Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi

Shiba Inu (SHIB) Leads the Crypto Market, Currently the Most Traded Asset on Binance, Coinbase, and Huobi

Shiba Inu enthusiasts have also made a petition to get the SHIB token listed on Robinhood, which has gained 200,952 signatures so far.

The latest coin leading the crypto market is Shiba Inu (SHIB).

Up more than 240% in the past 7-days, the SHIB token is currently trading at $0.00002380. Even more exciting is that from its low in late November, SHIB is up a whopping 41,673,167%.

Despite the recent gains, the funding rate on SHIB perpetual contracts is still negative, as per Bybt, which gives hope to an extension of this uptrend.

Just five months back, SHIB had made a new all-time high of $0.00003791 and is currently down 38% from this peak.

Much like in May, the volumes for the crypto asset are seeing a big spike for the last couple of days.

Additionally, much of this trading activity is actually happening on the biggest cryptocurrency exchanges, namely Binance, Coinbase, and Huobi. According to CoinGecko, in the past 24 hours, Binance had recorded $4.2 billion, Coinbase $1.85 billion, and $1.13 billion on Huobi in SHIB volume.

Interestingly, on Coinbase, SHIB is doing more volume than Bitcoin right now. 30.32% of Coinbase’s total volume is currently coming from SHIB against USD and USDT, while Bitcoin, Ethereum, Solana, and Dogecoin account for 18.19%, nearly 12%, 5.22%, and over 4%, respectively.

It was only about last month that Shiba Inu was made available on Coinbase.com and in its Android and iOS apps.

The same as Coinbase, SHIB is leading the activity on Binance as well by accounting for 13.60% of its total volume, with Bitcoin coming in second at less than 10%. Similarly, about 17% of Huobi’s volume is from SHIB/USDT.

There is also a petition to get the SHIB token listed on Robinhood, which has gained 200,952 signatures so far. The petition reads,

“Dogecoin has been a huge success for Robinhood, and its investors. We have all enjoyed the ride. Shiba Inu is a similar meme coin with genuine potential.”

With Robinhood having 18 million accounts and the original meme coin DOGE already a success on the platform, such a listing is not only a lucrative opportunity for SHIB holders but also for the online brokerage company.

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Author: AnTy

Cryptocurrency Tax Dispute in South Korea Reaches Boiling Point

South Korea’s crypto industry is currently in the midst of a significant dispute with the government as the topic of taxation continues to rage on. Following a possible delay in the government’s proposed tax code, a lawmaker has come out to declare that he won’t be backing down.

A Partisan Divide Over Tax Implementation

On Thursday, Naver News reported that Noh Woong-rae – a member of South Korea’s National Democratic Party – is looking to postpone the country’s crypto taxation bill until 2023. As the report explained, Noh said that the ruling Democratic Party of Korea will not go along with the Ministry of Finance’s plans to tax cryptocurrencies in 2022.

The lawmaker explained that it is challenging to get the data needed for taxation from cryptocurrency exchanges and peer-to-peer (p2p) platforms. Since the ideal infrastructure to support taxation isn’t ready, a deferral of the tax code is the only viable option.

Moves to delay the crypto tax code have been growing strong over the past few months. The proposed code will levy a 20 percent tax on income generated through crypto transactions, provided that the income exceeds 2.5 million won (about $20,000). The bill was set for passage and iomp[lementation on January 1, 2022, but the Democratic Party – which holds a slim majority in the Korean parliament – was reported to be working on a counter bill to postpone it until at least 2023.

The problem with the counter bill is that the Democratic Party only holds a slim majority in Korea’s parliament. So, getting the counter bill to pass will be slightly challenging.

It is even more complex since Finance Minister Hong Nam-Ki remains adamant in his mission to get the crypto tax law to pass in 2022. Hong himself is a part of the minority Peoples’ Power Party, and he has served in the position of Prime Minister before. So, he holds a great deal of political power.

Just yesterday, Hong reportedly asserted his desire to get the tax code passed next year, even rejecting an argument from the ruling party that a 2023 date would be perfect as it would coincide with the country’s capital gains tax on stocks.

September 24 Looms

On the issue of data collection, South Korea’s government appears to have a solution for that. In July, the government announced that crypto exchanges would need to register with the Financial Services Commission (FSC) before September 24 or face punishment. The new regulations will affect both South Korea-based exchanges and those that operate in foreign markets.

