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This week’s top cryptocurrency industry trends and news

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This week has seen several cryptocurrency trends catching the attention of investors and enthusiasts alike. From the rise of cryptocurrencies to the latest updates from the major players in the industry. Here is a weekly market summary of the major crypto events that have lit up the crypto markets.

Arbitrum surpasses Ethereum’s mainnet numbers

The second layer scaling solution, Arbitrum, has been making waves in the crypto world, surpassing the Ethereum mainnet in terms of transaction volume. Arbitrum broke its highest 24-hour record for the number of transactions during the week.

It surpassed the Ethereum mainnet by an impressive margin of 1.05 million transactions, with a total of 1.14 million transactions recorded.

By comparison, the Optimism Network had about 180,000 transactions on the same day. This is a significant achievement for Arbitrum, designed to improve the scalability and transaction speed of Ethereum.

Coinbase to launch the core network

In addition, Coinbase, one of the largest cryptocurrency exchanges in the world, revealed its intention to launch its core network. According to Will Robinson, Vice President of Engineering at Coinbase, the launch of the Ethereum Layer 2 core network testnet is underway.

The Core Network aims to offer people around the world a platform to create on-chain decentralized applications, or “dapps,” that are secure, low-cost, and developer-friendly.

According to the plan, the network will be gradually decentralized over time. This increased decentralization process will help ensure that the network remains secure and stable throughout the transition period.

Uniswap offers NFT purchases with ERC-20 tokens

Decentralized exchange (DEX) Uniswap has once again grabbed the headlines by offering the ability to buy non-fungible tokens (NFTs) using any ERC-20 token. This is a significant move, which is indicative of the growing convergence between DeFi and NFTs.

Uniswap Labs envisages Permit2 and Universal Router to improve the quality of its products. The primary goals were to reduce gas fees, streamline user transaction processes, and improve security.

Uniswap is committed to providing the public goods that power cryptocurrency development, and they designed these contracts to be accessible to the developer community. Contracts include software development kits (SDKs), comprehensive documentation, and a two-week bug bounty program.

The SEC continues to crack down on cryptocurrency

The past week was a tumultuous period for the cryptocurrency industry, as it witnessed a series of noteworthy events, such as an increase in regulatory measures and a market recovery.

Notably, the US Securities and Exchange Commission (SEC) has stepped up its efforts to regulate the crypto space, targeting Paxos and Do Kwon.

Stablecoins were also a great use case for layer one blockchains, but their regulation has become a growing concern for the industry, as the SEC has launched a crackdown. Other regulators are expected to follow suit, leaving central bank digital currencies (CBDCs) as the only option left.

The Securities and Exchange Commission (SEC) has continued its regulatory action against the cryptocurrency industry, with ongoing enforcement action against several high-profile companies. This has caused some concern among investors, as the regulatory environment for cryptocurrencies remains uncertain.

The Blur NFT market is seeing an increase in the number of users

The Blur NFT market has quickly gained popularity and has attracted huge interest from NFT traders and investors. Despite being a relatively new entrant into the NFT space, Blur has quickly established itself as a major player and has consistently topped the charts for NFT trading volume.

Blur, a new marketplace for NFTs, has seen its number of users grow daily, with more than 20,000 people using the platform every day. The platform allows users to create and sell NFTs using different file types, including audio and video files.

The NFT market is growing, as more and more people are showing interest in investing in digital assets.

As a result, the competition between NFT markets is becoming increasingly intense. However, Blur has managed to stand out by offering a unique and innovative platform that has resonated well with NFT enthusiasts.

Blur accounts for 46% of the total weekly NFT trading volume, which is a significant achievement for a market that has only been operating for a few months. In contrast, OpenSea, once the undisputed leader in the NFT market, has now slumped and accounts for only 36% of the total weekly trading volume.

The Ordinals Protocol enables Bitcoin-based NFTs, increasing the value and development of the blockchain

The Ordinals Protocol introduced a new use case for the Bitcoin blockchain by allowing users to encrypt references to digital art in microtransactions, thus creating non-fungible tokens based on Bitcoin. This development has greatly increased the value of the longest-lived cryptocurrency chain.

According to a research report released by Matrixport on Wednesday, the introduction of non-fungible tokens (NFTs) based on ordinal values ​​has caused a 50% increase in the value of the Stacks network’s STX token. The report states that this development could propel STX to become a multi-billion dollar token.

Ordinals is a protocol that enables NFT storage on the Bitcoin blockchain, and STX is the native token of the Stacks Network. Layer 2 blockchain uses the security of the bitcoin blockchain to settle transactions.

Ordinal elements are digital artifacts because they are poured directly onto the blockchain and have permanent, immutable records in the distributed ledger. In contrast, traditional NFTs can be modified by competent contract developers.

Earlier in the week, GitHub user going through the handle ynohtna92 achieved a groundbreaking feat. They forged the Bitcoin Ordinals protocol and used it to create the world’s first Litecoin Ordinal. This is a noteworthy and important development in the field of digital currencies.

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