27 new projects selected in 5th cohort of BNB Chain incubation program: MVB » CryptoNinjas

27 new projects selected in 5th cohort of BNB Chain incubation program: MVB » CryptoNinjas

BNB Chain, a community-driven and decentralized blockchain, has now disclosed the projects for season 5 of its accelerator program – Most Valuable Builder (MVB). 27 new projects with a range of different focuses were selected. There were more than 650 applications from all across the world.

The Binance incubation program was specifically designed to supply and qualify builders on BNB Chain. The team has come together to identify projects and developers with the ambition to embark on ‘Uncharted Territories’, where no developer or builder has gone before.

“After an arduous selection process dedicated to identifying projects with the highest potential, twenty-seven innovative projects focusing on infrastructure and tooling, decentralized finance (DeFi), SocialFi, NFTs, and GameFi were selected. Together we will venture into the unexplored; a challenging and exciting journey. Our team understands that by building together we can give rise to innovative stability and help your project reach its full potential.”
– Gwendolyn Regina, Investment Director at BNB Chain

MVB V

Projects that will be incubated in MVB V:

  • Infrastructure – Web3Go, Space ID, Multi-chain Event Protocol (MEP), Overeality, Port3 Network, Nakji Network, Zash, Metasset, and Staging Labs.
  • DeFi – InsurAce Protocol, Antimatter DAO, Tender.Fi, Wink Financial, Aperture Finance, Velvet.Capital, Deus Ex Securitas, and IdentDeFi.
  • SocialFi & DAO – Kola Labs, AnyDAO, FusePass, and Orange Protocol
  • NFTs – Rareboard, GiroGiroAI, and Double Protocol.
  • GameFi – CryptoZombie, Meta Apes, and Gameta.

There are two pools in the fifth season of the program: incubation and investment. The 27 projects are guaranteed 6-8 weeks of a curriculum including mentorships and fireside chats with market leaders.

MVB V looked for projects across all stages with a defined vision, plan, and founding team. It is co-led by BNB Chain and Binance Labs to help projects market git a working product for launch.

MVB is the program behind several successful projects on BNB Chain including MCDEX, Biswap, Deri Protocol, and WOO Network.



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Aave DAO Approves the Launch of a Collateral-Backed Stablecoin Called GHO – Bitcoin News

Aave DAO Approves the Launch of a Collateral-Backed Stablecoin Called GHO – Bitcoin News

On Sunday, the non-custodial market protocol Aave announced that the Aave DAO has approved a new stablecoin for the ecosystem called “GHO.” Aave Companies proposed the stablecoin during the first week of July and the collateral-backed stablecoin will be pegged to the U.S. dollar’s value.

A New collateral-Backed Stablecoin Crafted by Aave Companies Is Due to Launch After the Aave DAO Votes on Genesis Parameters

Aave explained on Sunday that the Aave decentralized autonomous organization (DAO) approved a proposal to create a stablecoin token called “GHO.” “The community has given the green light for GHO,” the official Aave Twitter account detailed. “The next step is voting on the genesis parameters of GHO, look out for a proposal next week on the governance forum.”

The GHO introductory blog post, published on July 7, 2022, says the stablecoin will be “backed by a diversified set of crypto-assets chosen at the users’ discretion, while borrowers continue earning interest on their underlying collateral.” The governance proposal was approved by a great majority of Aave DAO voters, as more than 99% of voting participants voted in favor of launching GHO.

Aave DAO Approves the Launch of a Collateral-Backed Stablecoin Called GHO

The governance proposal’s approval snapshot says GHO will “provide benefits for the community via the Aave DAO by sending 100% of interest payments on GHO borrows to the DAO” and GHO will be “administered by Aave governance.” Aave’s stablecoin will join the stablecoin economy, which is currently valued at $153 billion. Tether (USDT) leads the stablecoin pack and usd coin (USDC) follows behind USDT, in terms of overall market capitalization.

