Welcome to today’s edition of Datawallet Daily. As always, we’ve curated the must-know crypto stories from the last 24 hours just for you:
- Ethereum Layer 2s See Transaction Fee Drop Post-Dencun
- NFT Market Decline Hits Top Collections
- Arbitrum’s Gaming Catalyst Program Boosts Web3 Gaming
- Musk: Dogecoin Will Be Used to Purchase Teslas “Eventually”
Ethereum Layer 2s See Transaction Fee Drop Post-Dencun
The recent Dencun upgrade on Ethereum has significantly reduced transaction costs on Layer 2 chains by introducing a new transaction type known as blobs through EIP-4844. These blobs, replacing the traditional “calldata” method, have led to a remarkable decrease in average transaction fees across major Layer 2 networks. For instance, median gas fees on Base dropped from $0.5 to approximately $0.0012 post-Dencun, with similar trends observed in the Optimism ecosystem and on platforms like zkSync and Starknet.
Although over 3000 blobs have been utilized thus far, there is anticipation of rising fees due to increased competition for blob space among rollups. Nevertheless, this innovative step marks a pivotal development in enhancing Ethereum’s scalability and cost-efficiency.
NFT Market Decline Hits Top Collections
The NFT market is experiencing a notable downturn, with leading collections such as Bored Ape Yacht Club and Pudgy Penguins witnessing significant drops in their floor prices. Data reveals a month-on-month decline in activity on Ethereum-based NFT marketplaces, with top collections plummeting in value. For example, Bored Ape Yacht Club and Mutant Ape Yacht Club saw their floor prices decrease by 37% and 42%, respectively. February’s trading volume on Ethereum NFT platforms fell over 10% from January, indicating a broader market contraction. Additionally, marketplace revenues have halved since December, highlighting a challenging period for the NFT sector.
Arbitrum’s Gaming Catalyst Program Boosts Web3 Gaming
Arbitrum, a Layer-2 blockchain network, announced the Gaming Catalyst Program (GCP) to promote Web3 gaming. Requesting 200 million ARB (approximately $426 million), the initiative aims to bolster Arbitrum’s gaming ecosystem, targeting developers and high-quality game builders.
The GCP seeks to position Arbitrum as a prime choice for Web3 gaming, with plans for coinvestment in studios and games, aiming for significant game and developer onboarding. The program outlines goals such as becoming the leading network for on-chain gaming and increasing migrations to Arbitrum.
Musk: Dogecoin Will Be Used to Purchase Teslas “Eventually”
Elon Musk, CEO of Tesla, suggested that Dogecoin could become an accepted payment method for Tesla vehicles “at some point,” responding to a question at Berlin’s Gigafactory. This statement spurred a 9.3% increase in DOGE’s market price. Musk’s support for DOGE began after Tesla employees and SpaceX visitors proposed it as a payment mode, earning it the title “people’s crypto.”
Tesla already accepts DOGE for merchandise since January 14, 2022, exclusively. Additionally, speculation around Musk’s “everything app,” X, possibly integrating a payments feature has fueled discussions on cryptocurrency acceptance, with a focus on whether Dogecoin will be included.
Other breaking news
- MicroStrategy Seeks $500M for Further Bitcoin Acquisition
- Coinbase Wallet Saved $75M via Blockaid in 5 Months
- Ethereum Layer-2 Blast Faces Outage During Dencun Upgrade
- Aevo Airdrop Sparks Anger as Token Debuts at $3B Valuation
- Binance Trained Nigerian Investigators with Government Collaboration
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