The Art of Making CryptoCurrency
Ray Youssef, the former Paxful CEO, has commented on the negative impact of high transaction fees on bitcoin adoption in emerging markets. Youssef stated on social media that the recent developments in the bitcoin fee market have pushed users to alternatives such as USDT on the Tron blockchain over bitcoin in Global South countries. Noones […] Source link
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The average gas fee — transaction fee — on the Ethereum network has cooled substantially in the first week of June after reaching a multimonth high in May, owing to the memecoin frenzy and much maximal extractable value (MEV) bot activities. The average gas fee has decreased to $7.34, an almost one-third drop from last month’s high of $20. In terms of gwei — a denomination of Ether (ETH) that represents one-billionth of one ETH — the daily median gas price has decreased to 24 gwei from a peak of…
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This is an opinion editorial by Steven Hay, a writer, former trader and art dealer. The Ordinals controversy is still simmering and seems set to flare up again soon. Although Ordinals’ block space usage had been trending down since March 23, 2023, the release of notable collections and a burgeoning mania for BRC-20 tokens seems to have reversed that trend. Should competition for block space between Ordinals, BRC-20 tokens and purely monetary transactions remain high, so will fees. And, should fees climb sufficiently high, the ghastly shades of the blocksize…
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Top Stories This Week Memecoin hype drives Bitcoin transaction fees to multi-year highs The ongoing trading frenzy of memecoins like Pepe has triggered an unwanted consequence for Bitcoin (BTC) — raising its transaction costs to their highest point in two years. On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, jumping about 400% from late April. Bitcoin’s BRC-20 token standard has become the latest trend in the crypto ecosystem amid the rise of memecoins. A total of 8,500 different tokens have been minted…
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