GHO will also join stablecoin crypto assets that leverage collateral assets and some that leverage the method of over-collateralization. Makerdao’s DAI stablecoin is over-collateralized and Tron’s USDD is also over-collateralized, which means there’s more collateral than necessary to cover the stablecoin’s backing during times of extreme market volatility.

“As a decentralized stablecoin on the Ethereum mainnet, GHO will be created by users (or borrowers),” Aave Companies’ blog post about the subject explains. The blog post further adds:

Correspondingly, when a user repays a borrow position (or is liquidated), the GHO protocol burns that user’s GHO. All the interest payments accrued by minters of GHO would be directly transferred to the Aave DAO treasury; rather than the standard reserve factor collected when users borrow other assets.

Aave Companies Says Community Was Very Engaged With GHO Governance Proposal

Aave also has a native token which is ranked 45 out of more than 13,000 crypto assets today. The digital asset has a market valuation of around $1.46 billion and aave (AAVE) has increased 84.7% during the last month. The open source decentralized lending protocol is the third largest decentralized finance (defi) protocol in terms of total value locked. Data from defillama.com indicates that Aave has $6.59 billion locked on July 31. In mid-May, Aave launched a Web3, smart-contracts-based social media platform called the Lens Protocol. The Lens platform has more than 50 applications built on top of the Polygon (MATIC) network.

As far as the GHO stablecoin is concerned, Aave Companies said that the community was “very engaged with the GHO proposal, providing incredibly helpful and informative feedback.” Aave detailed some of the things mentioned by the community the team will focus on which includes DAO-set interest rate vulnerabilities, supply caps, a peg stability module, and the “necessity for properly vetting potential facilitators.” For now, the community will have to participate in voting on the stablecoin’s genesis parameters before the crypto token is issued.

Tags in this story
Aave, Aave DAO, collateral-backed, collateral-backed stablecoin, community vote, crypto token, decentralized autonomous organization, decentralized finance, DeFi, Defi protocol, GHO, GHO protocol, GHO Stablecoin, Governance proposal, Lens Protocol, new stablecoin, Stablecoin, stablecoin issuance, Token, USD backed token, Voting

What do you think about the upcoming Aave stablecoin project called GHO? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Will The Bitcoin Short-Term Holder Breakeven Point Act As Resistance Again?

Will The Bitcoin Short-Term Holder Breakeven Point Act As Resistance Again?

On-chain data shows the Bitcoin short-term holder SOPR is approaching the “breakeven” value, a point that has acted as resistance for the crypto’s price in the past.

Bitcoin Short-Term Holder SOPR Surges Up And Approaches A Value Of “1”

As pointed out by an analyst in a CryptoQuant post, the selling pressure from the short-term holders may see an increase if their SOPR keeps rising up.

The “Spent Output Profit Ratio” (or SOPR in short) is an indicator that tells us whether the Bitcoin market as a whole is currently selling at a profit or at a loss.

The metric works by going through the on-chain history of each coin being sold to see what price it sold at before this. If the previous value of any coin was less than the current price, than that coin moved at a profit just now.

While the last selling price being lesser than the latest one would imply the sale of the coin lead to a realization of loss.

When the SOPR’s value is greater than one, it means the overall market is selling at a profit at the moment. On the other hand, values below the threshold suggest the average investor is moving BTC at a loss.

Now, the “short-term holders” (STHs) include all Bitcoin investors who sell their coins after holding them for less than 155 days. The below chart shows the trend in the SOPR specifically for this cohort.

The value of the metric seems to have observed some rise in recent days | Source: CryptoQuant

As you can see in the above graph, the Bitcoin STH SOPR sunk down below “1” a few months back, suggesting that these holders were selling at a loss.

During these last few months, the indicator has tried to escape this zone twice, but both times it failed and the price also simultaneously went down.

The reason behind this trend is that the “SOPR = 1” line represents the “breakeven” point for the market. As the metric hits this level, investors who had previously been at loss think they have now got their money “back” and thus sell their coins here.

This leads to a higher than usual selling pressure from the STHs at this mark, which provides resistance to the price of Bitcoin.

