Ton Blockchain Implements Gas-Free Transactions
The developers of TON and the Tonkeeper wallet have introduced a new W5 Smart Wallet standard that supports gas-free transactions.
The main advantage of the W5 wallet is the absence of transaction fees. Users can pay for transactions using USDT or Notcoin directly from their wallet balance. In the near future, this feature will be available in TON Space and MyTonWallet.
The W5 standard is the result of cooperation with the TON ecosystem, created to replace the current version of the v4 wallet. The new standard includes two-factor authentication, password recovery, and gas-free fees that are paid in USDT.
The introduction of gas-free transactions became known from the TON roadmap for 2024, presented in April. This document also describes the development of the innovative cross-chain Teleport technology.
Solana has overtaken BNB in terms of market capitalization
As the crypto market recovers from its recent correction, Solana (SOL) has gained ~6.5% in the last 24 hours, helping it overtake BNB in market cap. SOL's total market cap has reached $84.46 billion, while BNB's market cap is $84.39 billion, according to CoinMarketCap.
BNB's relatively low market cap may be due to regular quarterly coin burns. In addition, the Solana-based DeFi ecosystem surpasses BNB in total locked capital (TVL) — $5.35 billion versus $4.75 billion.
Base’s Number of Transactions and Active Addresses Break Records
Base set new records for the number of transactions and active addresses on the network, strengthening its position among the leading L2 solutions, according to analysts at The Block.
On July 23, 3.97 million transactions were recorded, up 22% from 3.25 million transactions 10 days earlier. The number of active addresses also increased to 751,490, up from 508,080 on July 11.
Network fees also increased significantly, reaching $177,000 on July 20, a monthly high. Total fees for the week were $967,000, highlighting the growing activity on the network.
BNB Foundation Completes 28th Token Burn Worth $971 Million
The BNB Foundation has completed its 28th quarterly token burn, removing 1.644 million BNB worth approximately $971 million from circulation. The native coin of the BNB Chain ecosystem is used to pay fees on the BNB Smart Chain (BSC) blockchain, the opBNB L2 network, and the BNB Greenfield protocol. Additionally, BNB serves as a governance token for community decision-making.
The Auto-Burn system is used to reduce the supply to 100 million BNB. The amount of tokens burned is determined based on the asset price and the number of blocks created in the BSC during the quarter. Tokens are also destroyed in real-time through a gas-based burn mechanism. Since the implementation of BEP-95, approximately 234,000 BNB have been destroyed. The ecosystem also has a BNB Pioneer program that helps restore assets lost by mistake by compensating them through quarterly burns.
Ethereum Address Moves ~$288 Million After 7 Years
On July 25, an address believed to be associated with the Ethereum Foundation (EF) moved 92,500 ETH, worth about $287.7 million, after seven years of inactivity. EthHub co-founder Eric Conner commented that the address likely belonged to one of Ethereum’s early contributors. The Ethereum Foundation, in turn, confirmed that the address does not belong to them.
According to the Arkham platform, the organization moved 96,474 ETH on September 1, 2015. These funds were sent to a new address that remained mostly inactive for seven years.
Conner noted that the 2015 transaction likely represented the initial transfer of EF assets to an investor, which was a common practice at the time. The comments emphasized that 1 ETH was worth $1.35 at the time, and the entire transfer amounted to just over $100,000.
Proton Expands Range of Services by Launching Bitcoin Wallet
Proton, a company known for its email, VPN and cloud services, has released a new product — Proton Wallet with open source code. The developers decided to create a self-storage wallet that offers maximum independence and minimum trust requirements.
Proton Wallet uses end-to-end encryption to store keys and metadata, which ensures that the user's assets cannot be confiscated or their actions tracked, even by the company. To protect personal information, Proton servers are used with an improved Secure Remote Password protocol, which ensures secure authorization.
In the wallet, the user can create multiple addresses, and for each of them, the application generates a unique key. This key is used to encrypt and decrypt any confidential data stored on Proton servers.