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Ethereum devs discuss high Gas fees…but there’s no quick solution

Core developers of the Ethereum network discussed the network’s unusually high fees in recent weeks on an All Cores Devs call.

The post Ethereum devs discuss high Gas fees…but there’s no quick solution appeared first on CryptoSlate.

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Core developers of the Ethereum network discussed the network’s unusually high fees in recent weeks on an All Cores Devs call. Among the topics were various Ethereum Improvement Programs (EIPs) to help alleviate the fee issue.

DeFi brings Ethereum to an old issue

The booming decentralized finance (DeFi) space has brought forth the same issues that Ethereum faced back in 2018 as the blockchain game CryptoKitties rose to prominence: high fees and a congested network leading to transactions stuck for hours or costing over $60 to be executed quickly.

Three years later, the issue still exists. The rise of DeFi applications, yield farming dApps, and funny-sounding token games has strained the Ethereum network once again, with fees costing a minimum of $15 to execute a smart contract. They even reached over $1,200 in an isolated instance last month.

But Ethereum developers have taken note. Various EIPs are lined up to battle the high fee issue, the latter representing a critical part of Ethereum’s long-term growth. On the Ethereum All Core Devs call last Friday, they discussed a variety of such proposals.

Alexey Akhunov, an independent Ethereum researcher, started with a comment on the existence of Gas-pegged tokens and how they could push prices higher than normal.

Current fees on the Ethereum network. Image: ETH Gas Station

He said Ethereum’s mempool is cluttered with several transactions which automatically bid a certain gas price to mint new tokens, similar to a strategy used by centralized exchanges to fill their order book for influencing traders.

Akhunov added that while orders can be canceled repeatedly at no cost on centralized exchanges, they, by design, cannot on the Ethereum network and hence lead to ever-increasing Gas prices. However, he noted such instances may account for only 2% of the current Gas usage.

“Batched transactions”

The EIP-2711 also saw a discussion on the call, with developers pointing out it could have a significant impact on the broader user experience. Per details, this proposal calls for a user’s Gas fees paid by other users by creating “batched transactions” that executed in the same order as they were submitted.

The discussion comes ahead of Ethereum upcoming 2.0 shift to a proof of stake consensus design, which sees the network move away from the current proof of work system in order to scale efficiently and reduce costs for network transactions.

But 2.0 may not be coming anytime soon. While some reports earlier said the update would be rolled out by December this year, developers have since suggested further delays can be expected.

Posted In: Ethereum, DeFi

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Source: https://cryptoslate.com/ethereum-devs-discuss-high-gas-fees-but-theres-no-quick-solution/

Blockchain

Bitcoin Loses Crucial Support Never Broken During Last Bull Run

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With Bitcoin price falling to the low $40,000 range, debate has picked up on if the once trending cryptocurrency’s bull run is now over. There’s no truly telling for sure, however, this time is very different than the last bull market.

Why? Because Bitcoin price just lost a key level that never once saw a weekly close below during the last market cycle. Could this be it for the bullish impulse – long before predictions of $100,000 or more per » Read more

” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin are ever reached?

Crypto Cycle Could Conclude With Key Level Lost From Past Trends

Cryptocurrencies are a highly speculative asset class, regardless if adoption is picking up or not. Sure PayPal is now game, as is Visa and an assortment of others, but the volatile assets have a long road of price discovery ahead.

Although most recent crypto participants only have known “always up” as the direction of the trend, things have recently taken a turn downward.

bitcoin bollinger bands close

BTC has lost the middle Bollinger Band or 20-week SMA  | Source: BTCUSD on TradingView.com

But is this “the top?” It’s hard to say. One thing for certain, however, is that Bitcoin price has now lost the middle Bollinger Band – also the 20-week SMA.

Passing through the mid-BB in and of itself can be a powerful buy or sell signal.