Recently, the SOPR for this holder group surged up and is now approaching the threshold once again. If past trend is anything to go by, once it tests the value, BTC may see some downtrend this time as well.

BTC Price

At the time of writing, Bitcoin’s price floats around $23.7k, up 5% in the last seven days.

Bitcoin Price Chart

Looks like the price of the coin has been consolidating sideways during the last few days | Source: BTCUSD on TradingView
Featured image from Amjith S on Unsplash.com, charts from TradingView.com, CryptoQuant.com



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Historically accurate Bitcoin metric exits buy zone in ‘unprecedented’ 2022 bear market

Historically accurate Bitcoin metric exits buy zone in ‘unprecedented’ 2022 bear market

Bitcoin (BTC) is enjoying what some are calling a bear market rally and has gained 20% in July, but price action is still confusing analysts.

As the July monthly close approaches, the Puell Multiple has left its bottom zone, leading to hopes that the worst of the losses may be in the past.

Puell Multiple attempts to cement breakout

The Puell Multiple is one of the best-known on-chain Bitcoin metrics. It measures the value of mined Bitcoin on a given day compared to the value of those mined in the past 365 days.

The resulting multiple is used to determine whether a day’s mined coins are particularly high or low relative to the year’s average. From that, miner profitability can be inferred, along with more general conclusions about how overbought or oversold the market is.

After hitting levels that traditionally accompany macro price bottoms, the Puell Multiple is now aiming higher — something traditionally seen at the start of macro price uptrends.

“Based on historical data, the breakout from this zone was accompanied by gaining bullish momentum in the price chart,” Grizzly, a contributor at on-chain analytics platform CryptoQuant, wrote in one of the firm’s ”Quicktake” market updates on July 25.

Puell Multiple chart (screenshot). Source: LookIntoBitcoin

The Multiple is not the only signal flashing green in current conditions. As Cointelegraph reported, accumulation trends among hodlers are also suggesting that the macro bottom is already in.

“Unprecedented macroeconomic conditions”

After its surprise relief bounce in the second half of this month, Bitcoin is now near its highest levels in six weeks and far from a new macro low.

Related: Bitcoin futures data shows ‘improving’ mood’ despite -31% GBTC premium

As sentiment exits the “fear” zone, market watchers are pointing to unique phenomena which continue to make the 2022 bear market extremely difficult to predict with any certainty.

In another of its recent “Quicktake” research pieces, CryptoQuant noted that even price trendlines are not acting as normal this time around. 

In particular, BTC/USD has crisscrossed its realized price level several times in recent weeks, something which did not occur in prior bear markets.

Realized price is the average at which the BTC supply last moved, and currently sits just below $22,000. 

“The Realized Price has signaled the market bottoms in previous cycles,” CryptoQuant explained:

“More importantly, the bitcoin price did not cross the Realized Price threshold during the last two periods (134 days in 2018 and 7 days in 2020). Yet, since June 13, it crossed back and forth this level three times, which shows the uniqueness of this cycle due to unprecedented macroeconomic conditions.”

Bitcoin realized price chart. Source: Glassnode

Those conditions, as Cointelegraph reported, have come in the form of forty-year highs in inflation in the United States, rampant rate hikes by the Federal Reserve and most recently signals that the U. S. economy has entered a recession.

In addition to realized price, meanwhile, Bitcoin has formed an unusual relationship to its 200-week moving average (MA) this bear market.

While normally retaining it as support with brief dips below, BTC/USD managed to flip the 200-week MA to resistance for the first time in 2022. It currently sits at around $22,800, data from Cointelegraph Markets Pro and TradingView shows.

BTC/USD 1-week candle chart (Bitstamp) with 200-week MA. Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.



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Cross-chain DEX Hashflow raises $25M in Series A funding » CryptoNinjas

Cross-chain DEX Hashflow raises $25M in Series A funding » CryptoNinjas

Hashflow, a cross-chain swap exchange, today announced it has completed its Series A funding round, bringing Hashflow’s valuation to $400 million.

