News of cryptocurrencies of the 4th week of September 2023

Bitcoin is experiencing maximum block congestion

The Bitcoin blockchain continues to experience maximum long-term load, which began back in February. After the Ordinals protocol appeared, the blocks were filled to almost 100%. 85% of transactions on the network are NFTs. At the time of writing, there are almost 400,000 unconfirmed transactions in the mempool. Crypto users have mixed opinions on this matter. Some of them believe that blockchain overload negatively affects the speed of transaction confirmation and the blockchain requires innovation in the form of a filter for BRC-20 and Ordinals tokens. Other users, including Vitalik Buterin, on the contrary, supported Ordinals.

ETH continues to fall

The Ethereum network has seen a significant decline in activity since the Shanghai update, which took place in the spring. The number of daily transactions fell by 12%, and the number of daily active addresses decreased by almost 20%. Currency users also noted that since the transition to PoS, ETH has fallen by 27% against BTC.

JPMorgan Bank noted in its report that the ongoing changes are associated with a number of negative circumstances that cryptocurrency faces: uncertain US regulation, incidents with FTX and Terra, which undermined confidence in cryptocurrencies. Crypto users hope that further updates to the Ethereum network will lead to positive changes.

Base has overtaken Ethereum in terms of TPS

Layer 2 solutions outperform the Ethereum they were designed to support. Both Base and zkSync Era have delivered remarkable performance despite the ongoing bear market. Base reached 12.93 TPS, and zkSync Era 12.62 TPS. This week, Base even entered the top ten, eclipsing the famous Solana network.

The head of Solana commented on the departure of developers from the USA

The co-founder of Solana expressed concern about the outflow of blockchain developers from the United States, and also recommended that legislators become better acquainted with the industry in order to regulate it. According to Elliptic, 5 years ago, 42% of developers lived in the United States, and years later this number has dropped to 29%. Yakovlenko spoke about the fears of new crypto projects entering the market, since current regulation causes problems even for large companies. He also called not to punish the entire cryptocurrency industry for individual cases of scam. Earlier, Ripple CEO Brad Garlinghouse said that the US is the worst place to launch Web3 projects, while Singapore, the UAE, Switzerland and the UK are much more favorable for these purposes.

Friend.Tech users earned $12 million

Since the creation of the Friend.Tech application, its users have been able to earn more than $12 million. The total trading volume is $240 million, while there are only about 220,000 unique users of the project. The application works as follows. Anyone who joins the app gets their own channel, where users need to have at least one of their keys to access the channel. When you buy or sell a key, a 5% commission goes to the application, and another 5% goes to the channel owner. The value of the key may vary: the more channel keys purchased, the higher their value. The most active participant in the application was able to earn more than $341,000 in commission from the sale of keys.

Ethereum Developer Deploys ERC-20 Tokens Using ChatGPT

An anonymous Ethereum developer decided to explore the capabilities of ChatGPT and integrate the application into the token creation process. As a result, he was able to create a script using Open Zeppelin standards. This allowed ChatGPT to automatically generate the AstroPepeX token. To eliminate human intervention and ensure that private keys and contracts belong only to ChatGPT, the developer has enabled the code to automatically revoke ownership before publishing. According to Etherscan data, at the time of writing, the token has 2,584 holders and 25,133 transactions have been completed.