The release added that these rules also apply to exchanges that support the Korean language or whose marketing is geared towards the country’s citizens. Defaulting exchanges could face a fine of about $43,000, while their principal officers could spend up to five years in prison.

If exchanges do register with the government, they could gather information and develop a proper structure for taxation. Whether that taxation will come in 2022 or 2023 is yet to be seen.

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Author: Jimmy Aki

US Treasury Discussing Launching A Formal Review into Stablecoins’ Impact on the Financial System

US officials are currently having closed-door discussions regarding launching a formal review into whether stablecoins threaten financial stability.

After weeks of consideration, the Treasury Department and other deferral agencies are nearing a decision, reported Bloomberg citing people familiar with the matter.

The department is examining “potential benefits and risks of stablecoins for users, markets, or the financial system,” said Treasury spokesman John Rizzo in a statement. “As this work continues, the Treasury Department is meeting with a broad range of stakeholders, including consumer advocates, members of Congress, and market participants,” he added.

The total market cap of stablecoins is now ready to surpass $124 billion, up from just over $29 billion at the beginning of this year.

This, however, doesn’t come as a surprise given that the US Securities and Exchange Commission (SEC) Chair Gary Gensler has said many times that stablecoins are one of the two areas they are focused on. The other being crypto exchanges and lending platforms, where “stablecoins are embedded.”

Over the past couple of months, Gensler has been noting that the majority of trading on all crypto trading platforms is occurring between a stablecoin and some other token.

“The use of stablecoins on these platforms may facilitate those seeking to sidestep a host of public policy goals connected to our traditional banking and financial system: anti-money laundering, tax compliance, sanctions, and the like. This affects our national security, too,” said Gensler adding, these fiat-based coins may also be securities and investment companies.

Just last week, Coinbase disclosed that SEC is threatening to sue if it launches its Coinbase Lend product, allowing customers to earn a 4% yield on their USDC stablecoin.

Duke University finance professor Campbell Harvey, who is also the co-author of a book called “DeFi and the Future of Finance,” told Bloomberg in an interview that the US regulators face a tough balancing act when it comes to addressing “yield farming” — allowing investors to lend their crypto in exchange for interest rates — without pushing the financial innovation offshore.

Additionally, the President’s Working Group on Financial Markets, led by Treasury Secretary Janet Yellen, has also been focused on stablecoins. In a private meeting held in July, US officials likened the situation to an unregulated money-market mutual fund that could be susceptible to chaotic investor runs.

Around the same time, a paper from the Federal reserve proposed to “tax private stablecoins out of existence” as one of the options to “Taming Wildcat Stablecoins.”

At the time, Yellen urged regulators to “act quickly” in drafting stablecoin rules. The group, composed of Yellen, Gensler, and Fed Chair Jerome Powell, expects to issue stablecoin recommendations by December.

The Financial Stability Oversight Council (FSOC) process includes a detailed study, an assessment of which agencies should respond and how, and then directing them to intervene in the market.

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Author: AnTy

Avalanche Captures Market’s Attention, 5x In A Month With Memes, Big Names, & A Massive Fund

While NFTs are currently ruling the market, Avalanche (AVAX) has managed to still attract attention and rally more than 352% in the last 30-days while Bitcoin and Ethereum gradually make their way upwards towards their all-time highs.

With a market cap of $8.75 billion, AVAX is the 20th largest crypto asset, trading at $50.93, down only 15.2% from its all-time high of $59.4 hit on February 10.

On July 21st, AVAX was trading under $10.

The highest funding rate on AVAX perpetual futures contracts is currently 0.1389% on OKEx while keeping just under 0.1% on most other exchanges. Meanwhile, for Bitcoin and Ether, the highest is 0.0691% and 0.0288% respectively on Bybit, according to Bybt. BTC 2.67% Bitcoin / USD BTCUSD $ 49,002.64
$1,308.372.67%
Volume 32.65 b Change $1,308.37 Open $49,002.64 Circulating 18.8 m Market Cap 921.12 b
5 h Japan’s Financial Services Agency (FSA) Looks to Step Up Crypto Oversight: Report 6 h Other Central American Countries Watching El Salvador’s “Out Of This World Experiment” to Adopt Bitcoin Too, Says CABEI President 9 h Avalanche Captures Market’s Attention, 5x In A Month With Memes, Big Names, & A Massive Fund
ETH 1.72% Ethereum / USD ETHUSD $ 3,228.75
$55.531.72%
Volume 18.87 b Change $55.53 Open $3,228.75 Circulating 117.26 m Market Cap 378.59 b
6 h Budweiser Joins NFT Frenzy, Purchases Ethereum Beer-Themed Domain Name 9 h Avalanche Captures Market’s Attention, 5x In A Month With Memes, Big Names, & A Massive Fund 10 h Smaller ETH Holders Growing Faster than Bitcoin as it Captures Retail Interest

While getting the support of Three Arrows Capital and popular trader Hsaka, it looks like AVAX also has Yearn Finance creator Andre Cronje on its side, who mentioned, “Avax is real tech, snowball is legit good,” in a tweet.