This Series A follows April 2021’s $3.2M seed found. The capital infusion will enable Hashflow to continue to improve its decentralized trading experience, centered around its request-for-quote (RFQ) model which optimizes interoperability, guaranteed price execution, and MEV protection.

Hashflow’s model enables the trading of structured products and other asset classes previously considered impossible to trade on DeFi venues. As detailed in the company’s 2022 roadmap, Hashflow plans to offer structured products in authorized jurisdictions later this year.

Participation in the funding came from returning investors Electric Capital, Dragonfly Capital Partners, LedgerPrime, and Balaji Srinivasan, along with crypto-native new investors and participants including Jump Crypto, Wintermute Trading, GSR, Kronos Research, and Altonomy.

Other inventors include Coinbase Ventures, Kraken Ventures, Fabric Ventures, Evernew Capital, Spacewhale Capital, and angels Meltem Demirors, Anthony Sassano, Tatiana Koffman, and Jason Choi.



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US Personal Consumption Expenditures Tap Record Highs, Stanford Economist Says Fed Should Increase Rates Above 9% – Economics Bitcoin News

US Personal Consumption Expenditures Tap Record Highs, Stanford Economist Says Fed Should Increase Rates Above 9% – Economics Bitcoin News

On July 29, the U.S. Bureau of Economic Analysis reported on America’s personal consumption expenditures (PCE) price index for the month of June, and the figure saw the largest 12-month increase since 1982. On the same day, Stanford University’s senior fellow at the Hoover Institution and professor of economics, John Cochrane, said the Federal Reserve should increase rates above 9% to tame inflation.

PCE Price Index Increased 4.8 Percent From One Year Ago

The U.S. economy continues to look gloomy every time a new economic report or data is released to the general public. In mid-July, the Bureau of Labor Statistics Consumer Price Index (CPI) report was published, and it revealed June’s CPI data reflected a record peak 9.1% year-over-year increase. On July 27, the U.S. Federal Reserve hiked the federal funds rate by 75 basis points (bps) in order to help curb the red hot inflation.

Two days later, the Bureau of Economic Analysis (BEA) released the closely watched personal consumption expenditures index data otherwise known as PCE. The PCE index saw the largest 12-month jump rising 6.8% in June, an increase that hasn’t been recorded since January 1982.

“From the same month one year ago, the PCE price index for June increased 6.8 percent,” the BEA report details. “Prices for goods increased 10.4 percent and prices for services increased 4.9 percent. Food prices increased 11.2 percent and energy prices increased 43.5 percent. Excluding food and energy, the PCE price index increased 4.8 percent from one year ago,” the government entity’s records note. The BEA plans to release results from the National Economic Accounts annual update on September 29.

Professor of Economics at Stanford University Thinks a Gold or Bitcoin Standard Won’t Work

On the same day, the economist John Cochrane did an interview with Kitco’s newsdesk and said the U.S. central bank should bump interest rates higher than 9%. Cochrane further remarked that a gold or bitcoin standard would not be able to control inflation. The professor of economics at Stanford University said that the “consensus view” was that the Fed should hike rates “substantially above” the 9% region.

“That means, right now with 9 percent inflation, economists are talking about 10, 11, or 12 percent interest rates to bring [prices] down,” Cochrane remarked. “I think the Fed and markets are counting on a lot of inflation going away on its own without interest rates having to go quite that high,” the Stanford economist told Kitco News anchor David Lin.

Lin also asked Cochrane about a gold standard or a bitcoin standard used to control inflation. “Sorry, no,” the economist replied. “Under the gold standard, there was a lot of inflation and deflation. 10 or 20 percent ups and downs of inflation and deflation, but every inflation was then matched by a deflation. I’m sorry, we’re not going back to gold.” Cochrane believes the Fed needs to implement tighter fiscal policy in order to combat inflationary pressures.

