Category: Gas


EZ Blockchain Partners With Texas-Based Oil Provider to Monetize Wasted Natural Gas With Bitcoin


EZ Blockchain Partners With Texas-Based Oil Provider to Monetize Wasted Natural Gas With BitcoinWhile a number of media pundits and politicians have been talking about Bitcoin’s energy consumption, there’s been a myriad of firms working toward green solutions well before all the controversy. Unfortunately, critics don’t highlight the amount of renewables miners use or the cogeneration applications. One project called EZ Blockchain has partnered with the Texas-based oil […]


Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think


Liquidity provider fees for Uniswap have surpassed BTC network revenue on a seven-day average.

Uniswap has surpassed Bitcoin in terms of daily fee generation for two days in a row.

The fee flippening was observed by crypto industry blogger Evan Van Ness citing figures from CryptoFees, a website that compares the daily fees generated by the top blockchain networks.

Uniswap founder Hayden Adams was quick to post about the milestone:

“Uniswap v2 LP fees finally passed Bitcoin network fees on the 7-day average. Would be even higher if [cryptofees] tracked v3,”

At the time of writing the website was reporting that Uniswap had generated $7.1 million in fees over the past 24 hours compared to Bitcoin’s $4.6 million.

Although a million critics immediately pointed to high gas fees on Uniswap being responsible, Adams pointed out revenue in question was actually swapping fees paid to liquidity providers rather than gas fees. In fact he said gas fees in ETH generated by Uniswap are exponentially higher than Bitcoin’s transaction fees.

Uniswap has now flipped Bitcoin for two days in a row for liquidity provider fees according to the sit. The 7-day average for the decentralized exchange is also now higher than Bitcoin’s, with $5.9 million compared to $5.3 million

However Ethereum was streets ahead of both Uniswap and Bitcoin with a daily fee count of close to $90 million due to record high gas costs.

In a separate tweet, Adams stated that Ethereum layer-two scaling is badly needed, stating that today, Uniswap users alone have spent around $42 million on gas fees, adding “this is almost 5X what was spent on Bitcoin network fees during the same period”.

There was a flurry of complaints from Uniswap users when version 3 was rolled out on May 5 as gas fees appeared to be even higher than the previous iteration of the platform. A layer-two version based on Optimism is due to launch soon.

Average gas prices have skyrocketed to a record high of $68 according to Bitinfocharts. Eth Gas Station is reporting that gas costs for more complex operations such as smart contract interactions or DEX token swaps are currently over $200.

Many of the respondents to Adam’s tweet asked when layer-two scaling would be rolled out for Uniswap. YouTuber Lark Davis was among them, stating:

“Great, now implement some layer 2 scaling so that Uniswap is actually usable by non-rich users. Polygon is ready and waiting. Aave, Curve, Sushi, Pool together all on it. Optimism is months away. Why wait?”

However, Optimism may be closer than many realize for whitelisted projects including Uniswap. Another whitelisted DeFi project, Synthetix, has just completed an upgrade to enable Optimism trading, although there’s no confirmation on when it will go live.


The fees sting but Uniswap v3 sees more volume on launch day than v2’s first month


Several users have aired complaints about the new version, especially its higher gas fees.

The founder of Uniswap, Hayden Adams, has reported that the launch day of Uniswap’s v3 iteration was more successful than its predecessor in terms of volume, but not everyone in the DeFi community concurs.

In a tweet on May 6th, Adams declared the launch of Uniswap v3 the day before a resounding success. He noted that over its first 24 hours of going live v3 had already processed more than twice the volume that v2 saw in its first month.

Dividing Uniswap’s volume by total value locked, or TVL, Adams asserted the platform is operating with greater efficiency than its v2 form. While v2 saw $1.1 billion in volume and $8.1 billion in TVL during its first day for an efficiency ratio of 13%, v3 hosted $150 million in volume and $300 million in TVL for an efficiency ratio of 50%, according to Adams.

At the time of writing, the Uniswap dashboard was reporting a daily volume of $214 million with a TVL of $350 million for v3. Over the same period the version 2 stats of $1.1 billion in daily volume and of course it's built up around $8 billion in TVL over the time it's been operational.

Gas guzzler

Not all have been as enamored with the latest iteration of the world’s most popular DEX, with users complaining about the costs associated with using v3. One respondent to Adams stated:

“Even more expensive to make mistakes now. Tried to migrate my UNI/ETH liquidity to V3, failed and paid 108.09 usd worth of gas.”

Dragonfly Capital Managing Partner, Haseeb Qureshi, also asserted that v3 is more expensive to use than its predecessor, noting an example transaction in which he attempted to swap 3 Ether for DAI.

“Looks like Uniswap v3 is more gas expensive than v2, roughly as expected. Specifically, it's about 28% more expensive for single-hop transactions it looks like. For larger transactions that cross multiple ticks/buckets, the gas costs should be slightly larger.”

Others complained of the cost incurred by creating a pool and adding liquidity on the new platform, with one claiming to have paid 0.2 ETH worth roughly $750.

