NFT sales and floor prices plummet as demand wanes and gas prices soar

This week’s market-wide correction lead to a sharp decline in NFT sales as decreased demand for digital collectibles led to a drop in the floor price of most major projects.

NFT Mania Sends Ethereum Gas Prices to 14 Week High

Non-fungible tokens have seen a resurgence this month and the result is not pretty for Ethereum users as transaction fees skyrocket once again.

CyberKongz' mass monkey minting burns $4M in Ether in 5 hours

The NFT monkey minting frenzy has caused gas prices to skyrocket again.

Ethereum Gas Price Drops to Lowest Rates Since March 2020

Coin Metrics says Ethereum gas prices actually began declining before the price of ETH did.

How stablecoins stay stable, explained

Stablecoins use a variety of techniques to keep their value fixed, generally to a specific fiat currency like the US dollar. Can a stablecoin make Ethereum scalable?Crypto-backed stablecoin Free TON aspires to provide a layer-two solution for Ethereum’s scalability problems.With overloaded Ethereum increasingly choked by slow transaction speeds and widely overinflated gas prices, the Free TON stablecoin will be a “true layer-two solution with immense upside,” TON Labs added.

Is DeFi technology easy enough to adapt to non-finance industries?

DeFi gets a bad rap for being complex, technology makes it simple enough to cut out middlemen in non-finance industries ranging from energy to e-commerce. Decentralized finance is far and away the hottest topic in crypto, touted as a way to make a fortune by backing the right token, but also a tool for taking the crypto you were hodling in a cold wallet and set it to work earning interest at extraordinary rates.There’s a reason DeFi has grown so large so quickly that it has slowed the Ethereum blockchain where most of the projects live to a crawl, and sent gas prices for transactions soaring to $10, $50, even $100 at times.DeFi is mostly talked about in terms of taking over the banking and brokerage functions that big finance thrives on, but the technology can be used to revolutionize many other businesses, from energy to e-commerce.That reason is simple: At its core, decentralized finance is about eliminating the middleman.Why give a bank your money — for a paltry fraction of 1% interest — for it to loan out, when you can loan it out for orders of magnitude more through a crypto lending site?Or invest it in a liquidity pool that uses an automated market maker to create a shared pot of tokens that cryptocurrency traders can sell to or buy from, rather than waiting to find a trader who wants to buy what they’re selling at the price they want.

Synthetic FAANG stocks are trading in DeFi — but do gas fees make them uncompetitive?

Sky high gas prices may make synths more costly than the real thing.

Ethereum's high gas fee crisis won't be solved by EIP-1559: Coin Metrics report

Consistently full blocks are the primary reason that gas prices have reached all-time highs. A report by analytics provider Coin Metrics has delved into the world of Ethererum transaction fees noting that they’re still at highest-ever levels and even a much touted approaching network upgrade is unlikely to alleviate the problem. According to the Ethereum Gas Report by Coin Metrics, median fees on Ethereum have been consistently over $10 for most of 2021.

All you can eat: SushiSwap deploys contracts on five new networks

Top decentralized exchanges are exploring alternatives to Ethereum amid high gas prices, with SushiSwap porting its platform onto five additional networks. Major DeFi protocols are moving to cultivate a multi-chain decentralized finance ecosystem, with SushiSwap deploying its contracts on five networks, and Balancer announcing ports onto Moonbeam and Polkadot.  On March 3, SushiSwap CTO, Joseph Delong, announced the DEX had deployed contracts on xDai, Moonbeam Network, Binance Smart Chain, Polygon (previously called Matic), and Fantom.

Ethereum Daily Fees at $50 Million as Gas Hits Another High

The amount of fees generated by the Ethereum network is approaching peak levels as gas prices continue to skyrocket.

Binance Suspends Ethereum and ERC-20 Token Withdrawals Before Quickly Reversing Course

The rollercoaster-ride in cryptocurrency prices on Monday was accompanied by Binance’s fresh restrictions for ethereum and ERC-20 tokens.

Ethereum posts new highs as DeFi gas fees top $1,000 on complex protocols

With Ethereum’s fees rocketing to new highs amid Ether’s rally into new price highs, the fees associated with using some complex DeFi protocols has increased above $1,000.

