Decentral Block Post

The Ethereum (ETH) ecosystem’s biggest roadblock to mainstream dominance is often attributed to the extremely high transaction fees or gas fees it requires to complete a transaction. However, with Ethereum’s average gas fees coming down to 0.0015 ETH, the narrative is set to change. 

The average transaction fee on the Ethereum blockchain fell down to 0.0015 ETH or $1.57 — a number previously seen in December 2020. However, starting in January 2021, Ethereum’s gas fees surged owing to the hype around nonfungible tokens (NFT), decentralized finance (DeFi) and a promising bull market.

For nearly two years, between Jan. 2021 and May 2022, the average gas fee required by the Ethereum network was roughly $40, with May 1, 2022 recording the highest gas cost of $196.638 — as evidenced by data from BitInfoCharts. 

Supporting this sudden drop in gas prices, Cointelegraph uncovered on Saturday that the daily NFTs sales have also dropped to one-year lows. The NFT ecosystem recorded its worst performance of the year in June as the total number of daily sales fell to roughly 19,000 with an estimated value of $13.8 million.

In November 2021, back when numerous investors reported outrageous gas fees, Ethereum co-founder Vitalik Buterin published a decrease-cost-and-cap proposal to reduce unprecedented levels of strain on the network. Buterin had proposed a short-term solution to further cut rollup costs by introducing a calldata limit per block to lower ETH gas costs.

Crema Finance, a concentrated liquidity protocol over the Solana blockchain, announced the temporary suspension of its services owing to a successful exploit that has drained a substantial but undisclosed amount of funds.

Soon after realizing the hack on its protocol, Crema Finance suspended the liquidity services to refrain the hacker from draining out its liquidity reserves — which include the funds of the service provider and investors.

While the company is yet to provide an update based on an investigation that was ongoing at the time of writing, the Crypto Twitter community took it to themselves to track down the hacker’s wallet and gain a better understanding of the situation. 

Based on a personal investigation, crypto community member @HarveyMackinto2 allegedly spotted the hacker’s wallet address. The address in question holds 69,422.89 Solana (SOL) tokens — roughly over $2.3 million, procured through a series of transactions over several hours.

Other members of the crypto community, however, suspect the hacker made away with 90% of the total liquidity from some of Crema Finance’s pools. Henry Du, the co-founder of Crema Finance, too, confirmed that all the functions of the protocol have been suspended indefinitely and asked investors to stay tuned for further information in the form of an update.

Bitcoin (BTC) needs to go lower before putting in a macro bottom, one of the market’s most accurate indicators shows.

Data from sources including on-chain analytics firm Glassnode shows Bitcoin’s MVRV-Z Score is almost — but not quite — signaling a price reversal.

MVRV-Z Score inches towards macro bottom

Amid ongoing debate whether if, or when, BTC/USD will go beyond its current macro lows of $17,600, new figures suggest that the market easily has further to fall.

As noted by Filbfilb, co-founder of trading suite Decentrader, the MVRV-Z score is now in its classic green zone, but not yet at the point which has accompanied price bottoms in the past.

MVRV-Z measures how high or low the Bitcoin spot price is relative to what is referred to as its “fair value.”