Even Ethereum Layer 2 Solutions Are Earning Significantly Higher Fee Revenue than Bitcoin

Ethereum is a clear winner when it comes to earning fees. This second-largest network generated $22.6 million in transaction fee revenue in the past 24 hours and more than $45 million on a 7-day average.

When it comes to its competitors, Binance Smart Chain (BSC) made $1.68 million in 1-day fees but still comes at 3rd place while Avalanche is doing just under $268k, Cardano $49k, and Polkadot $253, according to CryptoFees.

It is the popular DEX Uniswap that is the second-highest fee earner at just over $3 million. As for other decentralized finance (DeFi) projects, Aave is recording $1.3 million, SushiSwap $1.2 million, Compound $996 million, MakerDAO $140k, and Polygon $33k in the past 24 hours.

In all of this, the largest network, Bitcoin, falls at 9th place by generating roughly $400k in 1-day fees. This low fee is resulting in a drop in revenue from fees as a percentage of total miner revenue to a mere 1.3%, the lowest since January 2020.

The use of Layer 2 solution Lightning Network could also be a reason for this, whose capacity has been increasing throughout the year, going from 1,050 BTC to a new ATH of 2,583 BTC now.

Even Arbitrum, Ethereum Layer 2 solution, generated more fees at over $613k than Bitcoin. Arbitrum’s competitor, meanwhile, comes just a step below Bitcoin at roughly $332k.

Arbitrum has been outshining the EVM-compatibility competitors despite a flurry of liquidity mining announcements coming from Avalanche, Fantom, and Harmony.

On Sept. 10 and 11, Arbitrum’s bridge contact recorded a sharp increase that sent its total value locked (TVL) to $2.1 billion, from $173 million.

However, most capital in Arbitrum right now is farming speculative projects. But with projects like Aave, Balancer, Chainlink, Coinbase Wallet, DAI, Curve, Cream Finance, Etherscan, Gnosis Safe, Infura, Metamask, OKEx, Nansen, perpetual protocol, Sushi, The Graph, Tether, USDC, Uniswap, WBTC, Zapper, and many others soon to be deployed on Arbitrum, this could change really quickly.

According to Dune Analytics, TVL on Arbitrum Bridge jumped another 25% in the past week to $2.7 billion, while a 51% increase was recorded on Optimism ERC20 Bridges, standing at $37.6 million.

Arbitrum Bridge currently accounts for 34.6% share of Ethereum bridges TVL followed by Polygon ETC20 Bridge at 30.4% share, Avalanche Bridge at 24.4%, and Fantom Anyswap Bridge at 6.3%.

When it comes to the breakdown of assets being bridged out of Ethereum, WETH/ETH, USDC, USDT, DAI, and WBTC account for nearly 90% of asset value.

Daily unique validators on Arbitrum are currently 81, down from the 588 peak from last week. Optimism saw a huge jump in deposits on Sept 11 as it went from 234 to 9828 in a day only to get more than halved in the next couple of days and currently at 446.

Arbitrum’s take-off in early September actually coincided with a sharp decrease in the daily median gas price on Ethereum mainnet. But it’s to be seen if it is just a coincidence or a causal relationship as NFTs also lost steam around this time, which has been the biggest contributor to the increase in gas prices.

Read Original/a>
Author: AnTy

“Nothing Compares to My Bitcoin Bet,” Says Social Capital CEO Chamath Palihapitiya

Bitcoin was the best performing asset of the last decade, and in 2020, it remains a winner again.

Compared to the S&P 500 hitting a new record with just 2.09% returns YTD and gold also reaching a new peak with 22.2% returns, Bitcoin is still 46.5% away from its all-time high but up 49% in 2020 so far.

As such, it makes sense that Bitcoin is Chamath Palihapitiya’s best bet.

The chairman of Virgin Galactic and a stakeholder at Warriors, this week, Palihapitiya took to twitter to impart some investment knowledge.

In his investment 101, he talked about taking time to understand that you own so that you can go “all in.” “Don’t confuse slugging percentage with batting average,” he said.

During this, he provided the example of Bitcoin, “I’ve made some great bets before, but nothing compares to my bitcoin bet in 2012 and sizing up…” with an added “PS, HODL.”

Recently, Palihapitiya revealed in the investor call of his company Social Capital that it has been a bitcoin investor since 2013. Here he compared BTC to the early days of Amazon and Tesla, with “great asymmetric upside which can 10x in 10 years.”

