Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion

Study Shows Cross-Chain Bridge Technology Growth, Bridges to Ethereum Exceed $7 Billion

On September 8, 2021, Dmitriy Berenzon, research partner at 1kxnetwork, an early-stage crypto fund that helps founders bootstrap token networks, published a comprehensive research post concerning blockchain bridges. Berenzon’s study highlights the current “multi-chain market structure” and bridges that are making a myriad of blockchains compatible. Researcher: ‘We Are Finally in a Multi-Chain Market Structure’ For quite some time now, multi-chain or cross-chain technology has been a holy grail of sorts in the cryptocurrency development space. People want to transact with other blockchains by leveraging bridges to different ecosystems. Dmitriy Berenzon published a detailed article about the subject of cross-chain tech and bridges, and he believes we’ve finally reached a watershed moment. “After years of research & development, we are finally in a multi-chain market structure,” Berenzon stresses in his blog post. Image of bridge technology “as of September 8, 2021; Illustrative / Not fully comprehensive,” according to research partner at 1kxnetwork, Dmitriy Berenzon. Berenzon’s study looks at blockchains like Ethereum, Solana, Tezos, Avalanche, Polkadot, Binance Smart Chain, Cosmos, and more. The researcher notes that “interoperability unlocks innovation” as he highlights that “bridges are important because they enable users to access new platforms, protocols to interoperate with each other, and developers to collaborate on building new products.” Moreover, Berenzon lists the many benefits of cross-chain interoperability like leveraging the tech for external validators and federations. Also, using the tech for light clients and relay protocols alongside the ability to access liquidity networks. However, Berenzon’s report is not just a fluff piece about fintech, and he highlights that cross-chain tech and bridges are an “incredibly difficult problem in distributed systems.” He adds that things like finality and rollbacks need to be addressed, NFT transfers and provenance, alongside stress testing these blockchain bridges over time. $7.7 Billion Locked Across 8 Bridges to Ethereum In addition to Berenzon’s insights, statistics from Dune Analytics’ dashboard called “Bridge Away” measure bridge volume tethered to the various chains and Ethereum. In terms of Ethereum bridge relative total value locked (TVL) stats, the Polygon ERC20 Bridge has approximately $2.4 billion in TVL on September 16, 2021. Dune Analytics’ dashboard called “Bridge Away” was crafted by @eliasimos, a protocol specialist at Coinbase via Bisontrails. Polygon’s bridge represents 32.5% of the TVL across eight…

Monsta Infinite Lists on AscendEX

Monsta Infinite Lists on AscendEX

press release PRESS RELEASE. AscendEX is thrilled to announce the Monsta Infinite token (MONI) listing under the trading pair USDT/MONI on Sept. 15 at 1 p.m. UTC. In celebration of the MONI listing, AscendEX and the MONI team will launch seven limited-time promotional events for users to earn token rewards. The events will take place between 12:00 a.m. UTC, on Sept. 16 and 12:00 a.m. UTC, on Sept. 23, 2021. By depositing and trading MONI, users will have the chance to share airdrop rewards worth up to 80,000 USDT. Monsta Infinite is a decentralized game universe where tokens are earned through participation. The project’s efforts are focused on bringing accessibility and decentralization to the gaming world. They believe that greater blockchain adoption can be achieved through gamification. The project is built on top of Binance Smart Chain, which they believe will improve the user experience by making gameplay affordable and accessible. Monsta Infinite implements a sidechain service with EVM capabilities and interoperability with Binance Smart Chain (BSC). Using BSC, players can save and update their in-game assets, including their “Monsta,” without paying a fee at every step. Monsta Infinite aspires to be a unique gaming experience by removing the common flaws of other NFT-based games. The NFT standard allows buyers to keep the proprietary rights to their original assets, allowing for the monetization of virtual assets in the real world. Consequently, all Monsta Infinite in-game items will be tokenized, and buyers will retain full ownership of their items and the independent selling rights. The experience features a unique storyline for each user. Players will not get the same (Player Vs Environment) PVE every day, and users choose from multiple pathways in the story mode. The enemies and obstacles users face on these different pathways will also have variations and randomization aspects, making each player’s experience unique. Another important goal for Monsta Infinite is to achieve economic equilibrium in the game’s marketplace. Monsta will sustain affordable pricing through eliminating the involvement of MONI, the governance token, in any game-related matters. MONI is subject to price fluctuations over time as the valuation and staking rewards grow with increased adoption. Thus, increasing the demand for STT, is the easiest way to stabilize the price. Adding features like augmentation,…

Ethereum After 1559: Network Participants Burn Over 300,000 Ether Worth More Than $1 Billion

Ethereum After 1559: Network Participants Burn Over 300,000 Ether Worth More Than $1 Billion

