NewsBriefs - Ethereum experiences longest inflationary phase post-Merge due to low base fees and increased layer-2 activity
06/25/2024 22:24
Ethereum has entered its longest period of inflation since the Merge, lasting nearly 72 days and adding approximately 50,000 ETH to its supply. This inflationary trend is attributed to significantly lowered base fees following the Dencun update and a surge in layer-2 activity. Although the base fee reduction enhances user affordability and network efficiency, it simultaneously diminishes the deflationary mechanisms put in place post-Merge, resulting in a net increase in the total ETH supply.
Editor-curated news, summarized by AI
Ethereum experiences longest inflationary phase post-Merge due to low base fees and increased layer-2 activity
Ethereum has entered its longest period of inflation since the Merge, lasting nearly 72 days and adding approximately 50,000 ETH to its supply. This inflationary trend is attributed to significantly lowered base fees following the Dencun update and a surge in layer-2 activity. Although the base fee reduction enhances user affordability and network efficiency, it simultaneously diminishes the deflationary mechanisms put in place post-Merge, resulting in a net increase in the total ETH supply.
Latest
-
Ethereum experiences longest inflationary phase post-Merge due to low base fees and increased layer-2 activity
Ethereum has entered its longest period of inflation since the Merge, lasting nearly 72 days and adding approximately 50,000 ETH to its supply. This inflationary trend is attributed to significantly lowered base fees following the Dencun update and a surge in layer-2 activity. Although the base fee reduction enhances user affordability and network efficiency, it simultaneously diminishes the deflationary mechanisms put in place post-Merge, resulting in a net increase in the total ETH supply.
Expand
-
Core Scientific expands partnership with CoreWeave for 70 MW infrastructure boost
Core Scientific will enhance its infrastructure to provide an additional 70 MW to CoreWeave for hosting NVIDIA GPUs aimed at high-performance computing. This expansion is part of a larger 12-year, 200 MW agreement designed to bolster CoreWeave's computing capabilities, with all capital investment funded by CoreWeave. The modification aligns with Core Scientific's strategic direction to develop application-specific data centers that support advanced, high-density chip technologies.
Expand
-
Phantom wallet from Solana adds Bitcoin support
Solana's Phantom wallet has expanded its compatibility by adding support for Bitcoin, with a notable inaugural Ordinal mint event scheduled in the Gamma market. The event will start on June 27 and end on July 1, during which users will only be required to pay the Bitcoin network fees. Phantom recommends users maintain $10-20 in BTC in their Native Segwit addresses to cover these fees.
Expand
-
Ronin launches zkEVM testnet for Layer 2 solutions
Ronin has announced the launch of its zkEVM testnet, marking a significant development in its Layer 2 offerings. Users can now access the testnet block explorer, query RPC endpoints, and obtain testnet RON tokens and developer documentation. This launch aims to enhance the platform's efficiency and robustness, underscoring Ronin’s commitment to innovation in the blockchain space.
Expand
-
Jump Crypto president resigns amid CFTC probe and company turmoil
Kanav Kariya, President of Jump Crypto, has resigned amidst a CFTC investigation and a series of challenges faced by the firm, including a significant hack and legal issues related to the Terra collapse. Kariya plans to focus on personal development post-resignation. Jump Crypto, known for its financial stability, has confronted controversies ranging from a $321 million hacking incident to allegations of market manipulation linked to the Terra ecosystem.
Expand
-
Certik faces backlash for minimal audit efforts and holding Kraken funds hostage
Certik, a prominent crypto security firm, is under scrutiny for its audit methods and recent controversies, including holding $3 million from Kraken hostage. The company, known for auditing numerous significant projects, has been criticized for inadequate review processes and its role in substantial exploit losses, topping $1.22 billion. Recent client experiences and expert comments suggest systemic issues with Certik's approach to crypto project audits, impacting its reputation and reliability in the blockchain community.
Expand
-
DEX Screener introduces Moonshot, a Solana-based meme coin platform
DEX Screener has launched Moonshot, a new platform on Solana for launching meme coins with a streamlined process ensuring contract auditing and limited insider activity. The platform, akin to Pump.fun, allows users to launch tokens with a supply of 1 billion, locking liquidity post a 500 SOL investment. Since its inception, Moonshot has facilitated the creation of 333 tokens, with 27 achieving liquidity on Raydium, though most have witnessed underwhelming market performance.
