Ethereum fees are at record levels, but even so, one Uniswap user paid well over the going rate with a gas fee of $36,000 for a single transaction. Crypto Twitter has been flooded with complaints about the unsustainable fees for using the Ethereum network, but the rates only exacerbated one decentralized finance user’s fat-fingered mistake. The exorbitant transaction was tweeted by the co-founder and chief technology officer of Groundhog Network, Andrew Redden, who confirmed it was Uniswap-related. Presenting: The most expensive approve https://t.co/WQvgjZWFug — Andrew Redden ️ (@androolloyd) February 23, 2021 The ludicrous fee turned out to be a typing …
The controversy-laden trading platform Robinhood announced on Wednesday that it intends to implement cryptocurrency deposits and withdrawals. While customers have been able to buy and sell cryptocurrency via the platform for some time, they are unable to access the coins themselves to transfer them to other wallets. According to a series of tweets published from the company’s Twitter account, work on integration of cryptocurrency transfers has already begun, though no dates or specifics were provided on when it will go live. Robinhood also clarified that crypto deposits would be custodied by their own wallets and added that the company does …
An Ethereum-based project has been forced to cease development due to rising gas prices, as the cost of transacting on the blockchain continues to push new highs. The official Twitter account for social media token project Unite announced on Feb. 10 that the project was no longer in active development, adding that the original idea for the project had been rendered unfeasible by the recent gas price spike. The average cost of using Ethereum increased 35,600% since January 2020: “We are unfortunately no longer actively developing Unite. Gas prices mean the original idea for Unite isn't feasible and after several …
According to analysis by Mark “Murch” Erhardt of Chaincode Labs, 88% of all Bitcoin transaction inputs pay higher fees than are necessary. Erhardt bases his conclusion on data showing just 12% of transaction inputs use the SegWit format, which is less fee intensive than transacting with legacy inputs. Erhardt believes that a reliance on legacy transaction fees keeps Bitcoin blocks smaller than they could otherwise be, contributing to a seemingly growing backlog of unconfirmed transactions. A clogged up Bitcoin mempool containing 107 blocks worth of transactions at one point yesterday serves as a reminder that it is possible to save …
The number of transactions waiting to be confirmed in the Bitcoin mempool surged briefly above 125,000 today. This represents the equivalent of roughly 149 megabytes worth of data waiting to be added to the blockchain, which is enough to fill at least 107 upcoming blocks. Although smaller than the spike that saw a 143,000+ transaction backlog on Dec. 17, 2020, the increasingly cluttered mempool is emboldening Bitcoin’s critics while providing forks with talking points about the speed and cost of cryptocurrency transactions. Over past 3 months, the daily average Bitcoin transaction fee has varied between $2.18 and $17.20; makes buying …
The administrator of dark.fail, a website providing verified links to darknet markets, claims that exchanges are unfairly closing accounts donating Bitcoin to the service after implementing a Chainalysis transaction flagging system. The admin alleged in a tweet that two donors of Bitcoin to the website had their accounts blocked by exchanges that recently implemented Chainalysis’ new KYT — or Know Your Transaction — blockchain monitoring service. WARNING: Two of my donors report that their exchanges blocked their accounts after they donated Bitcoin to me. I am a journalist! I do not commit crimes. Last year I voiced strong opposition to …
Face-to-face transactions are starting to seem quaintly archaic as many countries continue or even expand lockdowns due to the ongoing COVID-19 pandemic. Since the start of the crisis in early 2020, digital transactions have surged, particularly in e-commerce and digital banking. In contrast with face-to-face transactions, such as a direct payment of cash in exchange for a product or service, digital financial transactions typically require an intermediary, such as a credit card agency, payments processor or bank. This intermediary slows the process and, naturally, adds a cost to the transaction. Distributed ledger technology is taking on a greater role in …
Staking infrastructure provider Staked said it had learned “an expensive lesson” after 75 of its Eth2 validators were slashed on Feb. 4 from the staking pool as punishment for producing competing blocks. In a statement, Staked took the blame for the “technical issue” and said its customers would be “fully compensated”. The company will pay the penalty of 18 ETH, which is around $29,000 at current prices. An unanticipated reaction to configuration changes caused several nodes managed by Staked to restart in error, leading them to incorrectly sign a second version of a previously-signed block. This introduced the potential for …
Japanese cryptocurrency exchange Liquid has temporarily disabled Ether (ETH) withdrawals as the altcoin hits new all-time highs. According to a Feb. 4 announcement, Liquid has halted withdrawals for ETH and some ERC-20 tokens due to a massive spike in transaction costs, or gas fees. “Service will be resumed once gas fees return to normal levels. All other crypto currencies are operating as per normal,” Liquid said. On Feb. 4, ETH price posted another high of above $1,600, following propelled growth of nearly 20% over the past seven days. The growing price has been steadily driving transaction costs higher, hitting new …
Global cryptocurrency exchange OKEx is moving to cheaper and faster Bitcoin (BTC) transactions with its upcoming Lightning Network integration. According to a Tuesday announcement, OKEx’s Bitcoin Lightning Network will be integrated “in the coming quarter,” making OKEx a participant node in the Lightning Network. The integration will allow OKEx users to select the Lightning Network option when depositing and withdrawing BTC, intending to decrease transaction fees and times. The Lightning Network is a second-layer scaling solution and payment protocol based on top of the Bitcoin blockchain. The protocol was suggested by Joseph Poon and Thaddeus Dryja in 2015 in an …
The number of projects adopting layer-two solutions for Ethereum’s scaling woes is increasing, with LuaSwap rolling out a new, TomoChain-based exchange engine yesterday. The change will enable the Uniswap inspired exchange to perform token swaps with greater speed and efficiency than many rival Automated Market Maker ERC-20 exchanges. 1/ #LuaSwap version on @TomoChainANN blockchain is live, entirely open to all $TOMO and Ethereum projects Users can now experience another $LUA version with: ✔️ Super speed ✔️ Near-zero gas fees ✔️ No network congestion Details: https://t.co/Be8claDkgT — LuaSwap (@LuaSwap) January 27, 2021 While LuaSwap remains an Ethereum-based application, transactions related to …
The first Aave-friendly Ethereum to Matic bridge has opened for business, allowing users to port Aave’s interest-bearing aTokens back and forth between the DeFi protocol and the faster, cheaper layer-two network. The smart contract for the bridge was developed by Nick Mudge, Lead Solidity Developer of Aavegotchi. It differs from previous Ethereum to layer-two bridges as it interacts with the Aave protocol to keep track of interest being paid on aTokens locked up on the Ethereum side of the bridge. According to Mudge, the bridge’s smart contract converts user’s Aave aTokens — such as aUSDC, for example — to maTokens, …