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Vitalik Buterin, Ethereum’s Chief Cryptocurrency Expert, Says EIP1559 is the ‘Most Important Section of London’ Network Is Burning $16K per Minute

The Ethereum blockchain completed its highly anticipated London upgrade Thursday. Since then, ether enthusiasts have been fervently discussing the protocol’s burn rates with great enthusiasm.

5.9 Ether is Burned Every Minute Vitalik Buterin ‘Confident ‘About the Future After London

At press time, Ethereum is burning 5.9 ether per minute or $16.8K using today’s exchange rates against the U.S. dollar. Meanwhile, in a recent interview from Singapore, Ethereum’s co-founder Vitalik Buterin said the Ethereum Improvement Proposal (EIP) “1559 is definitely the most important part of London.”

On Thursday morning around 8: 30 a.m. (EDT) on August 5, the long-awaited Ethereum London hard fork took place and the blockchain was successfully upgraded. The community was ecstatic, to say the least, and on Twitter, terms like “ethereum” and “EIP1559” started trending.

Of course, the most topical conversation about the London upgrade was EIP-1559: The fee market change for ETH 1.0 chain. The EIP basically changes the algorithm tied to the base gas fee in the protocol. It also burns the base gas fee per gas.

There are numerous websites where ether fans can watch the burn rate stemming from the latest EIP-1559 ruleset change. At the time of writing, more than $16K or 5. 90 ETH is burned by this mechanism every minute. On the low end of the spectrum, the burn rate has been around $8,103 or 2. 78 ETH per minute. Ethereum evangelists love this idea because they believe that it will make crypto assets deflationary over the long-term.

Vitalik Buterin spoke about the London upgrade with Bloomberg from Singapore and told the finance reporter Matthew Leising he was “confident” about the future after London. Buterin stated that it is now much easier to send transactions that will be included in the next block. This is very important for user experience.

Gas Fees Spiked, Ether Jumps Over 16% This Week

However, on the downside, ETH users did notice that the average ETH transaction fee jumped following the fork. On August 2, the average fee was $8. 39 per transaction but on Friday following the upgrade, the average ether gas fee is $14.60. The conversation has shifted to Ethereum’s rising gas prices and fee burn rate since the London upgrade. A decent number of people are also talking about ETH‘s current market rally as well.

Ethereum (ETH) is up over 3% today and 17. 55% over the last seven days. Against the leading crypto asset bitcoin (BTC) during the week ETH has rallied 16.50%. Pitted against the U.S. dollar, ethereum has jumped 24% over the last month, and trailing 12-month stats show ETH has captured triple-digit gains (628.27%).

What do you think about the London hard fork, the recent fee spike, and Ethereum’s fee burn rate? Please comment below to let us know your thoughts on this topic.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Tether launches tokens pegged to the Mexican Peso on Ethereum and Tron

Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

Tether Operations Limited, a stablecoin issuer, has announced that it has launched a fiat-pegged token tied with the Mexican peso’s value. The team said that the MXNT tokens, which were just launched, will initially be hosted on Ethereum, Polygon and Tron.

MXNT Stablecoin is Pegged 1:1 to Mexican Peso

The stablecoin and blockchain firm Tether has revealed it has launched a new fiat-pegged token that will join the company’s suite of stablecoins. Tether has introduced MXNT, a stablecoin pegged to Mexican peso value.

Tether’s other fiat token offerings include the popular USDT, which is pegged to the U.S. dollar, and EURT, which is tied to the value of the euro. The company also offers CNHT (an offshore Chinese yuan pegged token) and tethergold XAUT (a token tied to the value one ounce fine gold).

Tether Launches Tokens Pegged to the Mexican Peso on Ethereum, Tron, and Polygon

MXNT will officially launch on Tron, Ethereum, and Polygon. Tether stated that it believes that a digital peso would be very beneficial for Mexico’s remittance sector. Tether announced on Thursday that the multibillion-dollar flow in remittances to Mexico, as well as the difficulties associated with money transfers, has created an opportunity for stablecoin adoption and usage. The company also added

The creation of MXNT puts Mexican Peso on the blockchains and provides a faster, less costly option for asset transfers.

Tether USDT is the largest stablecoin in existence today, as it currently has a market valuation of around $73.2 billion. Market capitalization of the token is 5. 77% of the $1. 27 trillion crypto economy.

Out of the $86. 43 billion in digital currency trade volume on Thursday, tether’s volume is around $45. 42 billion, or 52. 55% of today’s global trade volume. In terms of bitcoin (BTC) trading pairs, USDT is the top pair with bitcoin, capturing 55% of today’s BTC trade volumes. Tether claims that the launch of MXNT is a “test ground” for new users in Latin America’s market .”

.

Paolo Ardoino (CTO) of Tether explained during the announcement that digital currencies have been growing in Latin America. In a note to Bitcoin.com News, Ardoino stated that there has been a rise in cryptocurrency use in Latin America in the past year. “We need to expand our offerings,” he said.

The Tether CTO continues:

Introducing a Peso-pegged stablecoin will provide a store of value for those in the emerging markets and in particular Mexico. MXNT is a stablecoin that can reduce volatility for investors and those who want to convert assets from fiat currencies to digital currencies.

Just recently, Tether published the firm’s USDT May 2022 assurance report after the recent Terra blockchain UST fallout. Circle, the usd coin (USDC) stablecoin issuer, also released an assurance report in May and recently explained its plans to publish USDC attestation reports on a weekly basis.