DMEX Integrates xDAI for Cheap Decentralized Perpetual Contracts With up to 100x Leverage and No KYC

PRESS RELEASE. In response to rising gas prices during the last weeks, DMEX has moved its trade processing to xDAI sidechain that allows for much cheaper transaction recording.

Highly Anticipated Ethereum Fee Model Upgrade is Expected in 2021

High gas prices are a thorny subject for the Ethereum community.

The Ethereum network is being turbocharged by layer-two solutions

With Ethereum transaction fees still high, more layer-two powered platforms are emerging. The number of decentralized exchanges running layer-two solutions is growing as the Ethereum network struggles to keep up with its own popularity. As excessive Ethereum gas prices continue to hamper smaller transactions and operations on the network, the number of faster and cheaper options continues to expand as layer-two adoption increases.

Ethereum Breaks Past $1000, Triggering a Spike in ETH Gas Prices

Ethereum has surged past $1000, following Bitcoin’s footsteps to wrap up 2020 nicely.

Ethereum Active Addresses Decline is Good News for Gas Prices

A fall in active Ethereum addresses may be bearish from an on-chain fundamental outlook, but it is good news for users as gas prices have also plunged. The post Ethereum Active Addresses Decline is Good News for Gas Prices appeared first on CryptoPotato.

GasNow: China's hot, new tool that predicts Ethereum gas prices

SparkPool, one of the largest Ethereum mining pools in China, developed GasNow, a tool that predicts gas prices on the network.

Spikes in gas prices slowing growth of new NFT marketplaces

New NFT marketplaces may even leave Ethereum altogether to deal with high gas fees.

Party at Vitalik’s House? For DeFi, it’s Do-or-Die

Ethereum gas prices have set new records, with single DeFi transactions costing over $10 in fees.

Uniswap Activity Sends Ethereum Gas Fees Sky High

The issue of high Ethereum gas prices isn’t going away anytime soon.

Ethereum Mining Revenue Reaches Five Year High

The only ones happy about the current astronomical gas prices are Ethereum miners as they are raking in the profits like never before. The post Ethereum Mining Revenue Reaches Five Year High appeared first on CryptoPotato.

Uniswap Launches Its Dedicated UNI Token: ETH Gas Prices Soar Again

Another farming frenzy is underway and the Ethereum network is getting hammered under demand as Uniswap has finally announced its native UNI token and liquidity pools. The post Uniswap Launches Its Dedicated UNI Token: ETH Gas Prices Soar Again appeared first on CryptoPotato.

First Mover: Ethereum Gets Unplanned Stress Test as DeFi Fever Grows

The Ethereum blockchain's soaring gas prices don't seem to have deterred customers, as DeFi usage grows and tests what the market can bear.

Ethereum scalability issues exposed as high gas fees stall DeFi boom

Despite Ethereum’s proposal to fix its high fees, some feel that more needs to be done to improve the network. The crypto market has been on the receiving end of a market downturn during the past week, with many cryptocurrencies facing drops in valuation almost overnight, raising concerns that a bear market has commenced. Furthermore, in the wake of this market turmoil, Ethereum network transaction fees have surged, recently achieving an all-time high, thanks in part to the influx of many new on-chain transactions initiated by various decentralized finance protocols that have made their way into the crypto domain in recent months. And while DeFi has provided investors with financial products through decentralized exchanges by way of various lending protocols that reward liquidity providers, this very facet of the technology has resulted in the creation of an undesirable environment of high transaction fees that, in turn, has gravely affected the value of many tokens. Technically speaking, Ethereum’s existing gas prices respond to the relatively limited number of transactions that one can facilitate using a single block.

Ethereum devs discuss gas optimizations, but it will probably be too little too late

Developers see the problem, but there is little they can do right now. An Ethereum All Core Devs call was held on Friday to discuss a variety of Ethereum Improvement Proposals as gas fees on the network remain historically high. The agenda included several discussion points on high gas prices and ways to mitigate the issue.

Monthly Ethereum Transaction Volumes Hit $24 Billion Despite Huge Fees

While constantly growing Ethereum Gas prices keep scaring users aways, DeFi seems to be unaffected—at least for now.

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.