The average price of gas on the Ethereum blockchain is at its lowest point since March 2020, dropping to the 15-30 gwei range. The figures are down significantly from the 300 gwei range seen in April when transaction fees surged.

Cryptocurrency exchange Crypto.com has partnered with the UFC to become the mixed martial arts organization’s global fight kit partner. This means the firm’s brand will be featured on UFC fighter uniforms and shown during major fights.

Russia is reportedly preparing legislation to allow law enforcement agencies to confiscate illegally obtained cryptocurrencies.

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Top stories in the Crypto Roundup today:

• Ethereum Gas Prices Drop to 16-Month Low
• Crypto.com Inks $175 Million Sponsorship Deal With UFC
• Russia to Introduce Legislation to Confiscate Crypto
• Daily Movers – THETA, SAND, STX

Ethereum Gas Prices Drop to 16-Month Low

The average price of gas on the Ethereum blockchain is at its lowest point since March 2020, dropping to the 15-30 gwei range. The figures are down significantly from the 300 gwei range seen in April when transaction fees surged.

One gwei represents a fraction of one ether - 0.000000001 ETH – and helps determine transaction prices. Different transactions on the Ethereum network use different amounts of gas, and the average transaction fee is around $8.15.

According to a report, gas prices are dropping as projects and users are increasingly turning to “scalability solutions” like Polygon and Arbitrum, which take some of the strain off of the main Ethereum blockchain.

CoinMetrics added that gas prices have been declining since the gas limit per block was raised from 12.5 million to 15 million gwei, and that arbitrage bots looking to make a profit on decentralized exchanges are being moved off of the Ethereum blockchain to other chains.

Crypto.com Inks $175 Million Sponsorship Deal With UFC

Cryptocurrency exchange Crypto.com has partnered with the UFC to become the mixed martial arts organization’s global fight kit partner. This means the firm’s brand will be featured on UFC fighter uniforms and shown during major fights.

The sponsorship deal is reportedly the largest in UFC history, as people familiar with the matter claim it’s worth $175 million and will last for a 10-year period. The UFC’s largest-ever deal before Crypto.com was with Draftkings for a reported $100 million.

The deal follows multiple partnerships between cryptocurrency firms and sports companies. FTX, another crypto exchange, has led most deals. The firm partnered with high-profile figures, won the naming rights to the entertainment venue home of the Miami Heat and even partnered with a major esports organization to add FTX to their name.

Russia to Introduce Legislation to Confiscate Crypto

Russia is reportedly preparing legislation to allow law enforcement agencies to confiscate illegally obtained cryptocurrencies.

The move was revealed by Prosecutor General Igor Krasnov at a conference in Saint Petersburg, where he said cryptocurrency use by criminals is a serious issue for law enforcement.

Per his words, Russia’s criminal and penal codes are being updated to allow law enforcement to “apply restrictive measures and confiscation to the virtual assets.” To Krasnov crypto is increasingly used for bribery and is harder to trace than fiat currencies.

A representative of Russia’s financial surveillance body, Rosfinmonitoring, has earlier revealed the agency was planning to trace bitcoin withdrawals and add a new classification code for suspicious cryptocurrency transactions.

Daily Movers – THETA, SAND, STX

Several tokens are leading the charge in the last 24-hour period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

Theta Token (THETA) – Theta is a decentralized video delivery network similar to Twitch, but powered by its users. Its mainnet was launched in 2019 with a swap from ERC20 Theta tokens to native THETA on its own blockchain.

The Sandbox (SAND) – The Sandbox’s SAND token has moved up 10.7% in the last 24 hours. The Sandbox’s blockchain gaming platform has seen leading cryptocurrency exchange Binance acquire LAND tokens within it to host social gaming events, boosting its popularity.

Stacks (STX) - Stacks is an open-source network of decentralized apps and smart contracts built on Bitcoin. The Stacks blockchain is a flexible layer on top of Bitcoin that enables decentralized apps, smart contracts, and digital assets

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