Bitcoin Average Network Fees Increase 10.4 Times
On August 22, the average transaction fee on the Bitcoin network skyrocketed by 937.7% compared to the previous day, rising from $0.74 to $7.68. Since July, network fees had remained relatively stable, not exceeding $2. Notably, on August 18, the fee reached a low of $0.56. The sharp increase in fees forced network participants to face higher transaction costs. On August 23, the average transaction fee dropped to $0.34.
SEC Concerned About Solana (SOL) Security Status
The U.S. Securities and Exchange Commission (SEC) has expressed doubts about whether Solana (SOL) qualifies as a security, which has become a topic of discussion with potential ETF issuers.
Last weekend, users discovered that the 19b-4 filings submitted by exchange representatives had disappeared from the trading platform's website. Similarly, these filings also vanished from the Federal Register.
To begin trading ETFs, regulators must submit an S-1 form. However, the SEC has not set a specific review timeline for this form. We will soon receive updated 19b-4 filings, which will provide more informed opinions on Solana's status.
Base Launches ENS Domain Name System
The second-layer network Base on the Ethereum platform is launching a new feature called Basenames. This solution will allow users to convert their complex hexadecimal addresses into easy-to-remember names using Ethereum Name Service infrastructure.
According to the official website, Basenames will become a key element of the network, enabling users to establish their digital identity on the Base platform. Owners of ENS domains (like base.eth) will be able to create an unlimited number of subdomains. These subdomains will remain under the control of the main ENS name owner.
After the launch of Basenames, all available names will be auctioned in the Netherlands, allowing users to purchase them. The price of names will gradually decrease over 36 hours, ensuring that everyone who wants to acquire their desired name can do so fairly.
Solana Network Prediction Market
The team behind the Solana-based perpetual contract trading protocol Drift has launched a new prediction platform called BET. As explained by the developers, BET (short for Bullish on Everything) integrates with Drift infrastructure and provides users with cross-margin and structured betting capabilities. The platform also utilizes liquidity pools from the accompanying protocol. BET supports over 30 crypto assets as collateral. In the current alpha version of BET, two contracts related to the presidential campaign are already running, with a total funding pool exceeding $300,000.
Tether Announces USDT Launch on Aptos Network
Tether has announced plans to integrate its USDT stablecoin with the Aptos Network blockchain in the near future. In the announcement, Tether highlighted the key advantages of the Aptos infrastructure, such as high speed, scalability, low transaction costs, and an active developer community.
The Aptos ecosystem has also seen remarkable growth, with the number of active users increasing from 96,000 at the beginning of 2024 to 170,000 in July. In May, the network set a record for the number of transactions processed in a single day—157 million. According to Aptos, as of the week ending August 15, the average daily transaction volume was around 50 million, with the protocol's peak throughput reaching 12,492 transactions per second.
This integration is supported by the Aptos Labs team. The company's CEO, Mo Sheikh, emphasized that this collaboration will make the most effective use of blockchain capabilities to handle large amounts of data and accelerate customer growth.
MakerDAO Users Lose $55 Million in Phishing Attack
Lookonchain analysts reported that an unknown user lost $55.47 million worth of DAI stablecoin on the DeFi platform MakerDAO due to a phishing attack. Experts stated that during the incident, the investor inadvertently signed an unknown transaction and used a fake address as the asset owner. After realizing the mistake, the user may have attempted to refund the funds, but the transaction was blocked as the protocol had already recorded the ownership change.