Etherchain May Disburse Gas Fee Windfall About $2.6 Million in Four Days

Updated:

Etherchain has received the $2.6 million fee from the ludicrous transactions of the past week.

On Monday, June 15, the Ether mining pool decided to share the $2.6 million transaction fee that resulted in a series of ludicrous transactions last week.

The declaration had been made on Twitter by Bitfly, Etherchain’s official account. Twitter reads:

“As the sender of the transaction [ID] has not contacted us after 4 days we have made the final decision to distribute the [transaction] fee to the miners of our pool.”

Etherchain has disclosed in a series of tweets that many individuals have attempted to claim the legitimacy of the transaction but have refused to give sufficient evidence to support their assertion. As a result, the firm has offered to share the windfall among its users who took part in the block mining. It will do so “as per a miner hash rate snapshot [taken] from our Ethermine pool at the time block 10241999 was mined,” reads the second message.

ETH developer Vlad Zamfir has denounced the firm’s decision as being quite premature.
How Much Money Are Miners Going to Be Getting?
The $2.6 million fees on Ethereum is roughly one day worth of block rewards, calculated with an ETH price of $223 by press time.

The fee is not uniformly distributed across the entire network, however, as Etherchain’s Ethermine pool regulates just 21 percent of the hash rate, as per Etherscan. Therefore, miners should expect to obtain the equivalent of approximately five days of regular mining in that pool.

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Hackers Threaten Ethereum Consumers for $5 Million, Report States

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Over the past two days, three Ethereum users have spent more than $5 million to pay for network services, which is now indicated in the report as blackmail.

Over the past two days, one user on the ETH blockchain network has paid a whopping $5.2 million for two small transactions totaling less than $500. Another user paid $500,000 for a similar small transaction.

Three abnormal transactions caused blackmail or speculation with errors among cryptography experts. According to Dovey Wan, the founding partner of Primitive Crypto, ridiculous transactions are not caused by an error in the blockchain, but rather by a hacker message. “The [wild] speculation [this] of certain exchange/wallet / ETH services was“ stolen ”by a hacker,” he tweeted earlier on June 12th.

According to PerkShield, a blockchain-based analytics company based in China, transactions could be “gas price blackmail launched by hackers.” The company claims that hackers gained access to some accounts, but could not send funds from these accounts to their accounts due to the multi-signature function of accounts. This feature requires multiple passwords to send funds.

However, hackers found that the accounts have addresses in the white list to which they can send funds without calling the multisignal function.

Realizing this, they began to send excessive gas fees to blackmail account holders so that they parted with money and transactions ceased.

The hack method used is a classic phishing attack, where hackers use fake websites to steal login information and then send small amounts, but huge fees.

Hackers Blackmail of Exchange
According to the paper, the hackers began using a phishing attack (where they fake a website or an email to try to obtain credentials) to obtain some form of access to the exchange. It worked, they had some of the permissions to send a deal. Yet a question came up.

There was a multi-signature authentication environment to the trade. This means you will need multiple keys (like passwords) to send the money. So, it seemed like they could do nothing.

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Ethereum Protocol Fees Exceeds Bitcoin’s About $200,000

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The protocol of Ethereum has scaled Bitcoin’s on the blockchain for daily transaction fees. On June 7, for the fourth time in network history, the total sum of protocol fees on the Ethereum protocol reached nearly $500,000.

Through comparative analysis, Bitcoin just managed to pull in transaction fees at around $308,000 on the very same day. The whole $200,000 distance between the two protocols is particularly astounding because it could show up further light around the use of Ethereum, far beyond that of Bitcoin.

Crypto analytics company Glassnode initially suggested the relevant data. Protocol fees on the Ethereum platform typically don’t increase higher than Bitcoin’s, as per Glassnode. Ethereum has a wide range of programs, such as the infrastructure of decentralized finance (DeFi) and many other decentralized applications (dApps). Yet Bitcoin normally exceeds Ethereum even with that. Protocol fees only soared just beyond the total of Bitcoin on 141 days in the history of Ethereum.

Away since May, fees for the Bitcoin network skyrocket mostly around third halving of the network at the same time. This immediately rectified, though, after the halving had passed.