What do you think about the stablecoin issuer Tether launching a token pegged to the Mexican peso? Comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Ethereum’s Beacon Network Signs a 7-Block Chain Organization

Ethereum’s Beacon Network Deals With a 7-Block Chain Reorganization

On May 25, seven blocks were reorganized on Ethereum’s Beacon chain at 8: 55: 23 a.m. (UTC) at block height 3,887,075 all the way to block 3,887,081. The reorganization was discovered by Martin Koppelmann who noted the “current attestation strategy of nodes should be reconsidered to hopefully result in a more stable chain.”

Ethereum’s Beacon Chain Reorgs

While all eyes were focused on Ethereum’s imminent transition to proof of stake (PoS), via The Merge, developments surrounding the transition have been intense. However, Ethereum’s Beacon Chain, which will be critical to the transition, underwent a seven-block-deep reorganization.

A blockchain reorganization is also known as a “reorg”. Nodes are given blocks from new chains while nodes have access to the old ones. In the case of Ethereum’s Beacon chain, the reorganization occurred at block height 3,887,075 to block 3,887,081.

Martin Koppelmann, the co-founder of Gnosis, noticed the event and tweeted about it on social media. “The Ethereum beacon chain experienced a 7-block deep reorg –2.5h ago,” Koppelmann said. Koppelmann stated.

This, unfortunately, shows that the analysis by [Georgios Konstantopoulos] and [Vitalik Buterin] here was too optimistic when the article claimed reorg stability will improve in PoS over PoW. In years past, we haven’t seen 7 block-reorgs on Ethereum mainnet. At this stage it is not clear if the reorg that we saw was due to an attack or simply unfortunate network conditions.

Vitalik Buterin: ‘Truth-Seeking Is More Important Than Not Giving the Wrong People Rhetorical Ammunition’

After talking about the issue on Twitter, Koppelmann remarked that some of the attention his tweet garnered, specifically from Ethereum detractors, made him regret tweeting about it. Koppelmann stated that he believes it is a strength for the Ethereum community to discuss all issues openly and focus more energy on finding a solution than on defending an issue.

Vitalik Buterin,

Ethereum co-founder, responded to Koppelmann’s regret comments. He told the Gnosis cofounder not to be regretful. “Truth-seeking is more important than ‘not giving the wrong people rhetorical ammunition’ or whatever,” Buterin said. One person responded to Buterin’s statement, “As long truth-seeking results from action and not just comment,”

The Ethereum co-founder replied: “In this case, client teams have been scrambling to understand the situation so they can figure out what to fix for the last couple of hours — Already some good hypotheses.” Buterin’s reply was tethered to a tweet written by Ethereum developer Preston Vanloon who gave his opinion about the reorg situation. Vanloon said:

We suspect this is caused by the implementation of Proposer Boost fork choice has not fully rolled out to the network. This is not a sign of a poor fork choice but rather a non-trivial separation of out-of-date client software.

Ethereum’s reorganization of blockchain follows Vanloon’s statement that The Merge could be implemented by August. However, Buterin was quick to follow up his statement by saying there’s always a “risk of problems” and “delays.” He then said that September and October could be possible as well.

What do you think about Ethereum’s recent seven-block deep reorganization? 1529459296668471297

What do you think of Ethereum’s recent seven-block deep reorganization?

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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Ethereum

Gamestop Launches Web3 Ethereum wallet That Leverages Loopring’s ZK-Rollup Tech

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

This week, the consumer electronics and gaming software retailer, Gamestop, has officially revealed the company’s self-custodial, Web3 ethereum wallet. It is currently available in beta and can be accessed via the firm’s web portal. The wallet stores crypto assets as well as non-fungible tokens. Furthermore, the wallet utilizes Loopring’s layer two (L2) ZK-rollup technology to provide users with “fast [and] fairly priced transactions.”

Gamestop Wants to Bring Power to Players via the Company’s Self-Custodial Ethereum Wallet

For quite some time now, it’s been well known that Gamestop was getting into the NFT space and that the gaming software retailer planned on releasing an NFT marketplace. At the end of March 2022, Gamestop explained it had partnered with the Ethereum L2 scaling project Loopring, and noted the company would leverage Loopring’s ZK-rollups.

Now Gamestop has unveiled its non-custodial, Web3 ethereum wallet that uses the ZK-rollup tech for cheaper transactions. It will let gamers store their in-game NFTs but also hold Ethereum-based crypto assets. Gamestop will launch its NFT marketplace in July. It aims to give power to the .”

players.

Gamestop Launches Web3 Ethereum Wallet That Leverages Loopring’s ZK-Rollup Tech

“Gamestop wallet is a secure and easy way to start with Web3. Your GameStop Wallet can be used to purchase, hold, swap or display Ethereum-based assets,” according to the wallet’s description. Gamestop Wallet can be used to buy, hold, swap, display and use Ethereum-based assets.” The wallet’s description also states that it is a self-custodial ethereum vault.

Harnessing the power of Loopring’s ZK-rollup [tech] — an Ethereum Layer 2 scaling protocol – Gamestop gives you low-cost and fast transactions, with Ethereum security, opportunity, and global reach. This allows you to lower gas fees and network congestion while still maintaining control over your funds.

Gamestop’s digital wallet is very similar to Metamask. It also offers a desktop version. The wallet technology was developed by Loopring, but the NFT marketplace will be using Immutable X technology. Gamestop partnered with Immutable X on February 3, 2021, and launched a $100 million NFT fund.

Additionally, the wallet’s privacy policy explains that the software does monitor the user’s data. According to the website, data collected includes “contact information and profile information”, display names, email addresses, profile biography, Ethereum public adres details and Twitter and Reddit usernames.” A iOS version of Gamestop’s wallet will be available soon.

What do you think about Gamestop’s ethereum wallet? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or in connection to the content, goods, or services discussed in this article.

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