DeFiPrime commented on the complexities of using the new interface via its Telegram feed, stating:

“Add liquidity UI now requires a master's degree to figure out how to price your liquidity position. It's a huge step backward from the simplicity we had in v2.”

Fees still seem to be the major drawback of using the platform and Uniswap needs to wait for the launch of Optimism to bring layer two scaling to v3. On March 29, Cointelegraph reported that Uniswap’s daily fee generation had topped Bitcoin’s by $1.7 million.


Ethereum’s Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC Dominance


Ethereum's Price Taps Fresh New Highs, ETH Market Cap Eats Away BTC DominanceThe second-largest cryptocurrency in terms of market valuation, ethereum, has seen significant gains this week in comparison to the rest of the crypto economy. On Wednesday, ethereum tapped an all-time high at $2,736 per unit as the crypto asset has gained 11.48% during the last seven days. Ethereum Cracks a New ATH While a great […]




Ethereum devs grumble as Harvest Finance and Value Defi eye Binance Smart Chain


Two Ethereum-native DeFi protocols are headed to Binance Smart Chain, but critics doubt the layer-1 has staying power

Today, yield aggregator Harvest Finance and multi-service platform Value DeFi — two Ethereum-native decentralized finance (DeFi) protocols accounting for nearly a billion dollars in total value locked between them — announced planned expansions to Binance Smart Chain, the smart contract platform built by crypto exchange giant Binance.

Not everyone in the Ethereum community is ready to take BSC seriously, however.

Harvest, which is among the largest yield aggregators and currently boasts over 830 million in total value locked, said in a statement to Cointelegraph that the protocol is looking to hire two developers to bring Harvest to BSC.

“At Harvest Finance we think this is an opportunity to show that "cross chain" yield farming is not only possible, it will be one of the next major milestones for the yield farming ecosystem,” said Harvest community moderator Red.

Likewise, Value DeFi and its $40 million in TVL said in a Tweet that they were planning to port their yield-bearing governance vault to BSC, confirming earlier team statements on Discord:

The announcements come during a period of explosive growth for BSC. Projects on Binance Smart Chain such as PancakeSwap have been on a tear as of late, and even before the announced moves the recent run of success has led some members of the Ethereum developer community to ask which is more valuable: a platform scalable enough that all players can feasibly participate, or a credible degree of decentralization? 

Testnet or true ecosystem?

BSC, whose architecture is supported by 21 validator nodes all run by Binance or its affiliates, has been characterized by some developers as an elaborate Ethereum testnet, given its cheap transactions and centralization:

According to Scoopy, the semi-anon co-founder of the forthcoming AlchemixFi project, the centralization means that BSC is destined to remain populated with copycat projects originally born on Ethereum.

“My view on the matter is that while it may offer some improvements to user experience with faster and cheaper transactions, it is counter to the decentralized ethos that has inspired countless developers to build on Ethereum,” they said. “Innovation will continue to be centered in Ethereum as a result.”

Other traders and developers are less concerned with originality and thorough decentralization, however. In an interview with Cointelegraph, Red said that even though Ethereum is “the king of kings,” profit maximalism is what motivates Harvest. 

“Harvest sees a growing number of projects that are attempting to alleviate the pain associated with high gas costs on Ethereum,” said Red. “[...] Harvest is focused on providing the best sources of yield for farmers. If that yield exists on another chain, and can be safely utilized, we will turn on the tractors.”

More accessibility, more users

Aside from developmental and ideological scruples, BSC’s transaction costs are increasingly difficult to ignore for projects looking to provide value for their users. The recent spike is gas costs is a genuine barrier for retail investors, especially when it comes to more complex contract interactions. Value DeFi specifically mentioned these gas costs as a pain point in their BSC announcement. 

Members of the Premia Republic, an all-anon team building the Premia options protocol, said that unless a project is building with explicit decentralization in mind, BSC is simply a path to a larger pool of users capable of using a smart contract product.

“[We] don't think building on bsc is a bad thing at all. Whether everyone agrees or not, retail and a large portion of the participating market are being priced out of some of the services offered in defi due to gas fees,” they said.

“Some may build/port to bsc because they would like to capitalize on the profits and economic activity happening, but in [our] opinion, you're simply opening yourself up to an additional market.”


$100 Swaps: Ethereum Dex Volumes Saw $39 Billion Last Month Despite ‘Insane’ Trading Fees


$100 Swaps: Ethereum Dex Volumes Saw $39 Billion Last Month Despite 'Insane' Trading FeesDuring the last 12 months, Ethereum-based decentralized finance (defi) solutions and decentralized exchange (dex) platforms have been very popular. Dex applications, in particular, have seen massive demand and during the last 30 days, dex trade volumes have reached $39 billion in swaps. However, one of the biggest issues confronting dex users continues to be the […]



Ethereum’s Gas Spike Forces Coinbase Pro to Pass Network Fees to Customers


Ethereum's Gas Spike Forces Coinbase Pro to Pass Network Fees to CustomersWhile Ethereum network fees have jumped to new highs this year, the popular cryptocurrency exchange, Coinbase Pro, announced that the trading platform would be passing network fees onto customers. The move followed the exchange listing Uniswap’s native token UNI, an airdrop that saw miners collect close to $1 million in gas in less than an […]

The post Ethereum’s Gas Spike Forces Coinbase Pro to Pass Network Fees to Customers appeared first on Bitcoin News.




