ETH gas fees fall to a 2 year low
Fork of July — Cardano Vasil
Stablecoin surge in Argentina
GM. vEmpions — Let’s start the week with a summary of what happened over the weekend.
😎 ETH gas fees fall to a 2 year low
🎉 Fork of July — Cardano Vasil
⬆️ Stablecoin surge in Argentina
Ethereum average gas fee falls down to $1.57, the lowest since 2020
With the average gas fee coming down to 0.0015 Ether (ETH), it is no wonder that Ethereum’s NFTs have been popping up all over! With non-fungible tokens being used for everything from gaming apps and digital collectibles, this might just be what finally brings mainstream adoption into crypto territory because as we know now; people don’t want their money stuck in exchange but instead want to be able to use them wherever they please without worrying about losing value due transfers.
For nearly two years, between January 2021 and May 2022, the average gas fee required by the Ethereum network was roughly $40, with May 1, 2022 recording the highest gas cost of $196.638
In addition to the unexpected decline in gas prices, Cointelegraph reported on Saturday that daily NFTs sales had also fallen to one-year lows. In June, the NFT ecosystem had its worst month of the year, with total daily sales falling to around 19,000, with an estimated value of $13.8 million.
In November 2021, Ethereum co-founder Vitalik Buterin proposed a short-term solution to further cut roll-up costs by introducing call data limits per block. This has limited the amount of gas that could be sent on-chain and reduced unprecedented levels of network stress which has resulted in many investors reporting outrageous fees over the past few months.
Fork of July: Cardano Vasil upgrade successfully launches on testnet
The Cardano testnet has been Hard Forked, and all that remains is to fork the mainnet.
This major upgrade should come in about four weeks or when developers have had enough time to prepare their tools for it; we can’t wait!
The much anticipated Vasil hard-fork was completed just last night on its newest release -
bringing us one step closer towards the end goal. Once completed on the mainnet, the Vasil hard fork will enable faster block production and increased scalability for Cardano-based decentralized programs (DApps). Input Output HK (IOHK), the corporation that created Cardano, stated in a Sunday tweet that developers would benefit from “much enhanced script performance and efficiency” as well as decreased expenses.
Vasil will also enable interoperability amongst Cardano sidechains, which is one of the primary features that developers plan to implement during the current Basho phase of the blockchain’s development. Cardano’s fourth development phase, Basho, focuses on scaling and will be followed by the Voltaire phase, which focuses on governance.
USD stablecoin premiums surge in Argentina following economy minister’s resignation
Argentina, which has one of the world’s highest crypto adoption rates, saw the price of US dollar-pegged stablecoins rise across exchanges on Saturday following the abrupt resignation of its Economy Minister, Martin Guzman.
The minister’s surprise departure, disclosed on his Twitter account on Sunday via a seven-page letter, threatens to further destabilize an already fragile economy grappling with high inflation and a falling national currency.
According to Criptoya data, the cost of purchasing Tether (USDT) in Argentine pesos (ARS) via the Binance exchange is currently 271.4 ARS, a 12 percent premium from before the resignation announcement and a 116.25 percent premium compared to the current fiat exchange rate of USD/ARS.
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