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Ethereum layer-2 blockchain Arbitrum will distribute ETH (ETH) tokens worth nearly $6.2 million to its decentralized autonomous organization (DAO), the project announced May 9 on Twitter. ARB holders must claim the rewards.The funds to be collected are base fees and surplus revenue generated from network transactions. According to Arbitrum's tweet, a
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Increased fees and a backlog of transactions are besieging the Bitcoin (BTC) network and it’s due to a popular new “token” standard according to a CryptoQuant analyst.On May 9, Axel Adler Jr, an analyst with the crypto data firm, explained that BRC-20 memecoin minting on the BTC blockchain is causing
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Daily transactions on the Litecoin blockchain reached all-time highs over the past two days amid the Bitcoin network’s congestion and higher transaction fees, according to data from Glassnode.See related article: Bitcoin transaction fees surge, El Salvador users suffer consequencesFast factsLitecoin saw 576,708 transactions on Tuesday, the largest daily volume the
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On May 8, Litecoin executed more than 525,000 transactions in a day, coming close to Bitcoin’s 575,000 daily transactions, according to blockchain data from BitInfoCharts. It is five times the average number of transactions on the Litecoin blockchain compared to earlier this year and more than double the previous all-time
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Users of the Muun wallet, which utilizes both the bitcoin and lightning layers to process transactions, have been charged high fees, particularly those employing it for payments at South African retail chain Pick N Pay, said Kgothatso. Congestion on the mempool has meant that swaps in the Muun wallet are
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Lightning is not a panacea, and it is best suited for high frequency, small granularity payments – which certainly doesn’t satisfy all types of Bitcoin transactional demand. There’s more than just one way to move dollars around – we have wires, ACH, credit and debit networks, Fednow, physical cash, remittances,
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The move worked out in the end as the entity is sitting on a fat profit of several hundred thousand. Source
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Their emergence over the past few months is a “cool example of how, just when you think Bitcoin has become boring, there’s something waiting around the corner that surprises everyone,” said Colin Harper, head of content for mining pool Luxor Technologies who did not expect transaction fees to surpass the
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Bitcoin transaction fees have surged significantly in the past 24 hours, with the average fee reaching $19.20 per transfer. The increase in fees can be linked to a backlog of transactions trapped in the mempool, as over 440,000 unconfirmed transactions are currently awaiting confirmation. Block Reward Dethroned: Bitcoin Transaction Fees Surpass
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Summary: The average cost of sending a single transaction on Bitcoin’s blockchain soared to almost $20, its highest point since April 2021.It seems that increased demand for BTC blockchain space was triggered by heightened activity on the Ordinals protocol and tokens issued using the BRC-20 standard.Binance was forced to halt
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