As far as a bitcoin standard, Cochrane said it was an awful idea and insisted bitcoin (BTC) is “worthless.” “That’s a terrible idea,” Cochrane said in his interview with Lin. “In terms of financial technology, Bitcoin is an attempt to revive gold, something intrinsically worthless that people only hold onto because it’s rare… Bitcoin is also very poor for making transactions itself, since it’s so computationally intensive.” Cochrane concluded:

The best answer is our governments should start running sober fiscal and monetary policies, and pay more attention to keep inflation under control.

Tags in this story
BEA, Bitcoin, Bitcoin (BTC), bitcoin standard, Bureau of Economic Analysis (BEA), Core PCE, David Lin, Economist, gold, Gold Standard, inflation, January 1982, John Cochrane, Kitco News video, PCE, PCE data, PCE price index, personal consumption expenditures, US Inflation

What do you think about the latest PCE data and the economist John Cochrane’s opinion? Do you think improved fiscal and monetary policies can help tame U.S. inflation? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Shiba Inu Breaks Downtrend Line – Is A Trend Reversal Imminent?

Shiba Inu Breaks Downtrend Line – Is A Trend Reversal Imminent?

Shiba Inu (SHIB) along with another meme coin Dogecoin (DOGE) have had the worst crashes. However, SHIB is singing a different tune as it turns green after suffering a bearish downturn for a long time.

Unlike DOGE, the crypto community is very optimistic about the future of Shiba Inu’s price.

Shiba Inu is a popular dog meme coin that is said to rival Dogecoin. SHIB is a high-performer in the crypto space but also suffered a catastrophic drop like the rest of the crypto market.

However, in October, SHIB was able to bounce back by more than 100% and reached an ATH of $0.00008616.

Shiba Inu was built on Ethereum while DOGE had its own blockchain. SHIB went viral as it was treated like a joke on social media, especially on Twitter.

Basically, Shiba Inu initially was able to ride on with DOGE’s success as many people jumped in and bought SHIB to rake in from the positive market sentiments.

Crypto Community Predicts 101% Spike For SHIB

The CoinMarketCap community forecasted that SHIB will trade by $0.00002065 at the end of July this year. The crypto community, composed of around 16,403 members has predicted Shiba Inu’s price to spike by 101.30% or 0.00001039 from its current price.

As of this writing, the community members have voted and forecasted the SHIB price for August to glide to $0.00001761.  

Since January of 2022, SHIB has been on a steady decline seen mostly in May but the good news is that it generated short-term winning streaks as of press time.

The dog meme coin has dropped massively by 60.82% from $0.000034 seen on January 1 to now at $0.00001026.  As per CoinMarketCap data, the total market capitalization of SHIB stands at $5.62 billion.

The crypto market has crashed extremely hard but SHIB has suffered a more aggressive type of crash. Most cryptocurrencies have dropped by 75% in the previous months but SHIB lost as much as 90% in total value.

SHIB Outpaces DOGE, Breaches Downtrend Line

However, when it performed a bullish movement in October, SHIB was able to outpace DOGE in the top 10 crypto list. SHIB now has a loyal and raving community bringing in more investors.

SHIB downtrend was seen last year in November and prices dropped massively to as low as $0.0000077.

SHIB was able to breach the downtrend line which hints at a trend reversal and indicates robust validations especially with the crypto market flashing the green light. SHIB’s technical indicators show that there is a coming uptrend.

If SHIB can successfully breach the $0.000013 price barrier, it can offshoot to the next target at $0.000020.


SHIB total market cap at $6.6 billion on the daily chart | Source: TradingView.com

Featured image from Cointribune, chart from TradingView.com



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Ticketmaster scouts productization of enterprise NFTs beyond ticketing

Ticketmaster scouts productization of enterprise NFTs beyond ticketing

A new job posting by America’s biggest ticketing company, Ticketmaster, reveals mainstream interest in exploring new revenue streams using nonfungible tokens (NFTs). 

Over the past two years, artists, musicians and the sports industry helped thrust the NFT ecosystem into the limelight as the technology served its purpose as a powerful fan engagement tool. Conversely, most of the general public boarded the hype train seeking profits via reselling collectibles in the secondary markets.

