Chain News Daily Official TheBitTimes.com

Ethereum, the second-largest cryptocurrency by market capitalization, recently made headlines with a significant burn of $7 million worth of Ether (ETH). This monumental burn, involving 3,219.96 Ether, underscores Ethereum’s transition towards becoming a deflationary currency.  Let’s delve into the details of this burn and its implications for the Ethereum network. Understanding Ethereum’s burn mechanism The concept of burning in the cryptocurrency realm refers to the process of permanently removing coins or tokens from circulation by sending them to an unusable wallet. In Ethereum’s case, this burn occurred as a result of transactions, where a variable base fee, introduced through Ethereum Improvement Proposal 1159 (EIP-1159), is now included in each transaction. EIP-1159, implemented on August 5th, 2021, overhauled Ethereum’s fee model by introducing this variable base fee. This fee adjusts according to the current demand f...

Ripple’s XRP Ledger (XRPL) is rolling out an upgrade as part of a two-week activation countdown, with backing from over 80% of validators. The amendment aims to reduce obscured order books, improving XRPL’s overall functionality. XRPL introduces fixReducedOffersV1 XRPL is gearing up for new Features , and users on the Ripple v1.11.0 or earlier versions are urged to update their software, particularly for the critical fixReducedOffersV1 addressing DEX issues. For the upgrade to get executed, an 80% consensus must be reached within a 14-day period. According to the XRPL v1.12.0 update, fixReducedOffersV1 upgrade’s goal is to reduce obscured order books caused by reduced offers, thereby improving the overall functionality of the XRPL. This amendment also allows protocol changes with 80% validator support within two weeks, prompting users to upgrade for continued engagement. From the taker’s standpoint, fixReducedOffersV1 can enhance exchange rates on DEXs, making reduc...