Headlines
▌Ethereum on-chain fees soared 153% in a month
After the implementation of the Shapella upgrade on April 12, Ethereum network fees rose sharply. On-chain fees have surged more than 153% in the past 30 days, from $4.65 per transfer previously to an average of $11.80 per transaction now. The data highlighted a massive spike in costs associated with transactions on the Ethereum network, indicating a significant increase in on-chain activity. Furthermore, Arbitrum, the L2 scaling solution for the Ethereum network, has been processing 1.1-1.5 million transactions per day since implementing the Shapella hard fork, while L2 competitor Optimism has been processing 240,000-550,000 transactions per day since the Ethereum upgrade. Additionally, Arbitrum’s average transaction fee is $0.368 per transfer, while Optimism’s average transaction fee is slightly higher at $0.682 per transaction.
Policies
▌Binance, Circle submit feedback to UK government on crypto regulatory framework
Cryptocurrency exchange Binance and stablecoin issuer Circle have submitted feedback to the UK government, which is considering establishing a new framework to manage the trading and lending of digital assets. Binance said it needed to pay special attention to consumer protection, market integrity, and financial stability, but warned that over-regulation could "inadvertently stifle innovation and growth, eliminate choice and competition, and potentially push consumers into unregulated markets or operations." Circle said the country should make the registration process for digital asset companies “simple and transparent, with clear indicative timelines and feedback from regulators on what is good or bad practice,” the company said in a blog post. Circle urge HM Treasury to promptly disclose its plans to regulate fiat-backed payment stablecoins, further clarifying the distinction between 'crypto-asset' activity and payment-stablecoin-related activities involving the provision of payment services.
Blockchain Application
▌American sports publisher Sports Illustrated launched Polygon-based NFT ticketing system
American sports publisher Sports Illustrated launched a Polygon-based NFT ticketing system. This system allows event owners, organisers, and promoters to access more ticket usage scenarios such as highlights, collectibles, and promotions through the "super ticket" function. A spokesperson for the company said that blockchain is the future of ticketing, turning spent barcodes into engaging and collectible content.
Cryptocurrency
▌Venture capital institution CMCC Global will launch a $100 million fund to invest in blockchain project startups
CMCC Global, a venture capital firm focused on blockchain technology, is launching a $100 million fund to invest in startups focused on blockchain projects, targeting companies in Hong Kong and beyond. CMCC Global co-founders Baumann and Morris hold a majority stake in CMCC, while Hong Kong tycoon Richard Li and Gemini Trust founders Cameron Winklevoss and Tyler Winklevoss are also investors in its holding entity.
▌Curve's native stablecoin crvUSD is deployed on the Sepolia testnet
The developers of Curve deployed crvUSD on the Sepolia test network to check the verification of Etherscan. The stablecoin is pegged to the US dollar, has a similar design to MakerDAO’s DAI, and will be over-collateralised by certain crypto assets. Sepolia is one of two major testnets used by Ethereum developers to test code before mainnet deployment.