On August 5, 2021, the Ethereum network and its participants successfully completed the highly anticipated London upgrade, which saw the implementation of the Ethereum Improvement Proposal (EIP)-1559. Since then, 303,681 ether worth more than a billion U.S. dollars have been burned. More Than 300K Ether Burned Following EIP-1559 More than a billion dollars worth of ethereum (ETH) has been burned to date, after the London upgrade was implemented 42 days ago. The biggest changes added to the Ethereum blockchain included EIP-1559 and EIP-3554. While EIP-3554 changed the difficulty bomb, EIP-1559 changed Ethereum’s fee rate to a new scheme that makes the crypto asset ether deflationary. Essentially, fees are standardized and calculated based on network demand, as a transaction pricing mechanism introduces a base fee for every block found on the network. The remainder of the fees will be burned and ether proponents assume this will significantly reduce the overall supply of ethereum. As of today, September 16, 2021, the Ethereum network has burned 303,681 ether worth over $1 billion using Thursday’s ether exchange rates. Opensea Still Largest Burner, Stablecoin Transfers Add to the Burn Pile The biggest burners in the network are people transferring ether from one address to another and decentralized applications (dapps) and decentralized finance (defi) platforms as well. The largest ether burner today is the non-fungible token (NFT) marketplace Opensea as Dune Analytics stats show the market has burned 42,991 ether worth $146.1 million today. Opensea is followed by traditional ether transfers which have added 25,514 ether to the burn pile. Uniswap V2 and the stablecoin project Tether (USDT) command the third and fourth positions in terms of the top ether burners. To date, the second version of the Uniswap decentralized exchange (dex) has burned 16,665 ether worth $55.8K. Tether’s stablecoin USDT has added 15,015 ether to the burn pile as it is responsible for burning $51 million. Other top burners include Axie Infinity, Uniswap V3, Metamask, the stablecoin project USDC, and Opensea’s registry. What do you think about the 303,681 ether worth over $1 billion burned? Let us know what you think about this subject in the comments section below. Tags in this story 300K burned, Blockchain, Burn Rate, deflationary, EIP-1559, ETH, ETH fees, ETH Markets, ETH Transfers, ether, Ethereum, Ethereum…

Alt winds of change? What an altcoin season would mean for crypto

Alt winds of change? What an altcoin season would mean for crypto

A new alt season is here — at least, according to some crypto industry commentators. Over the last month, altcoins — aka cryptocurrencies that aren’t Bitcoin (BTC) — have surged in price, with projects such as Solana, Cardano and Polkadot seeing their tokens triple in value. However, though people are screaming “alt season” with an air of familiarity, the industry is still very much exploring uncharted territory.The Cointelegraph Markets Pro alt season indicator states that the industry is in the midst of an alt season, showing a 32% inclination. While The Altseason Index, which defines the alt season as a period of 90 days where 75% of the top 50 altcoins outperform Bitcoin, says it isn’t an alt season just yet. But if the last few weeks are anything to go by, the altcoin market is just getting started, and it’s already proving its desire to impress.One theory behind why an alt season is imminent is that the general sentiment around Bitcoin has reached a solid footing. Outflows from Bitcoin are funding more altcoin projects, resulting in newly launched tokens reporting impressive growth. However, could there be much more to the story than that?Wen alt season?Alt seasons can be both good and bad for the crypto economy, being a sort of necessary evil in the space. On the one hand, they are a sign of health, indicating new money flows into the market and causing valuations to surge. However, after a while, speculation tends to outpace the utility of these tokens, causing steep market corrections and immense losses for speculators.Over the last few years, the cryptocurrency and digital assets space has grown drastically, but according to Hunain Naseer, senior analyst at OKEx Insights, not much is new this time around. “We’re witnessing Ethereum breaking out against BTC and starting to outperform the market leader. The same happened in previous alt seasons,” he said, adding, “ETH is leading a market-wide surge, and as long as it remains strong, the trend can continue till the end of the year.According to Naseer, the recent altcoin rally is being fuelled by myriad factors, including the recent nonfungible token boom (especially in August), which reaffirmed the market’s belief in the speculative value of digital assets. The recent gust of positive news…

