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Over $1B Worth of ETH Burned in the Aftermath of Ethereum’s London Upgrade

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Following the implementation of the long-anticipated Ethereum’s London hard fork on August 5, 2021, fresh data shows that more than a billion dollars worth of ETH has become unusable through a burn mechanism.

Over 300k ETH Burned

According to Dune Analytics, a total of 303,681.05 Ether, which is worth $1.032 billion at the time of writing, that was originally designed to be rewarded to miners as part of fees, has been burned in less than two months since the last network upgrade.

Many Ethereum users have complained about looming inflation as a result of the high fees miners are receiving for processing transactions on the network, prompting developers to add a burning mechanism.

With the implementation of the London hard fork, the inflation rate of Ethereum is gradually reducing, as miners are forced to part with some of the users’ fees known as base fees, which they would have originally kept for themselves.

Prior to this time, Ethereum miners minted as high as 13,000 ETH daily, which they received as rewards whenever they processed transactions on the network.


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However, since the launch of Ethereum Improvement Protocol 1559 (EIP-1559), the burning mechanism has reduced that amount to about 6,000 ETH.

High Demand Keeping Miners Afloat

While it may come as a surprise to many why tons of ETH were burned in just over a month, the network has enjoyed an increasing demand recently.

Ethereum remains the favorite blockchain for non-fungible tokens (NFTs) and decentralized application (dApps) developers, with countless projects being unveiled on a day-to-day basis.

These activities have resulted in several transactions being carried out on the second-largest blockchain. Interestingly, data from Ycharts suggests that Ethereum daily transactions have remained as high as 1.2 million in the past week or so.

Ethereum Hashrate Sets New ATH

Despite the large volume of ETHs burned from miners’ fees, one would think there would be an exodus of miners from the network to similar projects.

However, miners have remained resilient and shown commitment to the network as transaction volume and ETH prices continue to surge.

Two days ago, CryptoPotato reported that the Ethereum hashrate reached a new all-time high (ATH) of 715.4 TH/s, which indicates stronger miners’ commitment to the second-largest cryptocurrency.

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Source: https://cryptopotato.com/over-1b-worth-of-eth-burned-in-the-aftermath-of-ethereums-london-upgrade/

Blockchain

Crypto Mass Adoption: Bringing Digital Currencies Into Everyday Life

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As the cryptocurrency market cap stands at a staggering $2.53 trillion, it is no more just another alternative financial system. Crypto users don’t want to invest in Bitcoin and altcoins as a future asset that will later appreciate in value. Instead, there is a rising clamor for making crypto a part of the mainstream economy. Visa and PayPal have already introduced crypto payments into their platforms, thus pushing for crypto’s mass adoption.

One of the latest projects bringing cryptocurrencies to the mainstream by lowering the barrier to entry is @Pay. The project aims to open up into unexplored terrains for everyday crypto transactions.

@Pay: Defining New Frontiers for Crypto

‘Buy Now, Pay Later’ transactions are becoming more common in everyday finance, and traditional financial platforms like PayPal who has been offering it for a while. @Pay is a DeFi protocol providing eCommerce payment solutions for merchants and consumers. It has garnered attention for being the first-of-its-kind ‘Buy Now Pay Later’ (BNPL) platform in the blockchain and cryptocurrency space that offers cost-effective solutions for all stakeholders.

The Australian platform is already showing signs of success due to its interest-free ecosystem and low entry cost. It comes with the promise that shoppers no longer will need to pay any interest or late fees for availing of BNPL products.

@Pay comes with its own integrated wallet, which enables users to buy products on the platform and pay using the crypto in their platform-integrated wallet. This removes the complexity of integrating any third-party crypto wallet and makes cryptos easily accessible to everyone.

When a user creates an account on @Pay, they get a base credit of $250. However, if the shoppers make timely repayments, they can increase their credit limits up to $1,200. @Pay enables buyers to purchase products and make payments for them in four installments over a period of three months. The best part is that it charges no interest and only has a fee of $6 per month for the management of users’ accounts.