Besides AVAX, other L1 tokens that appear resilient are LUNA and SOL. SOL 2.09% Solana / USD SOLUSD $ 72.07
$1.512.09%
Volume 1.55 b Change $1.51 Open $72.07 Circulating 290.8 m Market Cap 20.96 b
9 h Avalanche Captures Market’s Attention, 5x In A Month With Memes, Big Names, & A Massive Fund 1 d Driven by Real Demand Bitcoin Hits Resistance but Retail and Speculator Euphoria Is Not Here Yet 1 d Bitcoin Unable to Attract Funds, Altcoins Recording Inflows with Ether’s Competitor Seeing the Largest

Speculation around Avalanche soared after Avalanche Foundation’s $180m liquidity mining program announcement brought the DeFi blue chips Aave and Curve into the ecosystem.

“Opportunistic apes and fork developers attempting to get in early on this news propelled Avalanche DeFi TVL and AVAX token prices,” said Delphi Digital, which noted that the project is taking a page out of Ethereum sidechain project Polygon’s playbook by incentivizing blue-chip DeFi protocols, pumping base token, and reinvesting token into the ecosystem.

“It remains to be seen if Avalanche can emulate Polygon’s success – but the rush of mercenary capital flowing into the ecosystem is obvious,” it added.

This money flow can be seen in Avalanche’s TVL (total value locked), which has been on the rise since August 1st as it exploded from $163 million up to $1.5 billion, representing an 823% growth in less than a month.

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On Avalanche, the algorithmic liquidity market protocol BenQi is currently leading in terms of TVL growth, which makes sense given that lending protocols tend to attract more deposits compared to AMMs. Other popular projects include Trader Joe, Yield Yak, and Snowball benefitting from yield farming season on Avalanche. Their tokens are also up 20% to 100% as well.

This week, another DeFi blue-chip, Sushi, joined the Avalanche Rush liquidity mining program, where each project will allocate up to $7.5M of liquidity mining incentives over a 3-month period. SUSHI -0.59% SushiSwap / USD SUSHIUSD $ 12.26
-$0.07-0.59%
Volume 359.62 m Change -$0.07 Open $12.26 Circulating 127.24 m Market Cap 1.56 b
9 h Avalanche Captures Market’s Attention, 5x In A Month With Memes, Big Names, & A Massive Fund 5 d Polygon Continues Expansion Play With DeFi Focus, Forming A Decentralized Autonomous Organization (DAO) 5 d Bloomberg and Galaxy Digital Launches DeFi Index; SEC Chair Gary Gensler says DeFi is “A Bit of A Misnomer”

Sushi’s next-generation AMM, Trident, is expected to provide its ecosystem with new features and abilities to maximize yield and efficiency.

“The Avalanche community is one of the most compelling reasons to align incentives with the Avalanche chain. We are a community-driven platform and admire the community focus in the Avalanche ecosystem and look forward to providing them with a positive DeFi experience,” said Sushi Lead Contributor, 0xMaki.

Another big catalyst for the project came in the form of the Avalanche Bridge (AB) launch.

At the end of last month, Avalanche launched its months-old Avalanche Bridge (AB) that claims to be cheaper and aims to be the “growth engine” for the project’s future.

Avalanche Bridge itself and the memes around it have the community finding its next token to ape-in in AVAX.

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Author: AnTy

Over 60% of Robinhood Clients Traded Crypto for the First Time in Q2

Robinhood is currently making more money from crypto trading than equities and options combined. While crypto revenue surged 4,560% from a year earlier, transaction revenue from equity was down 26.8% from 2Q20 and 61% from 1Q21, and for options, it was down 16.7% from 1Q21.

Robinhood Markets (HOOD) reported a 131% increase in its second-quarter revenue, having benefited from a surge in cryptocurrency trading on its platform.

