Uniswap’s governance token, UNI, is growing too fast and raising concerns around stability in Ethereum. How much more can you resist?
Uniswap’s strategy was successful but affected Ethereum
The growth of the DeFi industry has been at the expense of Ethereum’s stability; We already knew that. However, the recent launch of the Uniswap governance token, as a strategy to dominate the sector, had a chilling impact on the Ethereum network.
Basically yesterday, after the launch of UNI, the income per hour of miners on Ethereum hit a record five years. And is that, after the announcement, more than 70,000 users rushed to claim the free tokens and the price of gas rose to more than 700 Gwei.
In fact, within 48 hours of the launch of UNI, Uniswap has almost doubled the amount of Ethereum blocked in the last day. That figure is now roughly $ 1.62 billion, according to DeFi Pulse.
That means Uniswap moved up the rankings and is currently the DeFi protocol with the highest total blocked value (TVL) after rising 75.4% in the last 24 hours.
As a bit of context, just two days ago, the TVL on Uniswap was less than $ 750 million. Obviously this has increased the pressure on Ethereum and, consequently, action is being taken.
Just today Coinbase Pro announced that as of now, it will no longer cover network fees on Ethereum.
“Historically, Coinbase Pro has absorbed these fees on behalf of our customers.” “However, as cryptocurrencies have started to gain greater adoption in applications like DeFi … networks have gotten busier.”
We must bear in mind that this is a decision that many other crypto exchanges must be considering.
They threaten a fork of Filecoin
This week it was reported by local outlet ChainNews that, Weiping Han, president of MIX during a press conference, said that a Filecoin mining company plans to fork the long-awaited Blockchain.
At the moment the information turns out to be very vague and, therefore, it is not known exactly if the fork is really being planned or is just a threat.
MicroStrategy reveals its crypto strategy on Bitcoin
This has been one of the main topics in the crypto community for the past few weeks. And today is no exception.
Michael Saylor, CEO of the firm, he pointed on Twitter that “To acquire 16,796 BTC (disclosed 9/14/20), we traded continuously for 74 hours, executing 88,617 trades ~ 0.19 BTC every 3 seconds”.
He also added that this translated into “$ 39,414 in BTC per minute, but at all times we were ready to buy $ 30-50 million in a few seconds if we were lucky with a 1-2% downside spike”.
Nvidia Refuses to Reveal Internal Documents Related to Crypto Industry
Basically Nvidia is being sued by a group of investors who allege that the company withheld information regarding its dependence on the crypto mining GPU industry in 2017, which could be the reason why its shares fell after Bitcoin bottomed. .
Just yesterday, according to what was reported by Law360, a trial was held in the Delaware State Chancery Court where the company’s lawyers assured that the investors had not “met their burden” of proof necessary to force the firm to disclose information.
US Space Force Will Use Blockchain
Among the interesting news within the community we have the announcement by the security company Xage that it will be working hand in hand with the United States Space Force to reinforce security.
Basically the Blockchain-centric company got a contract to create an end-to-end decentralized protection protocol.
In a few lines …
- The United States announced a ban that takes effect in two days for TikTok and WeChat. Opportunity for crypto?
- Instagram He launched the option of automatic subtitles with the help of the Blockchain.
- NEO hopped on a rocket and hit a yearly high of $ 24.32 today.