The dog-themed race up the cryptocurrency charts came to an abrupt halt on May 12 as a majority of the previously hot meme tokens including Shiba Inu (SHIB) and Dogelon Mars (ELON) saw their prices drop more than 40% with Ethereum (ETH) co-founder Vitalik Buterin emerging as the main culprit behind the selloff. Data from Cointelegraph Markets and TradingView shows that the price of SHIB has fallen 40% and now trades near $0.00002 while the price of Akita Inu (AKITA) has declined 50% and ELON has collapsed by 90%. A number of observant crypto pundits noticed large movements coming from …

A cross-chain aggregation protocol allows crypto enthusiasts to access liquidity sources from multiple networks on one platform — making it easier than ever to find the best prices. O3 Swap says its goal is to help users discover the most efficient routes for their trades, and complete transactions without limitations and hidden fees. Just some of the liquidity sources it supports include Uniswap, SushiSwap and Curve on the Ethereum blockchain; PancakeSwap, DODO and BakerySwap on Binance Smart Chain; as well as Flamingo, Nash and Switcheo on Neo. All of this ensures that multi-chain assets can be freely exchanged, and different …

Crypto data aggregator CoinMetrics has compiled a list of 100 insights into the recent performance of the digital asset markets — and the figures add up to a very bullish picture for the ecosystem. Released to celebrate the 100th issue of its “State of the Network” report, the list notes that a $100 investment made into Dogecoin (DOGE) 100 days ago would be worth $2,742 today — outperforming the same $100 investment in Bitcoin (BTC) (which would be valued at $135 today), Ether (ETH) ($186), and Uniswap (UNI) ($401). The report states that Bitcoin has seen $14.5 billion worth of …

Binance, the world’s largest cryptocurrency exchange, is entering the nonfungible token industry by introducing its own NFT platform and marketplace. The company announced Monday the upcoming launch of Binance NFT, a new NFT platform that is expected to start operating in June. Based on Binance’s blockchain infrastructure, Binance NFT aims to provide minimum NFT transaction costs, Binance NFT head Helen Hai said. The new NFT marketplace and offerings will be available to all existing Binance users, as Binance NFT will share the same account system as Binance.com. According to the announcement, Binance NFT will debut with two main venues including …

Decentralized finance yield protocol mStable has become the latest to embrace layer-two scaling solutions, announcing its deployment on Polygon (formerly known as Matic) on Monda. MStable’s interest-generating savings account, two of its “risk minimized meta-stablecoins” and its asset swapping features are now live on Polygon, offering users reduced fees when compared with its Ethereum mainnet deployment. 1/ mStable has launched on Polygon @mstable_ offers @0xPolygon users another source of USD and BTC liquidity, a DeFi-native savings account and two risk minimised meta-stablecoins. Get started: https://t.co/aLx10WWwEN Learn more / Guide: https://t.co/e5G36VBJip — mStable (@mstable_) April 26, 2021 Polygon is a layer-two …

Bitcoin (BTC) transaction fees measured in United States dollars are near 2017 levels amid a massive hash rate drop on the Bitcoin network. According to data from several Bitcoin monitoring resources, the average BTC transaction fee in U.S. dollars is near the all-time high recorded back in 2017. According to data from blockchain explorer Blockchair, the average cost of a Bitcoin transaction surged Tuesday to $58, approaching its all-time high of above $62 recorded in December 2017. Popular Bitcoin monitoring source BitInfoCharts suggests that current BTC fees have already broken the record of $54 in 2017 at $58 on Tuesday. …

Coinbase CEO Brian Armstrong has addressed the platform’s transaction fees as the company's shares list on Nasdaq today. In a CNBC Squawk Box interview on Wednesday, Armstrong discussed public concerns associated with Coinbase’s massive returns coming from transaction fees. As previously reported, nearly 96% of Coinbase’s entire revenue in 2020 was generated from transaction fees charged to users. When asked about the potential impact of greater competition on transaction fees on Coinbase, Armstrong said that the platform might see some fee reduction in the long term: “We haven't seen any margin compression yet, and I actually wouldn’t expect to see …

Banking giant Citigroup has successfully completed a proof-of-concept for blockchain-based cross-border payments in collaboration with the Inter-American Development Bank, or IADB. According to a Thursday announcement, Citigroup’s Citi Innovation Labs and the IADB enabled several disbursements from the United States to a recipient in the Dominican Republic, using the LACChain blockchain network — a proprietary effort by IADB’s regional program LACChain. As part of the project, the IADB deposited tokenized funds denominated in U.S. dollars in a Citi account and transferred the funds using digital wallets, IADB’s blockchain specialist and LACChain technical leader Marcos Allende explained. “After tokenized, these funds …

A decentralized finance, or DeFi, protocol says it has become the largest trading platform for nonfungible tokens on Binance Smart Chain — with users benefiting from lower gas fees than on Ethereum. BakerySwap claims the expensiveness of making purchases on Ethereum has meant that transaction costs can often outweigh the value of an artwork, shutting out small artists who are hoping to experiment and establish a reputation by sharing their creations with the world. This platform gives them the freedom to sell their works for just $4, something that is almost impossible to do on rival blockchains. According to the …

Ether (ETH), the second-largest cryptocurrency by market capitalization, returned to an all-time high on Friday when the spot price for each unit of ETH exceeded $2,000. Meanwhile, the ominous specter of Ethereum’s unwieldy transaction fees made itself felt once more, as the cost of using the blockchain rose 77% across the past few days, in line with a 31% increase to the ETH coin price. Ether recorded green candles for eight of the past nine days, as the coin price rose from a recent bottom of $1,530 on March 26 to the $2,009 valuation witnessed at the time of publication. …

Ethereum Improvement Proposal 1559, set to be bundled together with the “London” upgrade in July, has caused as much excitement as fear and panic. On the surface, EIP-1559 is nothing more than a change in Ethereum’s gas fee structure. And to spice it up, it has also been labeled as Ethereum’s scarcity engine, or burn mechanism, as it will destroy Ether (ETH) used in transaction fees, making the cryptocurrency deflationary, and perhaps more valuable down the line. Related: Ethereum at a crossroads: Ether community turmoil over miner reward fees Curbing Ether’s inflation will make the digital asset as deflationary as …

A layer-two DAO protocol has warned that there are some “significant issues” with many of the most popular Optimistic Rollup solutions on the market. As Ethereum continues to struggle with a long-running gas fee crisis, with spiraling transaction costs making the blockchain unusable for many DeFi enthusiasts, rollups have been touted as the silver bullet that will address scalability woes. Earlier in March, Ethereum co-founder Vitalik Buterin suggested that such a solution would serve as a sticking plaster until the long-awaited Eth2 upgrade delivers sharding — ensuring that the blockchain can scale by a factor of 100. But according to …