With the NFT hype eventually slowing down by mid-2022, entrepreneurs and companies are looking for new use cases beyond collectibles. A study conducted by Big 4 accounting firm Deloitte in May 2022 highlighted the untapped potential of the crypto ecosystem to open up newer markets for the sports industry:

“We could see fractional ownership of season tickets and suites and a reinvention of the ticket resale process.”

Following suit, Ticketmaster’s recent job posting for a product manager of NFT ticketing tooling uncovers the company’s intent to roll out NFT-based enterprise products “across all content categories including sports and music.” The role also demands developing new products and features catering to the future needs of its NFT business.

Ticketmaster’s job posting for a NFT ticketing product manager. Source: LinkedIn

With the new role based in New York, Ticketmaster aims to support the productization of NFTs while complimenting the recently launched NFT marketplace.

Related: Binance jumps into NFT ticketing after UEFA League fiasco

Similarly, crypto exchange Binance recently stepped into the NFT ticketing business in partnership with football club Società Sportiva Lazio for the 2022 to 2023 season.

In the announcement sent to Cointelegraph, Binance highlighted that NFT tickets could solve fake tickets and scalping problems. In addition to providing access to events, Binance plans to use the NFT-based tickets across various use cases, including availing store and match discounts and personalized experiences.



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Kaleido to leverage Polygon Edge to accelerate enterprise blockchain projects » CryptoNinjas

Kaleido to leverage Polygon Edge to accelerate enterprise blockchain projects » CryptoNinjas

Kaleido, an enterprise-grade web3 infrastructure platform, today announced it will leverage Polygon Edge, a dedicated framework allowing organizations to deploy customizable, application-specific, and highly performant blockchain networks.

A carbon-neutral Ethereum-based scaling platform, Polygon reduces the high transaction fees and latency associated with the Ethereum mainnet. As the Polygon community has grown, the Polygon team has added a suite of scaling solutions, including Polygon Edge.

Polygon Edge + Kaleido

Polygon Edge is a framework for creating a dedicated blockchain infrastructure where multiple dApps can be deployed. Edge is designed to connect to the Polygon mainnet and work together seamlessly with its other scaling technologies while also offering bridges to other networks.

Kaleido will eventually harness Polygon Supernets, powered by Polygon Edge. Polygon Supernets are the fast-track for blockchain adoption in new private and public networks for dApps and enterprises alike. Polygon Supernets uses powerful Polygon Edge as the configurable infrastructure solution in a highly secure and decentralized environment.

Blockchain Business Cloud

Via Kaleido’s Blockchain Business Cloud, enterprises can run web3 platforms such as institutional-grade digital asset platforms, gas-free NFT platforms, side chain-as-a-service platforms, and consortium-as-a-service platforms. In addition, a roadmap of blockchain innovations, including interoperability bridges and zero knowledge technologies, will be added to the Polygon Edge framework and made available on Kaleido’s fully managed blockchain business cloud.

Enterprises have long been investing in blockchain-based applications across a myriad of high-value use cases in all major industries such as financial services, supply chain, retail, and healthcare. However, companies have long preferred to create private blockchains for reasons including privacy, scalability, and cost. Increasingly, they are also drawn to the openness and ecosystem that public chains offer.

“Enterprises are eager to tap into vibrant, open ecosystems and Polygon, at the heart of Ethereum, is a natural community for them to target. However, companies have long been held back by various privacy concerns and the gas transaction fees required in public chains. Kaleido is proud to partner on new, innovative technologies like Polygon Edge that give enterprises the right mix of scalability, security, cost, and openness.”
– Sophia Lopez, Co-Founder & President at Kaleido

One of the first projects to harness Polygon Edge via Kaleido’s Blockchain Business Cloud is Core+, currently in stealth mode, which looks to democratize trade finance accessibility.

