Altcoin Roundup: High Ethereum fees kick-start a liquidity migration to layer...
Ethereum competitors and layer-one projects are capitalizing on the network’s untenable gas fees by launching mining and developer incentives that are also boosting token prices. In the ever-evolving world of cryptocurrencies and blockchain technology, the race to establish a highly scalable, user-friendly network capable of being adopted on a global scale is a never-ending marathon where new competitors regularly join in on the race. Bitcoin is undoubtedly the market leader when it comes to network security, active users and market capitalization value, while Ethereum has thus far....
Related News
AXS and SLP price surged following the project’s successful migration to the Ronin sidechain on the Ethereum network. Nonfungible tokens were one of the hottest sectors of the cryptocurrency market from the start of the year until March but as is the nature of the crypto sector, NFTs cooled off significantly in April as the hype died down and high fees on the Ethereum (ETH) network hampered the ability of buyers and sellers to interact with the protocols. The challenge of high fees eventually led some projects like Axie Infinity (AXS) and Smooth Love Potion (SLP) to migrate to other....
More than $1 billion worth of Ether is still locked in the ArbiNYAN yield farm despite the price of its native token crashing more than 90% in 24 hours. Ethereum layer-two rollup network Arbitrum One is beginning to see significant growth, with its total value locked (TVL) surging by roughly 2,300% this past week.According to L2beat, an analysis platform comparing layer-two protocols, Arbitrum’s TVL tagged an all-time high of $1.5 billion on Sept. 11 as DeFi degens rushed to invest in early farming DApps launching on the network.Off-chain Labs launched Arbitrum to mainnet following a $120....
DeFi is undergoing a revival and this time, it’s happening on Ethereum network competitors. Decentralized finance (DeFi) was the talk of the town in early 2021, but it has since taken a back seat to more appealing sectors like nonfungible tokens (NFTs), memecoins and blockchain gaming. Now that cross-chain bridges and interoperability have allowed for the easier migration of assets to competing chains, a new class of DeFi protocols is arising to challenge those left from 2021.Here’s a look at three DeFi projects that have launched on some of the up-and-coming layer-1 blockchain networks,....
Ethereum is the dominant force in DeFi, and layer-two solutions are a promising alternative, but the layer-one blockchains are not done just yet. Issues with Ethereum congestion and high fees have led to many companies adopting layer-one solutions like Optimistic Rollups, OMG Network and many others. These platforms allow transactions to be created outside of the Ethereum network on what are known as “sidechains,” which then can be reconciled on the main Ethereum network in one simple transaction.These layer-two options are gaining a lot of traction in anticipation of the release of....
Ethereum network fees have dropped a great deal this week, sliding under $10 per transaction to levels not seen since March 10, 2022. On May 17, the average ethereum transfer fee is 0.0027 ether or $5.68 per transaction. The cheaper fees on layer one (L1) have made it so layer two (L2) fees have been between $0.02 and $1.13 per transfer.
Ethereum’s Onchain Fees Slide Lower Following a Brief Spike Last Week
This week is an optimal time to send ether or use the Ethereum network to swap coins as onchain transfer fees have dropped below the $10 mark. In fact, ether fees on....