The decline in ETH’s TVL ratio is most likely due to high transaction fees of approximately AU $ 28 (US $ 20).
- Utilization of ETH-based NFTs, games and dApps has been declining over the past few months.
- The Philippine government recently announced the launch of its own CBDC pilot program called “Project CBDC Ph”.
- Hardware wallet maker Ledger has released a refrigeration unit focused on a total of 10,000 limited edition NFTs.
Ethereum, the world’s second-largest cryptocurrency by market capitalization, has witnessed a lot of volatility over the past month, as reflected in the fact that Altcoin has lost more than -12% in the last seven days. Continue to do. At the time of press, ETH is trading at a price of AU $ 3,600.
Ethereum’s continued slump seems to be due to the fact that currency transaction fees are moving in the price range of around AU $ 20- $ 28. As a result, many individuals using various ETH-based dApps, blockchain games, and NFTs continue to find it difficult to use the ecosystem.
Even more alarming is the fact that the Ethereum Network’s Locked Total Value (TVL) advantage has declined by more than 50% over the past few days, reducing the amount of locked assets within the system’s native smart contracts. It’s the worst ever compared to the closest reals like Terra, Polkadot, Solana, Cardano, Avalanche and more.
These unwanted developments may stem from the fact that the transition from Ethereum’s long-awaited Proof of Work (PoW) framework to Proof of Stake (PoS) has once again faced a delay.
How to buy Ethereum
Philippines plans to release CBDC pilot
One technological niche that continues to intrigue many countries as the consortium of leading growing financial players continues to adopt cryptocurrencies at the global level is that of the Central Bank Digital Currency (CBDC). In this regard, representatives of the island nations of the Philippines have announced the development of Project CBDC Ph, a CBDC service unique to Asian countries, in collaboration with Bangko Sentral ng Pilipinas (BSP), the central banking authority of the Philippines. In this regard, BSP President Benjamin Diokno reportedly said:
“This project aims to build organizational capacity and hands-on knowledge on key aspects of the CBDC related to use cases for dealing with friction in national payment systems.”
According to Diokuno, this program will not only help governments promote state-based cash support programs, but will also help provide immediate financial support to many underprivileged sections of society.
Ledger announces NFT-centric hardware wallet products
Ledger, one of the world’s leading hardware wallet makers, announced earlier this week that it plans to release a limited edition NFT-focused wallet set (Ledger Nano S Plus). .. A total of 10,000 devices will be open to the public at a cost of A $ 110 (US $ 79) each.
This release will be promoted in conjunction with the Ethereum-based Attendance Proof Protocol (POAP). Simply put, POAP can be thought of as “digital memory” associated with various NFTs that indicate engagement and attendance.
Are you interested in cryptocurrencies? Learn the basics in Bitcoin Beginner’s Guide, learn about Ethereum, and see what blockchain can do with DeFi’s easy guide.
Disclosure: The author owns various cryptocurrencies at the time of writing
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