Will the Ethereum 2.0 update reduce high gas fees?

Purpose of Ethereum 2.0 The primary goal of the Ethereum 2.0 update is to improve scalability so that the network can handle more transactions without delays or high fees.  While the full effects of the update will not be felt until it is fully rolled out, some of the possible use cases for Ethereum 2.0 include: Supporting the large-scale enterprise adoption of blockchain technology in private corporations and businesses; Creating more decentralized autonomous organizations (DAOs)  and governance models based on smart contracts and trustless interactions; Ethereum token launches that will…

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Bitcoin network transactions and fees surge amid investor de-risking

The number of transactions on the Bitcoin network has spiked over the past week, which blockchain analysis firm Glassnode suggests are ‘urgent’ transactions due to investors de-risking. A sudden influx of 42,800 transactions hit the mempool on Bitcoin (BTC) last week. Glassnode’s chief analyst says these were likely “urgent” transactions due to the high amount of fees paid per transaction. The average fee rose to $2.72 last week, about 15% higher than the typical average according to bitinfocharts, an on-chain data tracker. The findings were reported in the Glassnode “Week…

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L2 transaction fees need to be under 5c to be ‘truly acceptable’

Ethereum (ETH) co-founder Vitalik Buterin believes that Layer-2 transaction fees need to be under $0.05 to be “truly acceptable.” Buterin made the latest comments in response to a Twitter post from the Bankless podcast host Ryan Sean Adams, who shared a screenshot of the average transaction fees for eight Ethereum Layer-2 platforms. The data is from L2fees.info, a website that compares the cost of Ether’s Layer-1 network in comparison to Layer-2s built on top of it. The only Layer-2 to meet Buterin’s desired transaction fee under $0.05 is the Metis…

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Algorand aims to convert network transaction fees into carbon offsets

Proof-of-stake blockchain protocol Algorand will implement a smart contract that will automate the offsetting of the network’s carbon emissions. In a recent announcement, Algorand revealed that a new smart contract would take a portion of each transaction fee within its blockchain network and automatically process it to purchase verified carbon credits at ClimateTrade, a blockchain-based carbon offset marketplace. According to Algorand Foundation CEO Staci Warden, the move will allow the network to scale while still being carbon negative. Warden told Cointelegraph that the smart contract will ensure that their blockchain…

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BitLicensed Crypto Firms Ordered to Pay Annual Assessment Fees in New York

The cost of running a crypto business in New York is about to rise with the state government gearing up to require companies holding a BitLicense to pay assessment fees to ensure they’re complying with regulations. The rule was included in New York State’s FY2023 budget signed into law on April 9th by Governor Kathy Hochul giving the state’s Department Of Financial Services (DFS) a “new authority to collect supervisory costs from licensed virtual currency businesses,” according to a statement by the DFS. DFS Superintendent Adrienne Harris said the fees…

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Bitcoin average transaction fees lowest in two years at $1.04

The average transaction fee per Bitcoin (BTC) transaction made a complete 360-degree over nearly two years to settle down at $1.039, a number which was last recorded back in June 2020.  The BTC transaction fee is the cost to transfer any amount of BTC, which is also directly proportional to the time it takes to validate and complete the transaction. As evidenced by data provided by Blockchain.com, the average BTC transaction fee saw a steady decline from an all-time high of $62.788 in April 2021 before coming down to an…

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Bitcoin transaction fees hit decade lows, here’s why

It’s a great time to move Bitcoin (BTC) between wallets and exchanges. Bitcoin transaction fees have hit all-time lows in BTC, according to research by Galaxy Digital.  #bitcoin fees are at all-time lows. the craziest thing? fall 2021 was the first bull run not accompanied by a major spike in fees. how is that possible? what does it mean? here’s a thread explaining the most confounding (and awesome) chart in bitcoin. (remember june 2021) pic.twitter.com/gnWssTckX2 — Alex Thorn (@intangiblecoins) April 5, 2022 As shown on the graph below, the Bitcoin…

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Optimism saves users $1B in fees, raises $150M in Series B

Popular Ethereum scaling solution Optimism has announced a $150 million Series B funding round co-led by Andreessen Horowitz (a16z) and Paradigm at a total valuation of $1.65 billion.  According to a blog post from Optimism, the Layer 2 (L2) solution has saved users of the Ethereum network over $1 billion in gas fees. The funding will be used to expand the Optimism team and go towards working on reducing network fees even further. Fees on the Optimism network were reduced by a cumulative 30% last year, and now the team…

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Ethereum gas fees drop to lowest levels since August 2021

Gas fees for transactions on the Ethereum (ETH) blockchain have dropped to the lowest levels since August. But they’re still not cheap. According to data sourced from Coinmetrics and shared by CryptoRank Platform, the seven-day moving average cost of an Ethereum transaction as of March 9 totaled $11.14, placing it back amongst the levels recorded mid-last year before it surged dramatically to as high as $55 at the tail end of 2021. The cost of transactions on the @Ethereum network has not been this low since Aug 2021. Notably, gas…

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Bitcoin transaction fees briefly doubled yet remain exceptionally low

Got some Satoshi to send or Bitcoin (BTC) wallets to reorganize? It’s increasingly cheap to do so. According to an Arcane Research report, Bitcoin “transaction fees have stayed low since July 2021, showing no signs of rising.”  Bitcoin mean tx fees remaining very low despite small hike last week. Source: Arcane Research There was, however, a small bump in transaction fees last week. Shown as a small jump at the tail end of the graph, clustering of the mempool pushed “up the average transaction fees per day over the past…

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