Lower Transaction Fees Proposed to Increase BNB Smart Chain (BSC) Activity

• A BNB Smart Chain (BSC) user has proposed lowering the network’s transaction fees to increase its competitiveness against rival blockchain networks.
• BSC’s high gas fees have led to a decline in network activity, pushing its utilization to around 15-20%.
• Despite this, BSC remains one of the most used blockchain networks in the industry with over 1.5 million active users and $5.04 billion locked in assets.

BNB Smart Chain (BSC) Proposes Lower Transaction Fees

A BNB Smart Chain (BSC) user has proposed lowering the network’s transaction fees to increase its competitiveness against rival blockchain networks.

High Gas Fees Lead To Network Decline

BSC’s high gas fees have led to a decline in network activity — pushing its utilization to around 15-20%. This is due to layer-2 solutions such as Arbitrum (ARB), which offer more affordable fees than BSC.

Proposal For Reduced Fees

The proposal suggests validators reduce their fees to as low as 3 or 4 gwei. This would make it more attractive than other ecosystems‘ L2 solutions and provide a competitive advantage for potential BSC L2 solutions.

BSC Remains Popular Among Users

Despite this, BSC remains one of the most used blockchain networks in the industry with over 1.5 million active users and $5.04 billion locked in assets. It is also capable of processing 2,200 transactions per second (TPS).

Conclusion

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FOMC Raises Rates: Bitcoin Price Stays Flat at $28,500

• The Federal Reserve raised the federal funds rate by 25bps.
• Bitcoin’s price has stayed relatively flat at $28,500 upon announcement.
• The Fed sees 5.1% on the median dot plot for the end of 2023 and 4.3% for the end of 2024 and expects one more rate hike.

FOMC Verdict: Rates Raised by 25bps

The Federal Reserve raised the federal funds rate by 25 basis points, taking it to 4.75 – 5%. This decision was largely expected and did not have a significant impact on Bitcoin’s price which remained relatively flat at $28,500.

Fed Dot Plot

The FOMC released its latest “dot plot” which shows expectations for interest rates over time. The median dot plot for the end of 2023 is 5.1%, with 4.3% expected for the end of 2024, indicating that there may be one more rate hike before then.

Latest Fed Statements

The Fed is dropping „ongoing rate hikes“ from statements and says that „US banking system is sound and resilient.“ All eyes are now on Powell who will be discussing new economic projections at 6:30 PM GMT today (March 22nd).

Market Reaction

The market reaction to the news was relatively muted with Bitcoin staying flat at $28,500 following the announcement, indicating that investors are increasingly immune to traditional economic events such as these due to their independence from fiat currencies like US Dollars or Euros.

Conclusion

Overall, this FOMC meeting saw no surprises with a widely expected 25bp raise in rates but all eyes remain focused on Jerome Powell who will be giving his assessment of current economic projections later today (March 22nd).

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Self-Custody Surge: 70K Bitcoin Sent Away from Banks

• Bitcoin investors are turning to self-custody due to banking sector concerns
• 70,000 BTC have been withdrawn into self-custody since the collapse of SVB on Friday
• James Van Straten is a freedom and technology maximalist, seeing Bitcoin as the greatest invention of the 21st century.

Self-Custody Surge

Bitcoin investors are increasingly demanding greater control over their investments with a surge in self-custody withdrawals causing significant BTC volume to leave markets. Yesterday saw one of the biggest % changes in self-custody in the past six months — while roughly 70,000 BTC have been withdrawn into self-custody since the collapse of SVB on Friday.

Why Self Custody?

Being able to control your Bitcoin is one of its advantages, as opposed to being at the whim of a bank — where you have no control of their lending capabilities. Self-custody offers users unparalleled security, as they can store their funds offline away from hackers and other malicious actors.

What Is Bitcoin?

Bitcoin is a decentralized currency that defies the sway of central banks or administrators, transacting electronically and circumventing intermediaries via a peer-to-peer network. It has become increasingly popular amongst traders and investors who seek an asset class free from government interference and manipulation.

James Van Straten’s Views

James Van Straten is a Research Analyst at CryptoSlate and passionate about data, technology, and identifying trends. He believes that Bitcoin is the greatest invention of this century as it provides users with freedom from traditional banking systems and makes them more secure through its decentralization feature.