Still, the company’s shares dropped and are currently trading at $49.80 after it warned investors that this crypto boom-driven jump in revenue might not last.

“We expect seasonal headwinds and lower trading activity across the industry to result in lower revenues and considerably fewer new funded accounts,” in the third quarter ended September 30, 2021, Robinhood said in a statement.

In its first earnings report as a publicly traded company, the online brokerage said revenue more than doubled to $565 million for the quarter ended June 30 compared to $244 million a year earlier.

Transaction-based revenue at $451 million formed the bulk of the investing app’s $565 million revenue in Q2.

And crypto revenue totaled $233 million in the second quarter, an increase of a whopping 4,560% from a year earlier. Crypto trading revenue was only $5 million a year ago.

A significant portion of this primarily came from Dogecoin (DOGE) alone, which accounted for 62% of cryptocurrency transaction-based revenue.

In the past year, crypto has grown to become 41%, from just 2% of Robinhood’s total revenue.

But even more interesting is the fact that over 60% of funded accounts traded crypto for the first time in Q2 as “Robinhood’s customers demonstrated significant interest in cryptocurrencies,” it said.

At this point, Robinhood is making more money from crypto trading than equities and options combined.

As a matter of fact, Robinhood’s transaction revenue from equity was down 26.8% from 2Q20 and 61% from 1Q21. As for options transaction revenue, down 16.7% from 1Q21 but still up 48.6% from 2Q20.

QoQ growth of average account size of the firm is flat at ~$4,500 but recorded an increase of 34.6% YoY while operating expenses climbed 169% YoY.

Despite this growth, Robinhood is yet to offer its users the options to move their crypto assets out of the platform. When asked about when the firm will provide crypto wallets, Chief Executive Officer Vlad Tenev said, “It’s something that our teams are working on,” adding they’re in particular demand among DOGE enthusiasts.

“The ability to deposit and withdraw cryptocurrencies is tricky to do with scale, and we want to make sure it’s done correctly and properly.”

Executives also said they would explore making more crypto assets available for trading, Round Up Investing, and offering retirement accounts.

“The heat is on for Robinhood to invest in crypto-trading products, including added crypto-wallet functionality and more coins to buy and trade, after the strong interest from users reflected in 2Q results,” noted Julie Chariell, Bloomberg Intelligence fintech industry analyst.

A large part of Robinhood’s transactional revenue actually comes from a practice called payment for order flow (PFOF). In this practice, rental brokers send customers orders to wholesale brokers instead of exchanges for a slightly better execution price and payments from the wholesalers in return.

The US SEC is scrutinizing this practice over concerns that it is a potential conflict of interest. Brokers may be incentivized to maximize their own profit by not sending orders to places where customers would get the best execution.

But Robinhood doesn’t expect PFOF to be banned, but even if it does happen, it said, it can find other ways to generate revenue.

Robinhood’s funded accounts reached 22.5 million customers as of June 30, compared with about 9.8 million a year earlier. Monthly active users increased 109% to 21.3 million, from 10.2 million in Q2 of 2020, while assets under custody jumped 205% to $102 billion during the same period.

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Author: AnTy

South Koreans Turn to Serum (SRM) As Solana (SOL) Ecosystem Pumps

SRM is currently the second most traded crypto on one of the biggest South Korean exchanges, Upbit, after Dogecoin. It is also trading at a premium on both Upbit and Bithumb, the latter also announcing the listing of SOL.

While Bitcoin and Ether are taking a breather under $45,000 and $3,000, respectively, other altcoins are busy pumping.

This especially holds for Ethereum (ETH) competitor Solana (SOL) and other coins in its ecosystem that have been pumping like crazy.

After months of ‘Solana Summer’ chanting by the SOL enthusiasts, finally, it is having a blast. Up 182% in the last 30-days, SOL is currently trading just above $70, having hit a new ATH at $80.12, according to CoinMarketCap on Wednesday.

SOL’s year-to-date gains currently stand at a whopping 3,706%, among the highest in the crypto space.

Amidst this uptrend, one of the biggest South Korean exchanges, Bithumb, announced the listing of SOL against KRW and BTC.

With SOL on an uptrend, decentralized exchange Serum built on Solana is also up 192% in the last 30-days. But trading at $7.87, SRM is still down 39.5% from its ATH four months back and has recorded only about 600% returns YTD.

This week, Huobi Global announced the listing of SRM against USDT and BTC.

