Crypto and blockchain enthusiasts take pride in belonging to a community that is working on the future of financial systems. Yet, the community is innately fragmented thanks to multiple blockchains working independently of each other. The dream of mass adoption of blockchain and decentralized finance faces a major hurdle: a lack of interoperability. Meanwhile, decentralized applications (DApps) — the fruits of decentralization — are being held up. DApp developers face difficulties while transacting between different blockchain networks, and the reason behind this is they are stuck in the Ethereum ecosystem. Despite having the best infrastructure, Ethereum is losing its foothold. …
Scalability is one of the main hindrances within decentralized finance (DeFi) applications and has created huge barriers to entry. Closely linked to this has been the issue of high gas fees, which continues to be a major pain point for newcomers to the Web3 space. When Web3 goes mainstream, these gas costs will become minimal. For the user, the experience will become completely gas-less like how it is on Web 2.0 applications. As a result of the lack of scalability and network congestion, gas fees have skyrocketed, further preventing users from performing various transactions on the blockchain. According to YCharts …
Binance, the world’s biggest crypto exchange by trading volume, announced earlier on Tuesday that it will be temporarily pausing deposits and withdrawals for Polygon (MATIC) Network. The announcement came in the wake of the Polygon network’s outage since March 11 after a network upgrade. The crypto exchange noted that it would reopen the deposit and withdrawal features once the network becomes stable. Polygon network is a layer-2 Ethereum scaling solution that boasts millions of users and an evolving ecosystem. The network underwent an essential upgrade on one of the three layers on March 11, but due to a suspected bug, …
The number of decentralized applications (DApps) on Ethereum-scaling-platform Polygon has topped 37,000, marking a 400% increase since the start of 2022. The Polygon team shared the figures via an Aug. 10 blog post, which was sourced from partnered Web3 development platform Alchemy, noting that the figure represents the cumulative number of applications ever launched on both the testnet and mainnet. It also noted that the number of monthly active teams — a measure of developer activity on a blockchain — reached 11,800 at the end of July, up a whopping 47.5% from March. The project team also highlighted a breakdown …
The Ethereum community appears to have taken a bullish view of Coinbase’s newly announced layer-2 network, Base, which has been described as a “massive confidence vote” and a “watershed moment” for the blockchain network. Secured on Ethereum and powered by layer-2 network Optimism, Base aims to eventually become a network for building decentralized applications (DApps) on the blockchain. The layer-2 network is currently in its testnet phase, according to Coinbase CEO Brian Armstrong. 0/ Hello world. Meet Base, an Ethereum L2 that offers a secure, low-cost, developer-friendly way for anyone, anywhere, to build decentralized apps. Our goal with Base is …