Related Reading | Bitcoin Dominance Dives To Lowest In Years, Altcoin Season Is Finally Here

However, the fact that during the last bull run Bitcoin weekly never closed below it, it could be a sign that the structure of the bull market has been broken. bitcooin bollinger band zoomed bull

Never once was there a meaningful weekly close below the mid-BB  | Source: BTCUSD on TradingView.com

Will Bitcoin Price Snap Back Into A Bull Phase? What To Look For

The Bollinger Bands are a tool created by legendary trader John Bollinger. The tool has a variety of uses, namely measuring the volatility in the price action of assets like Bitcoin.

The technical analysis indicator consists of a 20-session SMA as mentioned, and two standard deviations of that moving average that widen and contract based on volatility.

When they tighten or “squeeze” it can be a sign a massive move is coming. These large moves can begin or continue a trend after a long pause.

bitcoin bollinger bandsThe recent peak has more similarities with 2018 and 2019 than 2017  | Source: BTCUSD on TradingView.com

Bitcoin weekly timeframes have tightened during the recent consolidation phase, and a breakout has started. However, the direction appears to be down according to the middle-Bollinger Band. Passing through the middle-band typically results in several touches of the bottom band to find support.

Like last major “tops” the bottom bands widened to extremes, but when they began to tighten back up, the trend was over. A rounding of the top bands also is a sign of the tools suggesting a break in the bull run.

Related Reading | All About The Bollinger Bands

As for when Bitcoin is ready to turn bullish again, it could be worth waiting for the cryptocurrency to reclaim the middle-BB, which outside of Black Thursday and now, have always been a sign of a bull rally in the making.

With Bitcoin now below the key level, the case for a » Read more

” href=”https://www.newsbtc.com/dictionary/bear/” data-wpel-link=”internal”>bear phase, however, is now just as strong.

Featured image from iStockPhotos, Charts from TradingView.com

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.newsbtc.com/analysis/btc/bitcoin-loses-crucial-support-never-broken-during-last-bull-run/

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Blockchain

Buyer of Jack Dorsey’s ‘genesis tweet NFT’ reportedly detained in Iran

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Iranian Cyber Police have reportedly arrested Bridge Oracle CEO Sina Estavi, according to a tweet pinned to Estavi’s Twitter account.

A rough translation of the tweet reads:

“The owner of this account was arrested on charges of disrupting the economic system by order of Special Court for Economic Crimes. Official judicial authorities will provide additional information.”

The same tweet is also pinned to the official account of Bridge Oracle, a Tron Network-based public oracle system. At the time of writing, the price of Bridge Oracle’s native token, BRG, has taken a sharp dive, crashing by more than 65%, according to data from TradingView.

Bridge Oracle is said to be a Malaysia-based blockchain company, but Estavi’s other venture, cryptocurrency exchange Cryptoland, was operating in Iran. Cryptoland’s Twitter account shares the same pinned tweet. No further information was shared publicly by the authorities.

Estavi is known for his heated bidding battle with tech entrepreneur and Tron CEO Justin Sun to buy Jack Dorsey’s first-ever tweet as an NFT. Twitter’s first tweet is dated March 2006 and reads, “Just setting up my twttr.”

In the end, Estavi successfully purchased the NFT for more than $2.9 million, or 1,630 Ether (ETH). Dorsey converted the proceeds to Bitcoin (BTC) and donated them to a charity organization in Africa.

Earlier this year, Estavi was sued by former Bitcoin.com CEO Mate Tokay for allegedly failing to pay him for his services. In his claim, Tokay also alleged that there’s an inconsistency between the purported and actual circulating supply of BRG.

Cointelegraph reached out to Bridge Oracle for comment. This article will be updated should they reply.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/buyer-of-jack-dorsey-s-genesis-tweet-nft-reportedly-detained-in-iran

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Blockchain

Bank of America to Settle Stock Trades on Paxos Network

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptobriefing.com/bank-america-settle-stock-trades-paxos-network/

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