In another of this Twitter thread, Palihapitiya discussed an investment portfolio. Conventionally, investment for retirement was 60% equities and 40% bonds, which got the job done in the 80s, 90s, and 00s.

But now, in the world of zero and negative interest rates, bonds return zero, calling for a new addition.

Here, he suggested, one idea is to replace the bonds by increasing the exposure to alternative assets such as “crypto, cars, art, baseball cards,” and others.

“Most people have 0-5% in alts. This allocation will probably change if bonds remain at 0…it’s just the math,” he said.

Bitcoin Struck a Nerve

Big players and companies are slowly but increasingly turning to the leading digital currency, as we have seen this year with the likes of Paul Tudor Jones and MicroStrategy.

Bitcoin actually “struck a nerve” when the halving happened, the programmatic supply reduction – a completely predictable boring thing, the same time as the money printer went burr, said former macro hedge fund manager Raoul Pal.

The bitcoin proponent believes BTC to be “a priceless reserve and collateral asset.” Earlier this month, he revealed that more than 50% of his investment is in bitcoin.

In a recent interview, he also talked about a bitcoin exchange-traded fund (ETF), which, according to him, is imminent and advised not to miss the “opportunity of a lifetime.”

“You’re allowed to front-run in Bitcoin, and I’m going to give you the biggest front-running opportunity of your life: they will get an ETF across the line. There will be billions of dollars that pour into it,” he said.

He expects “every” pension plans and family offices to allocate some of their money to it and from there, “the more the price goes up, the more they will allocate,” providing the retail an opportunity to “front-run the institutions for once as opposed to Goldman Sachs front-running us.”

Read Original/a>
Author: AnTy

More People Trading LINK than Bitcoin as Explosive Gains Puts Every Single Holder in Profit

  • LINK is the clear winner of this market.
  • The digital currency is not taking a breather, continuing to push higher for new highs after new highs.

Yesterday, a new all-time high was achieved by LINK at $14.40 after gaining 52% over a period of three days. These gains helped push LINK to a higher position in the crypto market — it is the 6th largest cryptocurrency, replacing Cardano (ADA), with a market cap of $4.75 billion.

On the weekend, the greens had LINK surpassing the largest cryptocurrency Bitcoin in terms of ‘real’ trading volume. On Coinbase Pro, LINK’s 24-hours trading volume is $163 million, almost 70% higher than Bitcoin’s $96.48 million.

As price has retraced a bit, the digital asset is down 6% from the ATH at $13.56 at the time of writing, so is the trading volume now at $958 million, down Bitcoin’s $2.1 billion and Tether’s $4.1 billion, as per Messari.

Oracle projects seem to be currently hot in the market as not only seen with LINK but also Band Protocol (BAND), which has been going parabolic ever since this month started and Coinbase announced the listing.

Ahead of its Coinbase Pro listing today, BAND is trading at $15.77, down 11% from its all-time high of $17.67 hit on August 10th. These gains have BAND become the 5th largest cryptocurrency, just a step down from Ethereum.

This 41st largest crypto asset with a market cap of $323 million is up a whopping 6,200% YTD.

Entering Overbought Territory

The most exciting thing for LINK Marines is that these new records had pushed their profitability upwards.

As a matter of fact, even at the price of $13.46, 100% of the addresses, 182,650 are in profit, as per IntoTheBlock.

Chainlink 100% Profit
Source: IntoTheBlock

Interestingly, LINK not only hit new ATH in price but also in daily active addresses at 15,600, which has the digital asset trending at the top spot on Santiment.

However, these gains might be overextended now as the 1-year MA suggest the price is now entering the overbought phase, said trader @CarpeNoctom.

$LINK (1-year MA)*3 suggests price is now entering the overbought phase
Source: @CarpeNoctom

On the development side, last week, decentralized gold mint Bullionix integrated Chainlink VRF to access a fair source of randomness to power its coin flip experience. Another project, decentralized lending protocol HODLTree is integrating its ETH/USD and BTC/USD price reference data for accurate collateral valuations when issuing loans and executing liquidations.

Other Chainlink integrations from last week included Harmony protocol, Provide platform, AdEx Network, and Sperax. MMO blockchain-based game War Riders is also using Chainlink to handle in-game crypto deposits and withdrawals.