SRM is currently the second most traded crypto on the biggest South Korean exchange, Upbit, after Dogecoin. Bitcoin doesn’t come until the 4th spot and Ether until the 9th as Koreans choose altcoins over the top coins.

SRM is currency trading at $8.28 on Upbit, while on Binance, it’s at $7.89, representing a kimchi premium of nearly 5%, according to Coinmarketcap.

While on Bithumb, which is listing SOL today, SRM is not among the top 10 most traded crypto assets but falls at the lower end of the top 20 and is also trading at a premium at $8.22.

“If the Koreans love SRM that much they’re gonna fucking love SOL,” tweeted trader @SmartContracter

South Koreans are simply busy trading XRP, DOGE, LUNA, ADA, ETC, AXS, and EOS.

AUDIO of Solana-based Audius streaming protocol has gone up over 110% in just a week after its partnership with TikTok.

Other Solana-based projects that are up in triple-digits in the last 30-days are COPE, Raydium (RAY), Bonafide (FIDA), MAPS, and Step Finance (STEP).

Besides SOL and the tokens in its ecosystem, another DeFi platform with a focus on stablecoins and with the backing of A-list investors such as Andreessen Horowitz and Galaxy Digital that is growing in value is Terra (LUNA), up over 100% in the past two weeks, hitting a new ATH today $33.22 and currently trading at just above $29.

LUNA’s YTD gains stand at 4,418%, nearing Dogecoin’s 5,163% gains which is yet again pumping as Dogecoin Foundation returns with its board of directors, including Ethereum co-founder Vitalik Buterin and Jared Birchall, manager of Elon’s family office, but is still down 59% from its ATH.

Currently, above $2, another Ethereum competitor Cardano (ADA), is also just less than 15% away from its ATH. Arweave (AR), Avalanche (AVAX), Thorchain (RUNE), and XRP have also enjoyed almost triple-digit gains in the last 30 days.

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Author: AnTy

Binance Bitcoin Futures Skyrockets to $48,000 in a Monster Wick

OI on Binance BTC futures is currently at 78.89k BTC, down from 101.37k BTC from last week, while being the only exchange to have a negative change in ETH futures’ OI in the past 24 hours but still sitting at the highest 627k ETH.

The textbook short squeeze that took place this weekend saw the price of bitcoin going as high as $48,000 on the leading cryptocurrency exchange.

On other crypto exchanges, this short squeeze sent the price of bitcoin to nearly $40,000 and Ether to almost $2,400, with Binance an anomaly.

On Binance itself, while Bitcoin wicked to about $39,800 on spot and on futures, it went as high as $48,168. In response, Binance has reportedly said that “API user place wrong orders, the liquidation price is the marked price, the extreme price will be automatically removed, and the user will not be affected.”

In the past 24 hours, more than 100,000 traders were liquidated for about $1.14 billion, with nearly $950 million being the short positions.

Bybit accounted for a majority of these liquidations at about $440 million, followed by OKEx and Huobi for just under $220 million, according to Bybt.

Binance, meanwhile, is accounting for a mere 11.4% of these liquidations at $129.5 million. However, the leading crypto exchange has stopped showing accurate liquidation for some time now, and these figures are expected to be much higher. Previously, Binance used to lead the market in liquidations.

This can be seen in the second-biggest drop of over 12% in OI on Binance’s Bitcoin futures in the past 24 hours.

Currently, at 78.89k BTC, it is down from 101.37k BTC on June 20, which was an increase of 78% in nearly a month as new short positions were opened. Still, it is the highest OI, accounting for 22.7% of the total BTC futures open interest.

“Binance straight up under-reports liq data, but OI down by ~12k BTC following that move and net buying on that 1m candle was ~12k BTC. Good ol cascade,” commented trader Hsaka. “Around ~$600m of forced buying in under 60 seconds.”

When it comes to Ether futures, only Binance has a negative change of 4.45% in the past 24 hours, now sitting at the highest 627k ETH while others had an increase in OI.

Amidst all this, Binance CEO Changpeng Zhao announced that they have started limiting new users to a maximum of 20x leverage a week ago on Monday.

“In the interest of Consumer Protection, we will apply this to existing users progressively over the next few weeks,” he added.

Meanwhile, several hedge funds have curbed their trading on Binance as the regulatory crackdown on it intensifies, the Financial Times reported.

