Binance temporarily suspends LUNA, UST withdrawals citing network congestion

The market value of UST, Terra’s stablecoin offering, recently fell below the expected $1 price point as LUNA’s price witnessed a sharp decline owing to a significant selloff. As the crypto community still tries to decipher Terra’s ongoing pegging-de-pegging fiasco in relation to its stablecoin offering TerraUSD (UST), major crypto exchange Binance temporarily suspended the withdrawals for Terra (LUNA) and UST on Tuesday. The market value of UST, Terra’s stablecoin offering, recently fell below the expected $1.00 price point as LUNA’s price witnessed a sharp decline owing to a major selloff.

KyberSwap DEX launches on later two network Arbitrum

The decentralized exchange has moved onto Arbitrum to help users get around Ethereum network congestion and expensive gas fees. Decentralized exchange (DEX) aggregator KyberSwap has launched on the layer-2 Ethereum scaling solution Arbitrum network.The move puts Kyberswap on its seventh network or scaling solution along with Ethereum (ETH), Polygon (MATIC), Fantom (FTM), BSC (BNB), Avalanche (AVAX), and Cronos (CRONOS).KyberSwap joins SwaprEth, Balancer Labs, Curve Finance, and SushiSwap as the DEXes available on Arbitrum as of the time of writing.KyberSwap DEX Aggregator Launches Integration with L2 Scaling Solution @OffchainLabs #Arbitrum NetworkTrade tokens on #KyberSwap at faster speeds and with lower costs, with the best rates! Trade and earn now: https://t.co/Yl4MTlr0diLearn more: https://t.co/ksSu1YjQkt pic.twitter.com/sUI00hnsk5— Kyber Network (@KyberNetwork) March 7, 2022 The KyberSwap team points to Ethereum network congestion and the cost of on-chain transactions as problems that can be solved “through Layer-2 scaling and other efforts.”The average cost of a transaction on Ethereum (ETH) is currently quite low at 28 gwei ($1.48) according to Ethereum network tracker Etherscan, but fees can spike to over $100 during periods of congestion.

Moonbeam Emerges As The Gateway To The Promised “Multichain” Future Of Blockchain Technology

For years, developers have been trying to determine the best alternative for Ethereum’s increasing network congestion and gas costs.

Vitalik Buterin On How To Eliminate Ethereum Network Congestion And High Fees

Network congestion on the Ethereum network is a very real and present issue, which has in turn brought about more real and pressing issues.

Here's what led to a week of turmoil on Solana's network

Solana, which was somewhat of a star performer in 2021, has suffered a week of turmoil. Solana had identified that its mainnet beta was experiencing high levels of network congestion.

Solana's Network Congestion Prompts Liquidations, Drives Away Users

  Public blockchain platform Solana (SOL) experienced high network congestion once again over the weekend.

3 possible reasons why Polkadot is playing second fiddle in the L1 race

The timing of parachain auctions and the lack of interoperability with Ethereum may have impacted Polkadot’s token price and its competitiveness against other layer-1 protocols. 2021 was a sort of "coming-of-age" for many layer-one (L1) blockchain protocols because the growth of decentralized finance (DeFi) and nonfungible tokens (NFTs) forced users to look for solutions outside of the Ethereum (ETH) network where high fees and network congestion continued to be barriers for many.Protocols like Fantom (FTM), Avalanche (AVAX) and Cosmos (ATOM) saw their token values rise and ecosystems flourished as 2021 came to a close.

SundaeSwap Mainnet Launch Causes Network Congestion on Cardano

Cardano's first dApp finally went live on mainnet but several platform errors and many failed transactions caused by network congestion left users frustrated. 

SundaeSwap launches on Cardano but users report failing transactions

The first DEX on Cardano launched on the mainnet today to allow traders to perform swaps and add liquidity, but network congestion has slowed transactions processing. Cardano’s first decentralized app (DApp) SundaeSwap has launched but is causing a frustration among users due to congestion, platform errors and failed transactions.Is it just a case of expected teething troubles under an influx of excited users or is there more to it?SundaeSwap is a decentralized exchange (DEX) and token staking platform.

