bearishness that was seen over the aggregated Defi ecosystem. If…

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Ethereum cumulative fees in 2020 eclipsed Bitcoin’s for the first time

One type of "flippening" finally happened, but only miners are feasting. Cumulative transaction fees paid to Ethereum (ETH) miners for 2020 are now close to double those of Bitcoin (BTC), clocking in at $276 million versus $146 million. A chart released by Coinmetrics highlights how Ethereum fees went on a steep ascent in the latter part of the year, coinciding quite closely with the release of Compound’s token incentive. Cumulative 2020 fees on Ethereum equalized with Bitcoin’s on Aug. 12, continuing a break-neck ascent since. Source: CoinmetricsThis marks a distinct change from trends in transaction fees from past years, where…

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Ethereum Transaction Costs Drop To Lowest Point In 50 Days

Ethereum transactions costs drop to their lowest point in the past 50 days despite the fact that they broke records earlier this month so let’s find out more in the upcoming Ethereum news today. The average cost of processing an ETH transaction fell to a 49-day lull marking an end to the high level of transaction costs which made the network extremely expensive to use. Yesterday, an average Ethereum transaction fee was $2.248 according to the data from BitInfoCharts which touched $2.28 which is about four cents higher but hasn’t slipped below $2.248 since August 9 when the cost of…

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Ethereum’s Gas Spike Forces Coinbase Pro to Pass Network Fees to Customers

While Ethereum network fees have jumped to new highs this year, the popular cryptocurrency exchange, Coinbase Pro, announced that the trading platform would be passing network fees onto customers. The move followed the exchange listing Uniswap’s native token UNI, an airdrop that saw miners collect close to $1 million in gas in less than an hour. The decentralized finance (defi) ecosystem has seen significant demand in 2020, but it has also contributed to the Ethereum (ETH) network’s rising fees. Ethereum miners are collecting a massive amount of revenue from gas payments, as miners are capturing between $700k to $850k per…

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Daily Ethereum transactions hit a new historical high amid DeFi boom

The previous all-time high in daily transactions was recorded in 2018. Daily transactions on the Ethereum blockchain have just recorded a new all-time high amid the general surge of congestion on the network. On Sept. 17, the amount of daily transactions on the Ethereum network amounted to 1,406,000, according to data from major Ethereum browser Etherscan. This is the highest number of daily transactions ever recorded on the Ethereum network. According to Etherscan, the previous all-time high was on Jan. 4, 2018, reaching about 1,350,000 transactions on the day. Ethereum daily transactions chart. Source: Etherscan The new historical high of…

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ETH Fees Rise Again By 70% To Continue The Record Streak

ETH fees rise again by 70% following the brief drop of the all-time highs but Defi activity keeps them from going lower as we read more in today’s Ethereum news today. The average transaction fees on Ethereum increased to $4.55 two days ago, marking a 70% jump from two days before. The average fees were above the two dollars for more than a month which is a record-running streak. The Defi activity boosts the elevated network activity and fees. Even when the prices settle after the huge crash at the start of the month, the ETH fees rise again by…

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Yield Farming’s Biggest Winners are Ethereum Miners, but Not for Long

Ethereum miners are making tremendous profits, even eclipsing the earnings of lucrative Bitcoin miners. But as the network moves toward layer two solutions, will ETH miners be able to sustain their high earnings? DeFi Propels Ethereum Miners Bitcoin is the most capitalized and liquid cryptocurrency, making the BTC mining industry much larger than that of other cryptocurrencies. Over the last few months, however, Ethereum has outpaced Bitcoin to become the most profitable digital asset to mine. At the start of the year, Bitcoin miners were earning between $100,000 to $360,000 a day in fees, as well as over a million…

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‘Exclusive mining’ could have negative implications for the Blockchain industry, say experts

A new mining concept is facing criticism in the blockchain sphere. Dr. Elias Strehle of the Blockchain Research Lab and Lennar Ante of the University of Hamburg recently warned that blockchain nodes engaging in exclusive mining “have no incentive to forward new transactions to their peers.” They speculated that crypto miners may instead be incentivized to keep transactions confidential “in the hope of being the only one who can earn the associated transaction fees.” Exclusive mining, which is a type of collusion between a transaction initiator and a single miner or pool, uses private channels to confirm transactions rather than…