To date, several Bitcoin community members are still mostly disappointed that after halving, Bitcoin has is unable to skyrocket as much as anticipated.
Tether (USDT) Ends Up Taking Over the Ethereum Protocol
The increase in fees for Ethereum is inspired by technical facts: the uptick in on-chain activity as a result of using the Stablecoin Tether. In the last 30 days, the Stablecoin has absorbed an average of 39.8 Gwei. Second, the explosion of Dapps believed to be Ponzi schemes flooding the network. Lastly, the increase in ETH demand.

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Tether Unveils USDT Stablecoin to Avert Ethereum Delays on OMG Platform

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Tether’s USDT has now become part of the OMG Network. The collaboration with the OMG Platform, as per sources, is aimed at reducing the delays that the Ethereum network is very susceptible to.

As per Bitfinex, the switch will support USDT get to be a lot more effective, both with receipts and payments. The time required to validate the transaction, as well as the fees paid, would decrease dramatically.

The CTO of Bitfinex, Paolo Ardoino, underlines this aspect also, declaring:


“…by migrating USDT value transfers to the OMG Network we save costs, drive performance improvements, and relieve pressure on the root chain network. This is good for Bitfinex and our customers, and the whole Ethereum ecosystem.”

Bitfinex further explains that Ethereum may be very “vulnerable to extreme network delays” at times when there is high demand. Now, the pace USDT traders can access the OMG network would now allow traders to take full advantage of the market and “respond more quickly to trading opportunities.”

The OMG Platform was previously known as OmiseGO and is a non-custodial layer-2 solution that facilitates scaling on Ethereum.

Tether’s USDT now available on seven blockchains, including OmiseGO.

These include Tron, EOS, Liquid Network, Omni, Ethereum, Algorand, and EOS. Nonetheless, USDT is still entangled in its printing scandal, as it recently reports an additional USDT 80 million.

Key Gas Guzzler on Ethereum Network
ETH Gas Station data reveals that Tether is by far the highest gas guzzler on the Ethereum network, with the network consuming more gas than the next five platforms put together. OMG Network is an Ethereum sidechain, based on plasma, launched on June 1. Previously it was known as OmiseGo.

Tether gas fees on the Ethereum network in May were 8,900 ETH or the equivalent of ($1.8 million). Shedding some of the transaction costs makes business and technical sense considering that in the past the Ethereum network had problems with the scaling. Gas costs on the network normally skyrocket due to heavy traffic as it clogs up.

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Binance Introduces Ethereum and XRP Contract Options

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Large cryptocurrency exchange Binance announced the launch of options contracts for Ethereum and XRP. According to the announcement, Binance users will initially be able to access new products only through the Binance mobile app.

Last month, Binance announced the possibilities of Bitcoin for its users. With the new offer, ETH and XRP options are available for various durations. These include 24 hours, 8 hours, 1 hour, 30 minutes, and 10 minutes. Users have access only to contracts with a maximum order size of 200,000 XRP and 200 ETH.

At the beginning of the month, the volume of open contracts on options for bitcoins reached a new maximum. On March 7, the total value of bitcoin options exceeded $ 1 billion. According to the Skew crypto analyst platform, the main exchanges responsible for this feat are Bakkt, OKEx, CME, Deribit, and LedgerX. At that time, Deribit was the exchange with the largest number of open positions for a total of $ 903 million – almost 90%.

Recently, Bybt crypto trading platform rated BitMEX as the largest BTC for the futures market, and Binance as the second. At that time, BitMEX owned 33.64% of all oil production contracts worth more than $ 562 million. Binance accounted for 19.1% of OI contracts worth more than $ 319 million.

Currently, according to Bybt, both platforms are still at positions 1 and 2, although BitMEX has fallen to 33.13%, while Binance is now 17.84%.

Ethereum and XRP Options
Options are investment contracts that give traders the right — but not the obligation — to buy or sell an asset over a specified timeframe for a given price.

Ethereum and XRP options are instantly available on Binance.com, mobile users need to update their apps so they can access them.

“Options contract is a much-anticipated product that allows traders and miners to effectively purchase insurance in their positions and also allows speculators to take advantage of market movements,” said Changpeng Zhao, CEO of Binance, in a blog post.