Disclaimer

CryptoSlate takes no responsibility should you lose money trading cryptocurrencies; buying or trading cryptocurrencies should be considered high risk activity by all parties involved in such transactions.

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Escape the Mundane – Enjoy the Exciting World of Adventure

• The article explains how the increased demand for electric vehicles (EVs) has led to a shortage of lithium-ion batteries used in these vehicles.
• It looks at the current situation with battery production and highlights some of the issues that could arise due to the shortage.
• Finally, it provides suggestions on how to address this problem and ensure that there is enough supply of batteries for EVs.

Introduction

The growing demand for electric cars has created an increase in demand for lithium-ion batteries which are used to power these vehicles. This has caused an imbalance between supply and demand, leading to a global battery shortage.

Impact

The shortage has had a variety of impacts, including a reduction in production rates from some manufacturers, higher prices for consumers, and even delays in delivery times. This could have serious implications for both the automotive industry as well as consumer confidence in electric vehicles.

Solutions

To mitigate the effects of this shortage, manufacturers should look at investing in new production capacity or ramping up existing facilities. Additionally, research into alternative battery chemistries could help create more efficient options that can be produced faster and cheaper than traditional lithium-ion batteries.

Conclusion

The increasing demand for electric cars is driving up demand for lithium-ion batteries but this trend is also creating a global shortage which is having adverse effects on both producers and consumers alike. Investing in new production capacity or researching alternative battery chemistries could help rectify this issue and ensure there’s enough supply to meet future demands.

Takeaway Message

To ensure an adequate supply of lithium-ion batteries for electric vehicles, it’s important for manufacturers to invest in new production capacity or explore alternative battery chemistries that can be produced quicker and cheaper than traditional ones.

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FTX Collapse: $8.7 Billion Hole in Customer Assets Uncovered

FTX Exchange Deficient of Assets

• FTX finds only 1 BTC out of 1,591 customer-owned at time of collapse.
• The now-defunct exchange holds a total of $8.7 billion in liabilities to customers.
• The exchange has identified only $2.2 billion in assets with $694 million highly liquid currencies and $385 million customer receivables.

Court Documents Reveal Financial Hole

According to newly filed court documents, the cryptocurrency exchange FTX is facing an $8.7 billion hole in customer assets between FTX.com and FTX US. This was revealed during a presentation of the company’s current assets and liabilities on Mar 2nd by its CEO John J. Ray III, who stated that their books and records are incomplete or totally absent in many cases. Currently, the company holds only one Bitcoin against the 1,591 it owes to customers; these holdings are offset by Alameda Research’s net borrowings of $9.3 billion – resulting in an overall deficit for FTX’s customer accounts when compared to what they owe customers overall.

$2.2 Billion Assets Identified – But Still No Preferred Creditor Details

The filing reported that approximately $2.2 billion worth of assets have been identified so far –with only $694 million being held in highly liquid currencies like fiat, stablecoin, BTC or ETH; along with customer receivables worth around $385 million (while there are outstanding claims totaling up to around $618 million). Additionally unauthorized transfers have withdrawn an additional sum of approximately $432 million from wallets linked to both FTX exchanges combined – further exacerbating their financial difficulties and making it unlikely that all customers will be paid back in full even with the successful conclusion of the bankruptcy proceedings which could take years before being complete according to legal experts familiar with such cases .

FTX CEO Promises Continued Public Disclosure

In response to this situation, current FTX CEO John J Ray III promised to continue public disclosure about any new developments related to their bankruptcy case as well as efforts taken by them for maximizing return for creditors through asset recovery initiatives or other scenarios which may be available depending upon how things develop going forward .

Conclusion

FTX is currently facing an unprecedented financial crisis due to missing or incomplete accounting records which resulted in insufficient funds being held by them against customer liabilities amounting up to roughly 8.7 billion dollars spread across cash/stablecoins & crypto assets including Ethereum ,Solana & hundreds of other tokens users were previously allowed trading access too . Despite identifying 2$billion worth of assets ,the unauthorized transactions made from wallets linked with both exchanges have further worsened its situation & makes it highly unlikely all creditors will receive their dues back anytime soon , specially once bankruptcy proceedings start taking place which could take years before reaching a conclusion .

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