Coinrank Weekly
Hello everyone,
Welcome to the latest Coinrank weekly, where we will go over some of the most significant events that occurred throughout the previous week within the crypto space. Keep reading and stay in the loop when it comes to all the latest developments.
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Weekly Deep Dive
Last week we looked at Polygon, the interoperability and scaling framework that was developed with the goal of building an Ethereum-compatible blockchain network.
Read the report here.
Ethereum Gas Fees Became 62% cheaper
Between November and December 2021, the transaction fees on the Ethereum network were cut by more than half the rate.
According to data from BitInfoCharts, the average fee to move Ethereum was $62.84 per transfer at the time; however, since then, it has dropped to 62.85% or to $23.34 per transaction. Since that point in time, the gas price has continued to drop, making transactions on Ethereum a lot more affordable as a result.
Elon Musk Discloses That Mars Will Have Its Own Cryptocurrency, and It Isn’t Dogecoin
Elon Musk has stated numerous times that Dogecoin is by far one of his most favorable cryptocurrencies in regards to making transactions, declaring that Doge is a better payment method than Bitcoin. Musk even confirmed that Tesla would accept Dogecoin for merchandise purchases to further prove his point.
Musk appeared in a podcast with Lex Friedman, where he explained why Dogecoin would not be the official cryptocurrency of Mars. Mars needs a different currency due to the fact that you cannot synchronize due to the speed of light.
At its closest approach, Mars is four light minutes away, while it's 20 light minutes away at its furthest. This way, a one-minute blockchain cannot synchronize properly.
Polygon Disclosed a Patched Exploit That Put 9 billion MATIC Tokens at Risk
A hacker that ended up helping Polygon avert a 9 billion MATIC token disaster in early December won a $2.2 million bug bounty through an announcement by the network on Wednesday.
"White hat," otherwise known as "Leon Spacewalker," on Twitter and GitHub, reported an exploit in a critical Polygon smart contract that held more than 9 billion MATIC tokens on December 3.
At the time, it was worth $20.2 billion. The core developers rushed in a fix by December 5. This was all announced through a statement by the platform. The network saw an 80% upgrade in less than 24 hours without causing any downtime.
Read more in our weekly deep dive of the Polygon project.
Shiba Inu Developers Made an Announcement of the First Phase of The Doggy DAO
Shiba Inu developers announced DAO 1, and this is a beta version of the Doggy decentralized autonomous organization. This DAO is intended to prevent developers from exerting authority over specific areas and gives power to the community.
DAO 1 intends to let the community decide which cryptocurrency pairs can be added to liquidity pools on the ShibaSwap decentralized exchange.
The feedback gained from the community regarding this DA 1 will be taken into consideration before a rollout of a more complex version called DAO 2.
Shiba Inu Beat Bitcoin and Emerged as the Most Viewer Crypto of 2021
In 2021, according to data from CoinMarketCap, Shiba Inu became the most viewed coin of the year, with Bitcoin being in second place.
The main Rival to Shiba Inu, Dogecoin, was in third place. All of this ended up marking a huge leap in meme-token dominance in 2021 due to the fact that these tokens have proven to be the most prominent cryptocurrency for investors throughout the year.
Thanks for reading,
The Coinrank Team
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