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‘Considerable Uncertainty’ Encircles ETH 2.0, Asserts Fund Manager

Updated:

According to the fund manager, the upcoming and anticipated version of ETH 2.0 may not have a positive impact on the Ethereum network, as expected.

Even though there is a lot of unrest in the crypto community, not everyone is excited. Kelvin Koh of Spartan Group, a crypto hedge fund, and financial advisory company, said the company is still very unsure of Ethereum’s new update. In a recent tweet, responding to a question about a BTC and ETH collision with each other, Koh said:

[At the moment] I am more bullish on $BTC. [The Spartan Group is] observing the ETH 2.0 transition closely to understand the crypto-economic implications and impact on $ETH price. At some point, we may turn more bullish at $ETH. It is a big event but at the moment there is considerable uncertainty.”

Ethereum 2.0 Network Update
Last year, Ethereum announced plans to launch a new network update – Ethereum 2.0. The update will solve all technical problems on the network, as well as increase the speed of transactions.

However, other analysts think otherwise. VC professor and crypto manager Adam Cochran believe that Ethereum 2.0 will positively bring about “the biggest economic shift in society.” In support of his claim, Cochran, among other things, noted that the introduction of Proof of Stake would significantly reduce ETH inflation.

Despite this, experts believe that Ethereum 2.0 may not start shortly.

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Ethereum (ETH) Breaches $205 Resistance, a Rally Above $227 Is Expected

Updated:

Key Resistance Levels: $225, $250, $275
Key Support Levels: $150, $125, $100

ETH/USD Long-term Trend: Bullish
Ethereum has been on a downward correction after the breakdown on May 10. Buyers find penetration difficult at the $200 and $205 resistances. After the resistance at $205, ETH fell to $191 low. At the low of $195, ETH rebounded twice to break the resistance at $200 and $205. The market has moved up to retest the $227 resistance. On the upside, if the current momentum is sustained, the bulls will break the resistance at $227. The momentum will extend to $240 high. Conversely, if the momentum is not sustained, ETH will fall and find support above $205.

ETH/USD – Daily Chart

Chart Indicators Reading:
Presently, the bulls have broken above the support line and closed above it. This implies that Ether will continue the upward move. ETH is at level 61 of the Relative Strength Index period 14. This indicates that the bulls are in control.

ETH/USD Medium-term Trend: Bullish
On the 4 hour chart, the bulls broke the $205 resistance. For the past week, buyers have been finding penetration difficult at the $205 resistance. The bulls have broken the $205 and reach a high of $210. There was a pullback to $205 low before the resumption of the uptrend. ETH has risen and it is approaching the high of $217.

ETH/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The price has broken the downtrend line indicating that ETH is out of the downtrend Zone. ETH is above 80% range of the daily stochastic. This indicates that the market is in the overbought region. This is usually followed by the emergence of sellers. However, in a trending market, overbought or oversold conditions may not hold. The 21-day SMA and 50-day SMA are sloping upward indicating the uptrend.

General Outlook for ETH
Ethereum is out of the bearish trend zone as price breaks the downtrend zone. The price is above the EMAs indicating upward move of the coin. Ether is considered to be overbought at $217. Sellers may likely emerge at the overbought regions.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Reddit Introduces Two Tokens Based in Ethereum As Network Rewards

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To be used on the Reddit website, two subreddits have declared their tokens. The assets kicked off on May 13.

The two subreddits, r / Cryptocurrency, and r / FortNiteBR plan to use their digital tokens on the site as “group points.” The coins are known as MOON and BRICK. These subreddits are composed of 2.4 million members.

Members of the community receive those tokens whilst being involved in the forum and consistently contributing by posts and comments. The tokens are operated by the Ethereum blockchain and will be stored in the Reddit Vault, a wallet installed on the iOS and Android platforms in Reddit’s mobile apps. As an ERC-20 token, holders should be able to pass their assets onto other compatible wallets. There is currently no news on the possibility of exchange platform financial support, however.