ROSE gains 54% in a week as the Oasis Network ecosystem expands

ROSE price is on the rise thanks to a $160 million ecosystem fund that helped facilitate the launch of the first DeFi and NFT projects on Oasis Network. High transaction costs have been a thorn in the side of the top blockchain protocols for years as both Bitcoin (BTC) and Ethereum (ETH) have seen the average cost of conducting token transfers skyrocket during times of network congestion and high demand. One layer-one (L1) protocol that has been gaining traction in recent months that seeks to offer a low-cost solution to high fees is the Oasis Network (ROSE), a privacy-focused L1 blockchain built using the Cosmos SDK and designed for open finance and a responsible data economy.

DeFi boom ensues as Terra crosses $21B in TVL, second only to Ethereum, Avalanche at $12B

The rising cost of using the Ethereum network triggered by network congestion has been a cause of frustration to many cryptocurrency enthusiasts, especially those wanting to explore the DeFi and NFT sThe post DeFi boom ensues as Terra crosses $21B in TVL, second only to Ethereum, Avalanche at $12B appeared first on AMBCrypto.

ZK-rollups step into the limelight after the quest to scale Ethereum evolves

ZK-rollups become the latest trending solution for scalability on the Ethereum network as developers strive to increase throughput capabilities while decreases transaction costs. Scalability on the Ethereum (ETH) network has been a point of contention within the cryptocurrency ecosystem for years, primarily due to high fees and network congestion during periods of peak demand.The latest solution to emerge as the final fix to Ethereum’s scalability woes are Zero-knowledge rollups (ZK rollups), a form of scaling that runs computations off-chain and submits them on-chain via a validity proof.

Nervos debuts mainnet beta layer-two blockchain project

Following the roll-out, the platform is now welcoming Ethereum blockchain developers to build upon Nervos Network in a bid to broaden its DApp ecosystem. Public blockchain platform Nervos Network has announced the mainnet beta launch of Godwoken.The layer-two blockchain protocol integrates Ethereum Virtual Machine capabilities and optimistic rollup mechanics to provide instant transaction finality and low fees within an Ethereum-like environment. Built upon the existing Nervos layer-one network, the multichain solution seeks to capitalize on Ethereum’s well-documented drawbacks — most notably, network congestion, high gas fees and scalability — and benefit from the growing importance of layer-two alternative platforms.This long-standing roadmap achievement follows last year’s deployment of Force Bridge, a cross-chain bridge designed to enhance the interoperability of transactions such as those between ERC-20 tokens on Ethereum and its layer-one proof-of-work blockchain protocol, Common Knowledge Base.With both Godwoken and Force Bridge now available, the allure for Ethereum developers to transition their decentralized applications (DApp) to Nervos and become early adopters in the expanding decentralized finance (DeFi) ecosystem is rising.

There Is Now Over $1 Billion Locked Up In Ethereum Layer 2 Scaling Solutions

Second-layer scaling solutions are designed to combat network congestion on Ethereum—and they're proving increasingly popular.

Fantom price gains 100% after launching a 370M FTM incentive program

FTM gained 500% in the past 6 weeks and a newly launched $320 million incentive program could see the rally extend further. The Ethereum (ETH) network continues to enjoy the status of being the top smart contract platform in the blockchain industry, but the competition is slowly gaining market share because high costs and network congestion are still challenges for the protocol. One project that has been gaining traction in the month of August is Fantom (FTM), a layer-one smart contract platform that utilizes a directed acyclic graph architecture as a means to solving the problems of slow transaction speeds and high transaction fees.Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $0.15 on July 20, the price of FTM has rocketed 500% to an intraday high at $0.90 on Aug.

KingTiger Casino Temporarily Shuts Down Due To Ethereum Network Congestion

KingTiger Casino recently went out of operation due to Ethereum congestion issues.

Ethereum network congestion temporarily shuts down crypto gaming casino

FunFair Technologies-owned KingTiger Casino is now on the lookout for new solutions for hosting “a new range of features and games” for its participants. Congestion on the Ethereum network has forced an online casino to close shop.

Bitcoin price is fragile, but on-chain data points to fresh accumulation

On-chain data shows long-term holders are back in accumulation mode after the recent shake-out cleared network congestion and shook out over-leveraged traders. The May 19 crypto market sell-off saw $1.2 trillion in value erased from the total market capitalization as the froth and excess leverage of over-hyped markets was quickly eliminated.