Crypto news of the week!!📰
This is where we discuss the tweaks in the crypto market for the week that went by.
$ETH gas fees Slaps!
If you were trying to complete a transaction on the Ethereum network last night, you had to have a Guap💲💲(alot of money).
So, wtf happened?
Gas fees can be dank📈 because they aren’t based on the size of an individual transaction, rather on how many transactions are being made on the Ethereum network rn🎯. So, you gotta watch out for, when you do a transaction.
Ethereum transactions do fail if an user doesn't pay enough in gas fees. When such a case arises, the user is charged with the gas fees but the transaction is not completed. yikes😬
But, this past Saturday night, the popular Bored Ape Yacht Club (BAYC) brand by Yuga Labs launched a brand new NFT project called “Otherside”.
The project offered 100,000 "deeds" for "virtual land" in the form of NFTs. So, cryptocurrency investors made a queue to try and score at least one of those 100,000 NFTs in its latest series. Thus, the gas fees skyrocketed🚀.
So is it a good thing? or bad ?
It is a good thing✅: because when such an unexpected event occurs the circulation decreases and everything is burnt in a few hours.
It is a bad thing❌: because the Ethereum gas fees is huge 💲 and day-to-day transactions become too costly to be affordable❌.
Events like these suggest us that there is still a long way for crypto to be a mainstream thing.
2. Solana had a Seven-Hour CRASH📉!
What’s up with Solana?
Solana was down📈 for nearly seven hours on Saturday—roughly 4:30 pm to 11 pm EST—after bots flooded an NFT minting tool( Candy 🍭 Machine).
The NFT minting bots 👽 had done a huge number of transactions which led to a lot of traffic and thus crashed the Solana Network.
Here’s a tweet from Metaplex explaining the situation: TWEET
While Solana’s rise has been dank⚡ as one of the top alternatives to Bitcoin and Ethereum, the L.(loss) is that there are way too many bots and crashes that might make the frustrated traders Ghost ❌ Solana.
Overnight, the price💸 of Solana’s SOL token fell 📈as much as 7.4% to $83.90.
So, let’s wait n watch, if Solana gives us a bigyikes😬.
3. ($FTM) Fantom prices tanked 📉
What happened? 🤔
Fantom's (FTM 3.57%) FTM token is saw a big sell-off in the last two days. The cryptocurrency was down roughly 16.5% w.r.t to the previous day.
Though we saw a lot of non-stable coin tokens falling 📉, FTM had a big L.(loss)
This happened because there have been many complaints regarding the exploitation of a DeFi App built on the Fantom blockchain.
So, crypto Whales are on PANIK MODE ⚠ , and what do they do? They sell😬🎯.
Also, too many big whales🐋 got liquidated🌊. What we mean by this is that, these Whales 🐋 who had lent $FTM as collateral and had taken loans, now since FTM has tanked heavily, the protocols on which these whales had taken the loans have sold 🤐 all the fantom, thus, decreasing 📉the collateral ratio leading to the decrease📉 in the price.
There was a news on April 28 that alleged that a hacker had stolen roughly $13.4 million from the Deus Finance trading application that runs on Fantom's blockchain network.
The main usecase of Fantom blockchain is: Fast and low-cost transaction but it looks as if the recent news has made investors reconsider their choices.
Beware ⚠⚠⚠
4. VeChain (VET) to the moon🚀.
VeChain is now accepted as a form of Payment in over 2 Million Stores across 70 Countries.
VET, the coin behind the supplychain🔩 blockchain project of VeChain, is now accepted as a form of payment🎟 in over 2 million😶 stores across 70 countries.
Dank right?
This is because VeChain has recently partnered with Alchemy Pay(JAADOO🎇)- A leading crypto payment service provider.
Alchemy Pay’s mission is to increase access to crypto with fiat currency, thus W( winning) the adoption of blockchain technology. WW 😎
Guess what?
VeChain is also confirmed to be a supported chain in Binance Bridge 2.0.
People at Binance say and we quote, Binance Bridge 2.0 ‘ introduces a new way to bridge listed and selected unlisted tokens from Ethereum to BNB Smart Chain as BTokens. You can use your wrapped tokens with the BNB Chain ecosystem and explore DeFi, blockchain games, metaverse, and more.’
Let’s see if VeChain really is going to the moon🚀.
So, these were some of the most important news of the week that passed by. This is something new that we are experimenting on, so stay tuned and keep supporting :).
Namaste 🙏🙏
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