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ETH Transaction Fees Drop By 58% But They Are Still Expensive

ETH transaction fees drop by 58% but the fees are still quite expensive. The new scaling solutions are in the works as we are reading more in today’s Ethereum latest news. ETH transaction fees drop by 58 percent which is the only good thing out of the recent ETH Crash aside from the rebound today. The average transaction fee on Ethereum hit $14.5 according to the data from BitInfoCharts. This is the highest average cost of an ETH transaction since 2018. For example, users have to pay transaction fees on Etehreum whenever they only want to move money around to…

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Inter-Blockchain Liquidity: Minting Synthetic Bitcoin Cash With the Ren Protocol

The decentralized finance (defi) ecosystem has matured quite a bit in 2020 and one project that’s seen some growth is the Ren Protocol. The application that allows people to access inter-blockchain liquidity for a number of defi applications. The following post is a step-by-step guide on how to leverage the Ren Protocol with Bitcoin Cash and a Metamask wallet. This week news.Bitcoin.com tested the Ren Protocol, another decentralized finance (defi) application that has been making waves within the crypto community. This is because the total value locked (TVL) in the Ren-VM system right now is more than 12,600 BTC ($146…

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Major news organizations join the fight against Apple’s App Store fees

For news apps that offer subscription services, the App Store normally takes a 30 percent cut in the first year, then a 15 percent cut thereafter. However, DCN is arguing that Apple gave more favorable terms to Amazon with its Prime Video iOS app, taking only a 15 percent commission from the start — as revealed during recent congressional hearings. Continue reading Major news organizations join the fight against Apple’s App Store fees at E-Crypto News.

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$99 Gas Fees on Ethereum Are Crippling DeFi’s Growth

Skyrocketing Ethereum fees and the exorbitant costs of interacting with DeFi smart contracts, threaten the growth of the sector. The surging popularity of decentralized finance (DeFi) protocols on Ethereum (ETH) has contributed to skyrocketing fees, with the network processing an all-time high of $6.87 million in total fees yesterday. Speaking to Cointelegraph, Synthetix (SNX) founder and CEO, Kain Warwick warned that high fees were impacting the growth of DeFi, stating:“In the last three months, we’ve gone from an environment where DeFi was expensive to use and a little bit slow, to now, [where] for a lot of people it’s prohibitively expensive.”Ethereum…

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ETH Transaction Fees Hit All-Time High Second Day in a Row

Ethereum has been going skyhigh in more ways than one. According to blockchain data platform Blockchair, the average transaction fees paid by Ethereum users have reached a new record average of over $7.50.Average Ethereum transaction fee in USD chart. Source: BlockchairDuring a similarly congested period from June - July 2020, Ethereum co-founder Vitalik Buterin called for reform to the cryptocurrency’s fee system, suggesting fees this high could undermine the security of the network.According to Buterin, miners’ increasing reliance on transaction fees may incentivize selfish mining practices. This, in turn, could disrupt how transactions are processed.As a potential solution, Buterin suggests…

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Someone Transferred a Billion Dollars in Bitcoin for Less Than $5

An unknown Bitcoin wallet paid a mere $4 to transfer over $1 billion. According to information provided by the crypto Twitter account, Whale Alert, 92,857 BTC ($1,092,603,640) were sent from an unknown wallet for a fee just of $4 at current market rates.Although the Bitcoin network is well known for its generally low transaction fees, the cost-per-transaction has increased by over 500% in the last month.Bitcoin Block Bot, another whale alert-style Twitter account, reported on June 27 that a 101,857 BTC transaction had moved 0.5% of all Bitcoin currently in circulation, with a total transaction fee cost of around $0.48.Unknown…

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Bitcoin Fees Skyrocket 590% Since Mid-June – Supporters Think Mempool Size Is ‘Bullish’

Bitcoin fees have grown much larger in recent days spiking to a two-month high to $3.80 per network transaction. The crypto asset’s fees have jumped 590% since June 14 and the mempool (transaction backlog) has grown significantly. Digital currency markets have been extremely bullish lately as bitcoin (BTC) touched a high of $10,974 on Bitfinex on Monday. BTC’s price has jumped over 8.8% in the last 24 hours and over 17% during the last seven days. Despite the huge spike in value, digital currency advocates have been complaining about the network’s transaction fees spiking as well. The BTC network has…

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