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Ethereum Has Burned Over $ 100 Million In Fees Since The Hard Fork




Exactly a week ago, the long-awaited London hard fork, called London, was launched on the Ethereum network. As we reported at the time, the update introduced a number of enhancements, the most prominent being EIP-1559, which introduced a new transaction fee mechanism. After a week Ethereum has burned more than $ 100 million in fees.

This change means that instead of fees going directly to the miners that process and validate the transactions. A base rate is quickly destroyed or “burned”.

Since the hard fork, Ethereum has burned or withdrawn more than $ 100 million worth of ETH. Which helped drive a price increase from $ 2,725 to $ 3,230. According to data from Nomics.

Now, according to the website ultrasound.money, around 31,000 ETH has already been destroyed. At current rates, that’s a little over $ 100 million. Although it is obviously unknown how much ETH would be worth if those assets had not been burned.

For its part, the Decrypt medium adds that more than 10% of the total fees that Ethereum has burned come from transactions in the NFT market, OpenSea, where users can sell or bid for digital collectibles and art. Decentralized exchange Uniswap and Blockchain-based game Axie Infinity rank second and third in terms of burn rate.

Ethereum network congestion causes crypto gaming casino to temporarily shut down

Congestion on the Ethereum network has forced an online casino to temporarily shut down its business. The event came to light after the official website of KingTiger Casino announced the temporary closure of the company’s services. According to the KingTiger statement:

“We have had to temporarily close our casinos due to congestion on the Ethereum network. Which makes it impossible to run our games in their current format.

The cryptocurrency-focused online casino is currently looking for new solutions that can host “a new range of features and games” for its participants. Although the casino’s services are temporarily suspended, the platform is allowing users to access their digital wallets.




Uniswap has already generated over $ 1 billion in commissions for liquidity providers

The large decentralized exchange Uniswap has become the first decentralized finance (DeFi) protocol. In generating more than a billion dollars in platform commissions. For liquidity providers.

On Tuesday, Lucas Outumuro, head of research at cryptocurrency data aggregator IntoTheBlock, shared a graph on Twitter. It shows that the combined commission income from Uniswap’s Ethereum v2 and v3 mainnet deployments has exceeded $ 1 billion.

Including fees generated by both Uniswap v1 and its v3 deployment on Optimism, Outumuro noted that approximately $ 1.02 billion has been distributed to Uniswap’s liquidity providers. Since the creation of the protocol in November 2018.

Soccer star Lionel Messi’s contract with PSG includes fan tokens

Argentine soccer superstar Lionel Messi, considered one of the greatest players of all time. He would have made the fan tokens a part of the payment agreement in his financial package with the French club Paris Saint-Germain. The information comes from sources close to the matter, according to Reuters.

Messi, currently 34 years old and who joined FC Barcelona at the age of 13, signed a two-year contract with Paris Saint-Germain (PSG) this week. With the option to extend it for a third year. His departure from Barcelona, ​​with which he won four UEFA Champions League titles, came after the financial rules of the game in the Spanish League made it fiscally unfeasible for the club to continue paying the star player.

PSG President Nasser Al-Khelaifi said at a press conference this week that if the exact figures of the deal were made public, people would be honestly surprised by the figures we have. With exact details still under wraps, the allocation and terms of including fan tokens in Messi’s contract are unknown.

Meanwhile, blockchain firm Chiliz, which operates the Socios sports token platform on which fans $ PSG tokens are issued, today revealed that $ PSG trading volumes rose to more than $ 1.2 billion. In the days before the player’s move.




TAMMY SEWELL
Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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