Yield Farming Pool Concept May Solidify Ethereum’s Role as BTC’s Main Sidechain


Yield Farming Pool Concept May Solidify Ethereum's Role as BTC's Main SidechainDecentralized finance (defi) applications on the Ethereum chain have been growing wildly during the last two years. Now a number of synthetic versions of bitcoin, that leverage the Ethereum chain, has outpaced offchain solutions like Blockstream’s Liquid and the Lightning Network. Just recently, the platform Synthetix revealed a partnership with Bitgo and the Ren Project […]

The post Yield Farming Pool Concept May Solidify Ethereum’s Role as BTC’s Main Sidechain appeared first on Bitcoin News.



Crypto Networks Stress Tested During Bitcoin’s Wild Week


Crypto Networks Stress Tested During Bitcoin’s Wild WeekCrypto valuations haven’t been the only casualties of this week’s market crash; crypto networks have also felt the strain. As onchain activity has ramped up in response to the market slump, fees have soared and the mempool filled on the BTC and ETH chains. Other crypto networks have operated smoothly, however, despite the pandemonium. Also […]

The post Crypto Networks Stress Tested During Bitcoin’s Wild Week appeared first on Bitcoin News.


Chicago Company Mines at Oil Wells, Educates Producers About Bitcoin


Chicago Company Mines at Oil Wells, Educates Producers About BitcoinUtilizing stranded gas to power bitcoin mining rigs at oil and gas wells is a promising business opportunity. It is profitable for all participating parties and beneficial for the environment. Not without challenges, this young industry is growing in energy-rich North America. Several companies are working to expand the niche and U.S.-based EZ Blockchain shared […]

The post Chicago Company Mines at Oil Wells, Educates Producers About Bitcoin appeared first on Bitcoin News.


Tokens Built on Bitcoin Cash Are Cheaper to Send Than Those of Rival Networks


The Benefits of Tokens Built on Bitcoin Cash Outshine the CompetitionSatoshi Nakamoto’s Bitcoin technology has inspired a lot of innovation spawning a myriad of tokens representing digitized assets. There are now token creation systems on blockchain networks like Omni Layer, Counterparty, and Ethereum. Each framework comes with the cost of sending tokens and right now the Simple Ledger Protocol is one of the cheapest most […]

The post Tokens Built on Bitcoin Cash Are Cheaper to Send Than Those of Rival Networks appeared first on Bitcoin News.


Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint


Burning Wasted Gas to Mine Bitcoin Promises to Become a Booming BusinessNatural gas acquired as a byproduct of oil extraction has become synonymous with wasted energy. In certain areas, drilling companies are unable to find a profitable market for the excess fuel. It’s often vented into the atmosphere. Startups are now offering on-site systems that utilize the surplus to mine cryptocurrencies. This new business is growing […]

The post Bitcoin Mining Helps Oil Companies Reduce Carbon Footprint appeared first on Bitcoin News.


SEC Fines and Permanently Bars Founder of Fraudulent Oil Exploration Token


SEC Fines and Permanently Bars Founder of Fraudulent Oil Exploration TokenThe U.S. Securities and Exchange Commission (SEC) has taken action against an oil and gas exploration company and its founder who “perpetrated a fraudulent initial coin offering (ICO) to fund oil exploration and drilling in California.” The token sale failed to raise money but the tokens were issued as part of a bounty program, which […]

The post SEC Fines and Permanently Bars Founder of Fraudulent Oil Exploration Token appeared first on Bitcoin News.


Rogue App Wreaks Havoc –Transaction Costs Soar as the Ethereum Network Slows


Transactions Costs Soar as the Ethereum Network SlowsAnother month, another almighty congestion on the Ethereum network. Gas prices have soared this week, passing 500 gwai at one stage, before settling on a still-pretty-substantial 56 gwai. As a result, the average transaction cost is $0.49, making it more expensive to send crypto on Ethereum than on other major blockchains such as BTC or […]

The post Rogue App Wreaks Havoc –Transaction Costs Soar as the Ethereum Network Slows appeared first on Bitcoin News.


Shrimp, Frogs, and Drugs Are Clogging the Ethereum Blockchain


Shrimps, Frogs, and Drugs Are Clogging the Ethereum BlockchainMove over Cryptokitties. The ethereum network has a new batch of games to blame for rising gas fees. Over the past week, the viral success of dapps such as Ether Shrimp Farm, Ether Cartel, and Pepe Farm has congested the ethereum blockchain, questioning its readiness for enterprise adoption. Also read: Cryptocurrency is Property in Russia, Justice […]

The post Shrimp, Frogs, and Drugs Are Clogging the Ethereum Blockchain appeared first on Bitcoin News.


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