An announcement from r / FortNiteBR states:

‘[BRICKS assets] can be freely exchanged and used for any variety of functions within the group. At such a time, they can be used to show credibility within the subreddit, activate special functions such as badges and GIFs in Special Membership posts, and add credibility to poll votes.
Distribution of Tokens to Commence Shortly
MOON should have the same attributes, too, as per r/Cryptocurrency post. Research last year shows a correlation between the comments on Reddit crypto and the coin trajectory.

Both subreddit may start releasing tokens on Ethereum’s Rinkeby Testnet within the next few days. They will stay on the Testnet in beta for the remainder of the summer before moving to Ethereum’s mainnet if they complete the trial round of the Testnet.

While in many ways the tokens are near copies of each other, one fascinating divergence in their joint nature is that MOON has a more fleshed-out inflation schedule than BRICK.

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MakerDAO Halts the Single-Collateral DAI Process

Updated:

The society of MakerDAO has taken down the Single-Collateral DAI (Sai) process as the complete protocol converts to the latest Multi-Collateral DAI (MCD or Dai) process.

MCD was enabled on MakerDAO in November 2019 as an update to Dai protocol. Whereas Sai is only supported by ETH collateral, MCD is supported by many asset forms, presently comprising ETH, BAT, and USDC. The update added additional collateral alternatives for clients and unveiled the Dai Savings Rate, which credits holders with a variable interest rate reimbursed out only in Dai.

The society has often expected the Sai system’s imminent termination, albeit without any sense of desperation. But recent revelations on the subject escalated due to market dynamics in March since it became evident that Sai was facing a major liquidity crisis.

MakerDao Protocol
The Maker protocol functions by creating dai loans when subscribers load ETH or Basic Attention Token (BAT) as collateral into the system. Maker then sells the collateral automatically when the market crashes to get DAI off the market before the program reaches its collateral target of 150 percent. But the price was falling too quickly to keep up with MakerDAO’s automated auctions.

Maker Foundation put a Governance Poll on March 30, to decide whether to undertake the closure. After the group endorsed the procedure, the process for clients to transfer their Collateralized Debt Positions (CDP) to MCD reached a grace period between April 24 and May 12. Sai holders on sites such as Uniswap were also able to pass their tokens to MCD.

Sai closed down formally on Monday.

At the market level, all Sai tokens were converted instantly to ETH. Subscribers already owning Sai may swap their Sai for ETH through the migration portal. Anyone who has not migrated their CDP may also use their assets to withdraw from the portal.

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ErisX Unveils 1st Physically-Settled Ether Futures Contracts Within United States

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ErisX, a derivatives clearing firm headquartered in Chicago, today announced the introduction of physically settled Ether contracts to its current futures products.

ErisX previously provided settled Bitcoin (BTC) contracts in physical form. Although BTC retains the dominant cryptocurrency position, second-placed ETH has trailed behind. While it’s no coincidence that ErisX wants to introduce an Ether product as its next initiative, this has not been achieved by any other Cryptocurrency Derivatives Exchange, leaving ErisX the first in the United States.

ErisX tends to give investors clarity, convenience, and wider inclusion. In its announcement regarding ErisX Insight, its official site for news releases, it says:

“ErisX operates on an equitable basis in the crypto ethic of openness for everyone. In our time-tested and verified Central Limit Order Book (CLOB), our Ethereum futures contract trades. This means that everybody has access to the best deal on the market. CLOBs allow all members to interact among themselves without needing new special agreements with each counterparty, and our monitoring system works to prevent fraudulent behavior.

ErisX Making Products and Services Accessible
Ether trades are conducted through the central limit order book of the crypto exchange operator, which ensures that all received orders are cleared at the ErisX clearinghouse to reduce counterparty risk.

The decision comes immediately after ErisX was given the first-ever BitLicense this year by the New York State Department of Financial Services (NYDFS).

As with its BTC counterpart, the ETH futures contracts will enable investors to choose among a monthly contract and a quarterly contract. One noticeable difference is the position limit in both the BTC futures and the ETH futures. BTC futures provide up to 200,000 contracts even as ETH futures permit just 75,000 contracts.

The Ethereum network is the pioneering programmable blockchain that provides real-world value to businesses, governments, and people. As the network’s digital power, Ether is equally designed to commodities exchanged in today ‘s conventional capital markets, stated Joseph Lubin, creator of ConsenSys, an active investor in ErisX.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.