Read Original/a>
Author: AnTy

If Bernie Sanders Becomes The 2020 US President; How Would That Affect Bitcoin?

The Nevada Democratic caucus just showed senator Bernie Sanders as the winner. While voting was coming to a close, it was revealed that Sanders was leading Joe Biden by far.

If he’s elected, the impact on cryptocurrencies such as the Bitcoin (BTC) would be major. The results of the Nevada caucus indicate he has a good chance at defeating President Donald Trump. Sanders is the most likely nominee, but Biden will stake his flagging campaign at the South Carolina event from next week too.

How Will the Economy Be Affected?

Whereas the President doesn’t have too much influence over the economy, Sanders came up with some policies that made economists doubt him. For example, he offered forgiveness for student loans, advocated medical care for single payers and promised to fight “corporate greed”. His policies can be called anti-Trump and socialistic, but he still gained a lot of sympathy from the Democrats.

However, these policies may greatly impact the Federal debt, causing the US dollar to become crippled. The more debts increase and consume from the GDP, the more the dollar is devaluing, which can lead to a spiral inflation and the destruction of the US economy.

The BTC Would Bounce

On the other hand, Sanders’ policies could have a positive impact on the BTC’s value. The more this digital currency decouples from the dollar and the US national currency devalues, the more BTC’s value increases. Such an example was given by Venezuela, where while the Bolivar was being tanked, digital currencies were being used more often for transactions. The use of BTC and DASH went through the roof because merchants looked for transfer methods that are stable when compared to the country’s currency.

In case this would happen in the US, new users would enter the market and cause cryptocurrency prices to go up as a result of increased usage. In other words, Sanders may bring only good for the BTC.

Read Original/a>
Author: Oana Ularu

Blockchain Technology Will Be Used to Select Cryptoart Charity Auction Winner

Blockchain Technology Will Be Used to Select Cryptoart Charity Auction Winner
  • Blockchain technology will randomly select a winner for “The Ecstasy.”
  • Artist Trevor Jones created the art piece out of inspiration from the cryptocurrency industry.

Blockchain technology is no stranger to the world of sales. It has been used in the purchase of fresh produce, plane tickets, and even art. Now, the technology is being integrated into a charity auction in a unique way.

According to reports from The Next Web’s Hard Fork, the technology is being used in an auction for crypto art as the method of selecting the winner. Several firms are participating in this new use case, including:

  • ChangeAngel, a crypto-swapping exchange service
  • CryptoBantam, a crypto clothing store
  • Trevor Jones, a cryptoartist

Jones was responsible for the auction of the art, which is titled “The Ecstasy,” which he promoted on his own Twitter profile.

Right now, the raffle can be entered with a payment of Bitcoin or fiat currency. During a standard raffle, customers have to purchase entry tickets, which is exactly how to enter this lottery, but they are logged on the blockchain. Anyone can view this list at the CryptoBantam website under the link titled “Lottery History.”

The competition will close on August 4th, and each ticket will be categorized with a hexadecimal number, starting at zero. The numbers will be published online with a timestamp to maintain the transparency of the raffle. After compiling the list, a “deciding block” will be announced by CryptoBantam.

Hard Fork states that the block chosen will be mined at approximately 9:00am UTC on August 4th, which is about two hours after the close of ticket sales.

In an email, a spokesperson told Hard Fork,

“Provisionally this will be Bitcoin block number 588,525. In order to win, entrants must match their hexadecimal ticket number with the ending [last two or three] digits of the hash” of the chosen Bitcoin block.

This process makes the concept of cheating the system nearly impossible.

CryptoBantam confirmed that the last two or three digitals of the hash will be used, based on the number of tickets sold. If the number is less than 256 sold, then two digitals will be used. If the ticket sales are higher, then three digits will be used, as long as fewer than 1,024 entries are sold. When Hard Fork published their article, the total number of tickets sold reached 268.

The lottery itself started on July 6th and ends this weekend. The artwork up for purchase was created by Trevor Joes, who was inspired by cryptocurrency to create the work of art. “The Ecstasy” shows two figures, appearing to be angels, in front of a golden Bitcoin. One of the figures appears exhausted and stressed, while the other offers help. Jones has become a popular man in the cryptoart world for paintings such as these.

The profits from this raffle will be split amongst War Child, Thirst Relief, and The Little Edi Foundation, which are all charities. The amount will be distributed evenly between these organizations.

Read Original/a>
Author: Krystle M