3 reasons why REN price is up 340% from its July swing low

3 reasons why REN price is up 340% from its July swing low

Interoperability has become one of the driving themes within the crypto market and as the blockchain ecosystem evolves into an interconnected web of layer-one protocols, the importance of communication and efficiency among decentralized applications (dApps) will also increase.Ren (REN), a blockchain protocol designed to provide interoperability and liquidity between different blockchain platforms, has started gaining traction over the past month and a half as activity in the decentralized finance (DeFi) sector has been on the rise. Data from Cointelegraph Markets Pro and TradingView shows that after reaching a low of $00.41 on Aug. 9, the price of REN has climbed 185% to a daily high at $1.16 on Sept. 15 as its 24-hour trading volume spiked 443% to $673 million. REN/USDT 1-day chart. Source: TradingViewThree reasons for the price growth seen in REN include the steadily increasing activity and total value locked on RenVM, the launch of a bridge to Arbitrum and the release of RenVM Greycore on the network’s testnet. Rising volume and total value lockedREN’s bullish momentum can be found in the data for the total network volume and total value locked (TVL).Total network volume and total value locked on Ren. Source: Ren ProjectAs 2021 progressed, new chains were added to the list of bridges supported, which now includes Ethereum, Binance Smart Chain, Solana, Polygon, Fantom, Avalanche and Arbitrum. Each new bridge has helped to increase the volume and TVL on the Ren network, which has coincided with moves seen in REN p. REN price follows the Bridge to ArbitrumThe spike in price seen on Sept. 15 was due, in large part, to the release of the Arbitrum bridge, an Ethereum (ETH) layer-two scaling solution Arbitrum, which is designed to host popular decentralized applications in a fast, low-fee environment. The Ethereum network has been plagued by high fees and delayed transaction times, which have hampered the ability of many users to use DeFi or nonfungible token (NFT) related protocols on the network. Arbitrum’s low-cost environment has proven to be an attractive DeFi environment for BTC holders who are now able to migrate to the layer-two solution and interact on the network with renBTC. The total value locked on Arbitrum via the Ren protocol was $7.75 million as of Sept. 15 and is represented by…

BTC takes aim at $50K; Solana goes down; Is ETH ‘sound money’? | Watch The Market Report w/ Charlie Burton

BTC takes aim at $50K; Solana goes down; Is ETH ‘sound money’? | Watch The Market Report w/ Charlie Burton

Tune in to watch Cointelegraph host and analyst Benton Yaun alongside resident market experts Jordan Finneseth and Marcel Pechman. Here’s what to expect in this week’s markets news breakdown: Bitcoin (BTC) once again takes aim at $50,000. Is this the final hurdle before all-time highs are within reach?The Solana network was brought down by a sudden surge in transaction volume, while Ethereum evaded a malicious attack. What does this mean for the future of decentralized finance, or DeFi?After Cardano finally launched smart contracts, the price of ADA dropped 10%. Is this a classic case of “sell the news”?Next, Pechman and Finneseth take a dive deep into the most important factors driving the markets in back-to-back expert takes. Join Pechman on a journey through the history of Ethereum. There are a few events that might reveal what Ethereum truly is. Then, Finneseth takes a closer look at alternative next-generation blockchain protocols that are beginning to gain a foothold in the market. Up next, the Cointelegraph experts identify two altcoins that stood out this week, Avalanche’s AVAX and Horizen’s ZEN, using insights from Cointelegraph Markets Pro, a platform for crypto traders who want to stay one step ahead of the market. Finally, be sure to stick around for an exclusive guest interview with veteran trader Charlie Burton, the co-founder of Ezeetrader. The interview will cover recent market movements, trading insights and analysis of crypto’s biggest coins! “The Market Report” streams live every Thursday at 4:00 pm UTC, so be sure to head on over to Cointelegraph’s YouTube page and smash that like and subscribe button for all our future videos and updates.

Dogecoin Rival Shiba Inu Spikes in Value While DOGE Prices Flounder, SHIB Jumps 21% in 24 Hours

Dogecoin Rival Shiba Inu Spikes in Value While DOGE Prices Flounder, SHIB Jumps 21% in 24 Hours