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Author: AnTy

“OGN is Currently Undervalued,” says the Origin Team as it BuyBack $1.3 Mln Worth of its Tokens

“OGN is Currently Undervalued,” says the Origin Team as it BuyBack $1.3 Mln Worth of its Tokens

A common phenomenon in the traditional market, buybacks have been gaining traction in the crypto market as well. Popular names like Binance, FTX, DeFi bluechip Yearn, and many others have been doing buybacks for some time now.

Also known as repurchase, buyback involves a corporation purchasing its own shares in the stock market, reducing the number of outstanding shares, and inflating the earnings per share. It often leads to an increase in the value of the stock. Buyback demonstrates that a business has sufficient cash.

The latest crypto project to do so is Origin Protocol, whose aim is to create sharing economy marketplaces.

On Tuesday, Origin co-founder Matthew Liu announced that they would be purchasing $1,304,284 worth of Origin Tokens (OGN) on the open markets over the next week. These tokens will be removed from circulation and sent back to Foundation Reserves.

This purchase will be made from the revenue generated from our recent NFT sales for this token buyback.

“I love the conviction from the Origin team about their future prospects. Would encourage other projects to consider the same as a show of confidence in the value of their tokens,” noted SpartanBlack, a partner at crypto fund The Spartan Group.

The OGN buyback has been made because “our product is currently undervalued,” said the team, adding, the aim is also to reduce the supply.

Launched on Binance in January 2020, the project’s 80 million tokens are currently staked, which further decreases OGN float.

The team, however, is not done with reducing the numbers and will be taking additional measures in the future to manage circulating supply through additional buybacks and holding back tokens that would otherwise be released by Foundation Reserves.

As of writing, OGN is trading at $1.12 with a market cap of about $238 million, down over 67% from its all-time high of $3.35 from two months back, as per CoinGecko.

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Author: AnTy

Uniswap’s Latest Proposal Calls for Funding an Organization for Regulatory Defense of DeFi

Leading centralized exchange (DEX) Uniswap is currently running a voting process on its latest proposal that wants to know if the UNI governance should allocate 1-1.5 million UNI, worth $26 million – $40 million at the current price, to fund a policy operation to defend the protocol and DeFi from legal and regulatory threats.

As of writing, 68.69% of votes are in favor of the proposal, but there are still three days left in the voting process.

According to the proposal called Funding a Political Defense of DeFi, the idea is to create and fund a community-overseen organization that would finance existing and new political groups engaged in crypto policy/lobbying.

Given that governments are weighing how to regulate decentralized finance, “we need to defend the ecosystem and decentralized ideals,” it suggests.

The goal will be to educate policymakers to preempt regulatory, legal, political, and tax threats to DeFi, achieving regulatory clarity, advancing laws to support the space, and spurring other DeFi protocols’ governance communities to contribute to the effort.

The need for such an organization is urgent because governments around the world are rushing to regulate the projects without being properly educated on their benefits.

“Currently, DeFi is not at the table—but on the menu,” it warns.

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Author: AnTy

Only 1% of Ethereum Addresses Are Currently Using DeFi: ConsenSys Report

Only 1% of Ethereum Addresses Are Currently Using DeFi: ConsenSys Report

As of April 1st, 2021, there were 146 million unique Ethereum addresses, 16 million more since the beginning of the year. However, only 1% of these addresses are using decentralized finance (DeFi).

By the end of quarter first, 1.75 million unique addresses had used at least one DeFi protocol, despite DeFi users growing by 50% this quarter and a 10x increase from the end of Q1 2020, states the latest report on the DeFi sector by ConsenSys.

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The growth of DeFi represents the increasing demand for the sector, increasing the median gas price to 50% in ETH and average transaction fees to spike 4.2x.

In Q1 2021, Ethereum’s total fees were double of the Bitcoin blockchain. This gap continues to widen between both the blockchains, with Ethereum generating more than 850% fees daily than Bitcoin this month. Even leading AMM, Uniswap is doing more in fees than the largest network.

Due to the persistent issue of high fees, developers are moving to layer 2 solutions such as Polygon (MATIC), Optimism, and Starkware’s STARK-based roll-ups.

Within DeFi, each sector gained a 50% increase in users in the first quarter. DEX volume increased 2.5x to $63 billion, and outstanding loans rose 3x to $10.8 billion.

The report further covered NFTs, which saw a meteoric rise due to the coronavirus pandemic, which left 62% of artists unemployed. NFTs are about 10% of global art sales, it noted.

Now, in Q2, the trends to watch, according to ConsenSys, involve DAOs investing in NFTs and Flashbots dominating the Ethereum Network.

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Author: AnTy