Expand
-
Mt. Gox announces start of $9 billion Bitcoin repayment in July 2024
Mt. Gox, previously the largest Bitcoin exchange globally, will begin repaying its creditors in July 2024, ending a decade-long wait. The exchange is set to distribute over $9.4 billion in Bitcoin and Bitcoin Cash to approximately 127,000 creditors. This decision comes after a series of hacks led to the loss of 850,000 BTC, significantly affecting the crypto market. Repayments will be executed based on the readiness of individual crypto exchanges, with potential further delays anticipated.
Expand
-
Ark Invest CEO Cathie Wood endorses Trump, highlights Bitcoin strategy
Cathie Wood, CEO of Ark Invest, announced her support for Donald Trump, citing economic benefits for the US. At a recent event, Wood praised Trump's past economic policies and expressed optimism about institutional investment in Bitcoin, including Ark Invest's launch of a Bitcoin ETF earlier this year. Wood's stance aligns with her bullish view on Bitcoin, reinforced by Trump's supportive statements about the crypto sector.
Expand
-
Aave community votes to deploy on ZKsync network with full support
The Aave community has unanimously approved an early proposal to expand their lending protocol onto the Ethereum Layer 2 network, ZKsync, in partnership with BGDLabs and Catapulta. This strategic move, facilitated by an Aave Formal Request for Comments (AFRC), aims to enhance Aave by offering faster, cheaper transactions while upholding the security and decentralization standards of the Ethereum mainnet. The deployment will potentially expand the market for Aave's GHO stablecoin, reduce transaction fees, and improve scalability and interoperability with other networks. Aave also plans to redistribute an 8.3 million ZK token airdrop, valued at approximately $1.4 million, entirely to Aave users.
Expand
-
Consensys persists in legal battle against SEC over crypto clarity
Consensys continues its lawsuit against the SEC to challenge the regulatory clarity of Ethereum and its features, despite the SEC's recent dismissal of one investigation related to Ethereum 2.0. The firm seeks a legal declaration that MetaMask's swap and staking functions comply with securities laws, even as the SEC concludes other related probes without providing the clarity Consensys demands.
Expand
-
50 Cent's Twitter hacked in Solana meme coin scam
50 Cent's Twitter account was compromised to promote a Solana-based meme token called GUNIT in a pump-and-dump scheme. Millions were invested in the token within minutes before plunging as the scam was revealed. The rapid surge and drop in GUNIT’s value exemplify the volatility and risks of investing in crypto tokens associated with celebrity endorsements.
Expand
-
Gemini founders back Trump with $2M in Bitcoin for 2024 campaign
Gemini co-founders Cameron and Tyler Winklevoss have committed $2 million in Bitcoin to support Donald Trump's 2024 presidential campaign, advocating for his pro-crypto stance and contrasting it with current US President Joe Biden, whom they accuse of attacking the crypto industry.
Expand
-
Kraken recovers $3M in funds from CertiK, ending bug bounty dispute
Kraken, a major cryptocurrency exchange, successfully recovered nearly $3 million from CertiK, a blockchain security company, resolving a dispute that began with CertiK's withdrawal of funds after discovering a vulnerability in Kraken's system. CertiK argued that they conducted a security test, while Kraken accused them of extortion. The conclusion of this incident raises concerns about responsible disclosure practices in the crypto industry. Additionally, this event has cast a spotlight on CertiK's controversial practices and Kraken's ongoing legal challenges with the US Securities and Exchange Commission.
Expand
-
Bitfinex analysts see no significant Bitcoin movement from US presidential debates
Bitfinex analysts predict that the Bitcoin price will not be substantially affected by the US presidential debates between Joe Biden and Donald Trump on June 27th. The broader crypto market and PolitiFi tokens linked to presidential candidates might exhibit short-term volatility. Despite potential discussions on crypto regulations during the debates, substantial market impact is not expected. However, conversations on capital gains and crypto taxation policies during the debates could influence the market.
Expand