While the dogecoin’s token price has floundered during the last seven days, the meme-coin’s rival shiba inu (SHIB) has moved up the ranks in terms of weekly gains. Dogecoin has shed 5.8% during the last week, but shiba inu has spiked 21.3% during the course of the week and 21.1% in the last 24 hours. Shiba Inu Gains 21% in 24 Hours Two days ago, Bitcoin.com News covered the DOGE market action concerning dogecoin’s four-legged fall in recent times. Weekly stats show dogecoin (DOGE) is still down 5.8% during the last seven days but it is still the largest meme-based crypto asset in terms of market capitalization. The second leader in that category is shiba inu (SHIB), an ERC20 token that’s been moving northbound in terms of price in recent times. SHIB is currently swapping for $0.00000824 per unit but has lost 8% during the last 30 days. SHIB has been trading for $0.00000720 to $0.00000824 per unit on September 16, 2021. Today there’s 657,335 SHIB holders according to Etherscan data and 3,540,457 lifetime SHIB transfers. As the second largest meme-currency besides DOGE, SHIB has a $3.6 billion market capitalization. In comparison to dogecoin’s market valuation the coin represents more than 11% of dogecoin’s overall market cap. Sending SHIB can be costly as the cost to move ethereum (ETH) right now is $5.66 per transaction according to l2fees.info. Sending a token transfer can cost $12.93 per transfer using the Ethereum chain. Dogecoin Fees Are Cheaper, Tether Is SHIB’s Top Trading Pair on Centralized Exchanges Meanwhile, the cost to send DOGE according to bitinfocharts.com stats, is around 2.38 DOGE ($0.573) or 0.0045 DOGE per byte. That’s still 887.78% cheaper to send in contrast to sending the ERC20 SHIB unless the SHIB users are leveraging L2 platforms like Arbitrum One, Loopring, Optimism, and Zksync. The SHIB-focused decentralized exchange (dex) platform Shibaswap currently has $246 million total-value locked on the platform. SHIB sister tokens like LEASH ($792), and BONE ($1.05) are leveraged on the platform for liquidity pools and incentives. Metrics show that SHIB has had around $316 million in global trade volume during the last 24 hours. While SHIB has a wide range of pairs on dex platforms like Uniswap, Sushiswap, and Shibaswap, on centralized exchanges tether…

Coinbase Files to Offer Cryptocurrency Futures and Derivatives Trading

Coinbase Files to Offer Cryptocurrency Futures and Derivatives Trading

Cryptocurrency exchange Coinbase has filed an application with the National Futures Association (NFA) to offer futures and derivatives trading on its platform. The exchange says its new offerings aim to “Further grow the cryptoeconomy.” Coinbase Registers to Offer Crypto Futures and Derivatives Trading Coinbase Global Inc. (Nasdaq: COIN) announced Wednesday via Twitter that it has filed an application with the National Futures Association (NFA) to register as a Futures Commission Merchant (FCM). The exchange wrote: This is the next step to broaden our offerings and offer futures and derivatives trading on our platforms. The exchange added that its goal is to “Further grow the cryptoeconomy.” The filing shows that the company is registered as Coinbase Financial Markets Inc. Crypto derivatives have become a huge market and most major cryptocurrency exchanges offer derivatives trading, including Binance, Okex, FTX, CME Group, and Kraken. In April, Coinbase announced that it had acquired Skew, a crypto data analytics firm that specializes in tracking the derivatives market. Coinbase is currently raising funds by issuing bonds. Initially, the company planned to issue $1.5 billion worth of senior notes. However, due to high interest, it has raised the amount to $2 billion. Coinbase said it intends to use the net proceeds from the offering “for general corporate purposes, which may include continued investments in product development, as well as potential investments in or acquisitions of other companies, products, or technologies that Coinbase may identify in the future.” What do you think about Coinbase offering derivatives trading? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Shiba Inu (SHIB) is now available on Coinbase

Shiba Inu (SHIB) is now available on Coinbase

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SEC Chair Gensler: ‘We Don’t Have Enough Investor Protection in Crypto Finance, Issuance, Trading, or Lending’

SEC Chair Gensler: ‘We Don’t Have Enough Investor Protection in Crypto Finance, Issuance, Trading, or Lending’

The chairman of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, explained that there is not enough investor protection in cryptocurrency. He added that the securities regulator needs more funding and manpower to effectively regulate the crypto sector. SEC Chair Gensler Says More Funding Needed to Regulate Crypto Space SEC Chairman Gary Gensler detailed his agency’s approach to regulating cryptocurrencies before the Senate Banking Committee Tuesday. He assured senators that the SEC is working overtime to create a regulatory framework for crypto assets. Noting the enormity of the task, he told Senator Catherine Cortez Masto that the SEC could use “a lot more people” to evaluate the 6,000 digital “projects” and determine whether they are securities under the U.S. securities law. He said: Currently, we just don’t have enough investor protection in crypto finance, issuance, trading, or lending. Frankly, at this time, it’s more like the Wild West or the old world of ‘buyer beware’ that existed before the securities laws were enacted. Senator Pat Toomey, the committee’s ranking member, pressed Gensler over whether stablecoins meet the definition of securities. He emphasized: I think we need clarity on this. I think you should publicly disclose this … And we certainly shouldn’t be taking enforcement action against somebody without having first provided that clarity. Gensler has insisted that the rules on cryptocurrencies are clear. “We have a set of investor protection laws in this country … that was laid out in the 1930s where Congress wanted to protect the public against fraud and other bad actors … I think the laws [on cryptocurrencies] are clear,” he told CNBC Wednesday. “The case law, the Supreme Court’s weighed in on this multiple times and that many of these tokens do come under the securities laws.” What do you think about the comments by SEC Chairman Gary Gensler? Let us know in the comments section below. Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for…