Another interesting facet of the protocol is that users can stake their approved stablecoins to fund @Pay’s BNPL features. In return, they can receive @Pay yield tokens and earn a variable yield throughout the staking period. Additionally, users will also get @Pay tokens from staking, which they can farm to generate more passive income.

The @Pay Token

An integral part of @Pay is the @Pay token that powers the protocol. @Pay tokens are used for the purpose of governance and distributing platform rewards. The protocol however offers the option to mint more coins in case the supply runs out to cater to ongoing demand. The beauty of this is that all newly minted governance tokens will be based on new revenue-generating transactions on the platform.

How Will @Pay Impact Future Transactions?

To understand the effect that @Pay will have on the market, we first need to look at two things.

Firstly, we have the exponential growth of eCommerce and its staggering sales figures. As countries across the globe witnessed repeated lockdowns due to the COVID-19 pandemic, more people flocked to online shopping. In 2020 alone, eCommerce sales reached a record high of $4.28 trillion.

Secondly, BNPL significantly reduces cart abandonments and increases purchase sizes. The BNPL provider, Afterpay, has seen an 83% sales conversion when shoppers get the BNPL facilities. Klarna has also documented how BNPL shoots up the basket size by 68%.

Realizing the market requirements, the @Pay protocol seems to be providing the necessary solutions for the merchants and shoppers of the post-pandemic age. With a high credit line and interest-free, no late fees platform, shoppers can make hassle-free purchases. They will no longer need to depend on their interest-heavy credit cards to get hold of the items they need.

Furthermore, the elaborate rewards system ensures that shoppers will never want to default on their payments. In tokenizing BNPL features using sophisticated smart contracts, @Pay is at the forefront in driving mainstream crypto adoption. It will not be surprising to see them become one of the biggest platforms for crypto micropayments in the coming years.

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Source: https://www.newsbtc.com/news/company/crypto-mass-adoption-bringing-digital-currencies-into-everyday-life/

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Blockchain

Phaeton Introduces a Renewable Energy Powered Real Estate Tangible NFT Marketplace

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Phaeton has announced the development of a Real Estate Tangible Non-Fungible Token Marketplace that operates as a Sidechain to Phaeton Blockchain, a proprietary Blockchain technology of the company. The Tangible NFT Marketplace is a Blockchain platform for real estate developers and investors to trade TNFTs. In addition, the TNFT platform comes with a crowdfunding mechanism that allows sponsors and developers to mint tokens for their real estate projects and transacts them on the Marketplace.

Phaeton’s sidechains and smart contracts are a Blockchain ecosystem and tool for developing multi-sector business and cross-functional solutions. This feature of the Phaeton Blockchain enables the development of the Phaeton Real Estate Tangible NFT Marketplace. Additionally, as Phaeton prides itself as a Blockchain alternative, focusing on attending to people’s needs before profit, the Phaeton team has developed it to be energy efficient through renewable energy sources. This energy efficiency and low carbon footprint enable the sidechain-based Real Estate TNFT Marketplace to operate on similar lines.

Speaking at the launch, Ron Forlee, Phaeton’s Chief Executive Officer, called the development of the Real Estate TNFT Marketplace a ‘revolutionary innovation that solves the problems associated with current real estate investment and transactions by offering liquidity, capital raising and seamless transactions through TNFTs.’ “What we aimed for was to develop an energy-efficient TNFT Marketplace without authentication and ownership issues. Because we can create the Real Estate TNFT Marketplace on the Sidechain driven by renewable energy, it is a solution that is in line with the core values of our sustainable development goals,” he concluded.

Talking about the advantages of their technology, Chai Shepherd, the Chief Technical Officer, spoke about the benefits of the Phaeton Real Estate TNFT Marketplace. “We developed the Phaeton Blockchain algorithm using the Delegated Proof of Work system that allows lower energy consumption. In addition, as the Real Estate Marketplace is on a Sidechain, the gas fees and transaction volume on the mother chain is reduced. We also made the decision to focus only on tangible items that have authenticity and provenance to ensure proper authentication, permanence, conservation and ownership,” Mr. Shepherd explained.

