DeFi users flock to Flamingo (FLM) to escape high Ethereum gas fees
Flamingo’s (FLM) rally to a new all-time high is backed by record trading volume, increased governance capabilities and DeFi users searching for Ethereum alternatives. Decentralized finance is rapidly becoming a cornerstone of the cryptocurrency sector but the ecosystem has become increasingly centralized on the Ethereum network and this is causing the entire sector to be plagued by high gas fees and slow transaction confirmations.Average Ethereum gas price. Source: EtherscanThis explosive rise in gas fees is leading users to look for other options and one alternative is Flamingo finance.....
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Flamingo’s total value locked continues to rise as DeFi investors are attracted to the platform's zero-fee transactions and high-yield liquidity pools. Yield farming has grown in popularity over the past year alongside the rise of decentralized finance, but recently the ability to earn a good return has been limited by the high transaction costs on the Ethereum (ETH) network. As a result, yield farmers have begun exploring options outside the Ethereum network for more accessible opportunities in a low fee environment.One option that has shown steady growth in liquidity since launching is....
Average gas fees hit a new all-time high of $17.5 per transaction on Feb. 3, triggering some exchanges to halt Ether and ERC-20 withdrawals. Japanese cryptocurrency exchange Liquid has temporarily disabled Ether (ETH) withdrawals as the altcoin hits new all-time highs.According to a Feb. 4 announcement, Liquid has halted withdrawals for ETH and some ERC-20 tokens due to a massive spike in transaction costs, or gas fees. “Service will be resumed once gas fees return to normal levels. All other crypto currencies are operating as per normal,” Liquid said.On Feb. 4, ETH price posted another....
Interoperable DeFi platforms can help with Ethereum's high transaction fees. The team behind RSK, a smart-contract-enabled sidechain extension for Bitcoin, announced Tuesday that Maker’s Dai stablecoin is now available on the platform.The integration makes it possible to transfer Dai from Ethereum to the RSK sidechain, which makes it available for use in its Bitcoin-backed decentralized finance ecosystem.The solution uses the Ethereum token bridge developed by the RSK Infrastructure Framework, or RIF, team. The bridge locks up these tokens on the Ethereum blockchain and mints an equivalent....
Since October, Multi-chain compatible DeFi platforms saw record inflows as investors and developers attempted to avoid the Ethereum network due to soaring gas fees. High transaction fees have been a persistent thorn in the side of investors and blockchain projects since at least 2014 when Ethereum Network co-creator Vitalik Buterin stated in reference to Bitcoin, “The ‘Internet of Money’ should not cost $0.05 per transaction. It's kind of absurd.” Fast forward to November 2021 and the simple act of approving a token so that it can be transacted on Uniswap can cost as much as $50 worth in....
The high fees on the Ethereum network has become a concern after it had risen to the point where using ETH for small transactions became unfeasible. Users of the network realized that they were sometimes having to pay fees higher than the transaction amount, leading to calls for a solution. There have been numerous fixes […]