The start-up, which is planning to launch in the months ahead, will use the blockchain to provide small and medium enterprises (SMEs) with access to transactional financing and related tools. These financing solutions were previously inaccessible to SMEs, particularly women-owned businesses and new generations of entrepreneurs in the developing world.

“The Polygon Edge framework was designed with enterprises in mind, to help them simplify and speed up the process of building and launching their own customizable and secure Ethereum-compatible Blockchain networks. Kaleido provides the enterprise ‘easy button’ and has the deep expertise gained from running thousands of enterprise chains over the last four years.”
– Antoni Martin, Enterprise Lead of Polygon & Co-Founder of Polygon Hermez



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While the Bear Market’s Claws Drag ETH Prices Down, Ethereum Network Fees Remain Low – Altcoins Bitcoin News

While the Bear Market’s Claws Drag ETH Prices Down, Ethereum Network Fees Remain Low – Altcoins Bitcoin News

While ethereum prices jumped 61% higher during the last 30 days, the crypto asset’s U.S. dollar value is still down more than 60% lower than ether’s all-time high recorded nine months ago. Amid the market downturn, the network’s average fees have been lower than $5 per transaction and on July 30, at 9 p.m. (ET), the average fee was roughly 0.001 ether or $1.70 per transfer. Moreover, the Gas Tracker on etherscan.io recorded even cheaper transfers this weekend, as transactions in the $0.18 to $0.66 range have been confirmed by ethereum miners.

Ethereum’s Average and Median-Sized Network Fees Remain Low

Ethereum is more than 60% less valuable than it was on November 10, 2021, but network transfer fees have been much lower these days. Data shows on July 30, Ethereum’s average transaction fee was roughly 0.001 ETH or $1.70 per transfer.

Median-sized fees on the network have been even cheaper at 0.00039 ETH or $0.663 per transaction. Ethereum’s average transaction fees in July did not surpass the $5 mark. Additionally, Ethereum’s median-sized fees did not cross the $2.50 mark per transfer in July.

Data transfers at the end of July on the Ethereum network indicate transfer costs recorded by etherscan.io’s Gas Tracker were a lot lower than bitinfocharts.com estimates. Gas Tracker stats say an Opensea sale on July 30 could cost a user $0.86, an Uniswap trade was estimated to cost $2.21, and an ERC20 transfer on Saturday was around $0.65.

Layer Two Fees Hang Below $0.50 per Transfer or Swap

Low through high Ethereum network transfer fees recorded by etherscan.io were between five to six gwei per transfer on July 30. These values are a lot different from the transfer costs recorded nine months ago when ETH reached $4,878 per unit.

At that time, bitinfocharts.com metrics detail that the average ETH transfer fee was around $29 per transfer. A snapshot recorded on archive.org shows etherscan.io’s Gas Tracker charted cheaper transaction rates.

While July 30 fees were between five to seven gwei, the lowest fee on November 9, 2021, was 171 gwei or $12.83 per transfer. The cost of an ERC20 transaction was $39.71 and a decentralized exchange (dex) trade was $122.18.

With Ethereum network fees so low, layer two (L2) fees recorded on July 30 were even lower. A Loopring transfer was $0.02 and to swap tokens, the cost was $0.39. ZKSync transactions were $0.05 and token swaps were roughly $0.13. Optimism and Arbitrum have the highest L2 fees with $0.21 to $0.25 per transaction and $0.31 to $0.41 per swap.

Tags in this story
Average Fee, Bear Market, Bear Market Action, Bitinfocharts.com, BTC fees, data, ETH, ETH fees, ETH Gas Fees, ether, Ether fees, Ethereum, Ethereum (ETH), Ethereum fees, etherscan.io, etherscan.io’s Gas Tracker, Fees, L2 fees, l2fees.info, Median Fee, Median Fees, metrics, Miner Fees, Miner rewards, Network Fee, Onchain data, Statistics, Transfer Fees

What do you think about Ethereum fees continuing to remain low during the last 30 days? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.




Image Credits: Shutterstock, Pixabay, Wiki Commons, etherscan.io’s Gas Tracker

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