The week of 22/02 in brief – The news about Bitcoin and cryptomoney is in constant turmoil. It can happen that crucial information gets lost in the daily news flow and you miss the important points.
This format is here to help. We look back on last week’s news in Crypto Weekly to keep you informed about the current state of cryptomoney.
The unmistakable of the corner
For this week’s must-read, we’re going to look at an article I had the pleasure of writing. As Ethereum sees its costs reaching unprecedented levels, resistance is being organized through second layer solutions. OMG Network, for example, offers a second layer network that allows money transfers without having to pay Ethereum’s exorbitant fees.
Costs are through the roof
If you’ve been in cryptos for several months, you couldn’t miss the DeFi phenomenon. Born on Ethereum, the DeFi offers a fully decentralised ecosystem of financial products. Lending, borrowing, insurance or exchange platforms. Each financial product now has its decentralised counterpart.
However, Ethereum’s current state of congestion makes this innovative ecosystem relatively unusable (at least for small holders). Indeed, since May 2020, the average price of gas on Ethereum has been constantly rising, and a simple interaction with a smart contract can now cost a hundred dollars.
The OMG Network second layer solution
OMG Network is one of those veteran cryptos of the 2017 bull run. Launched in 2017 under the name OmiseGo, this project was one of the first to look at second layer solutions on Ethereum.
In June 2020 after 3 long years of development, Omisego finally launched its mainnet on Ethereum and took the opportunity to change its name to OMG Network.
In practice, OMG Network uses Plasma technology, imagined and designed by Vitalik Buterin and Joseph Poon. However, the implementation used by OMG Network differs slightly and is called More Viable Plasma.
Feel free to read the full article to understand how OMG Network works: Ethereum, a revolution to be consolidated: discounted fees thanks to sister channels? Here is OMG Network!
News in brief
▶ The investment fund Future Fund bought the Sushi.com domain for the DEX Sushiswap. The fund hopes that this new domain name will improve the visibility of the platform.
▶ The EIP-1559 could arrive by July 2021 on Ethereum. This is what the developers announced, eager to see it integrated into the hard fork London planned for this period.
▶ The Primitive Finance protocol is affected by a flaw in its smart contract. Fortunately, the teams that discovered it exploited it to put the funds in a safe place.
▶ The DeFi Aave and Balancer titans join forces. Aave will be the first protocol to be linked to version 2 of Balancer, scheduled for March.
▶ Ripple abandoned by all, MoneyGram doesn’t want to hear about it anymore. As a result, it has broken up the partnership due to the uncertainties surrounding the legal debacle between Ripple and the SEC.
▶ Finally, a good dose of maximalism with our friend Ludovic, invited in the podcast Counterpoints.
The 5 metrics of the week
➤ 70 billion is the number of CRO tokens that were destroyed during the launch of the Crypto.com chain mainnet. With this new blockchain, Crypto.com hopes to overshadow Ethereum and the Binance Smart Chain.
➤ $1 billion is the record revenue generated by Ethereum’s miners in February 2021. For the first time, the share coming from network fees is higher than the share coming from block rewards.
➤ $41,000 is the amount mistakenly lost by an Internet user who misinformed the fees on Ethereum. Thus, instead of 500 or 801 gwei, the Internet user entered 500,801 gwei.
➤ 170 million dollars is the amount in BTC bought by the Square application. This new purchase brings to 5% the total amount of bitcoin available to it.
➤ 40 million euros is the amount raised by French startup Sorare. This company specializes in NFT version football trading cards.
Tweet of the week
This week’s tweet goes back to the 1inch decentralized exchange platform and their announcement of a protocol version on the Binance Smart Chain.
Have a nice week on the Journal du Coin! 🙂