Speaking on how they have been able to power their technology on a hundred percent renewable energy source Mr. Shepherd added, “We have developed strategic partnerships with key renewable energy players to develop a host of solar, wind, hydro and other renewable power farms from which we power our datacenters and its equipment. We also have equipment that comes with solar wrap-around energy solutions for both power consumption and cooling system.”

In Phaeton’s whitepaper, the company discussed the various types of Real Estate TNFTs offered on the platform. Among the real estate TNFT listed were TNFT used as shares—which was described as an excellent means of crowdfunding investment or developing projects—TNFT as Titles for owning a property, TNFT as Timeshares, TNFT as co-shares and TNFT as Decentralized Finance.

Discussing their marketing plans to ensure that the solution creates a global impact, Chief Operating Officer Damian Robson listed a five-stage marketing approach. It includes identifying and focusing on a target consumer base, building a community that supports and self-promotes the Real Estate TNFT Marketspace, deploying social media marketing, using social media influencers and the investment in Public Relations. “We believe that using these channels properly with a focus on proper data analytics would enable us to understand our consumer base, introduce our product’s uniqueness and chart the course for improvement and enhancement,” he added.

As the world economy continues to grow amid climate change concerns, it has become imperative that businesses across sectors begin to develop practices that reduce their carbon emission and contribute to greenhouse gas. Phaeton has taken the mantel of leadership by creating a Blockchain ecosystem that functions entirely on renewable energy. This initiative and its promise of support to other businesses can significantly decrease the Blockchain sector carbon emission, as the Blockchain industry is infamous for its contribution to energy use from fossil fuels.

Telegram: http://bit.ly/Phaeton_telegram
Website: phaeton.io
IEO on latoken: https://latoken.com/ieo/PHAE
IEO on p2pb2b: https://p2pb2b.io/token-sale/302/


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Source: https://www.livebitcoinnews.com/phaeton-introduces-a-renewable-energy-powered-real-estate-tangible-nft-marketplace/

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Blockchain

ADALend Ignites The DeFi Space

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ADALend is a scalable and decentralized lending protocol governed by a decentralized autonomous organization (DAO).

ADALend will offer various features that will provide its users with decentralized financial instruments accessible to everyone with access to the internet, without the complicated KYC requirements of the mainstream banking system.

The protocol will improve digital assets’ capital efficiency by enabling assets accumulated to fund multiple loan pools. The protocol will utilize the Cardano blockchain to flesh out DeFi potential as a viable replacement to the traditional financial sector.

Green Blockchain

Blockchains of the future will be required to have a lower impact on the environment, working efficiently without consuming enormous amounts of energy to remain operational. Cardano has been one of the most energy-efficient blockchains in the industry. 1.6 million times lower than bitcoin and well below the average level of high market capitalization coins.

Cardano has also announced its partnership with Veritree creating “The First Global Cardano Impact Challenge,” an initiative that aims to reinvest donations into replanting trees worldwide.

Platform Security

The Cardano codebase was developed in Haskell, a widely popular programming language explicitly chosen for its ease of auditing. The Cardano blockchain will offer a protective layer of security for the ADALend protocol to function without breakdown, unlike many DeFi protocols that suffer from issues due to its blockchain complexity. ADALend is considered one of the most efficient and stable DeFi platforms on the market.

ADALend will also enjoy the further developments in the Cardano blockchain performed by Input Output Hong Kong (IOHK) which has a very strong team that is always working on further improving the blockchain.

Summary

In reality, these are the two major factors that will be considered when looking for future providers of financial instruments. Efficiency and security will come as a top concern for users in 2022 and beyond. The replacement of the mainstream banking system will not happen overnight, but it is the constant enforcement of stable alternatives that will be considered the end of traditional financial services.

Adalend had an oversubscribed seed round earlier last month; with the private sale round running out quickly, many investors are rushing in to guarantee their spot in the private sale.

To find out more about ADALend, visit their website and read their whitepaper.

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Source: https://www.newsbtc.com/news/company/adalend-ignites-the-defi-space/

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