The average transaction fee on Ethereum has soared past the $50 mark, showing an increase of over 2,300% since late June. Only seven days ago, the average transaction fee on ETH was $22.5.

A new report released by the Biden administration notes that stablecoins could transform the way people pay for things, but adds Congress must introduce regulatory oversight and formal market structure as soon as possible to protect and inform investors, issuers, and exchanges.

Data from top non-fungible token (NFT) marketplace OpenSea suggests that momentum within the NFT market is tapering down from the frenzied heights seen over the last few months.

Sponsored: You’ve probably heard all about Curve Finance, the popular decentralized exchange for stablecoins, but may be put off by having to manage another on-chain wallet. Bybit has simplified the process for users like you, so you can get easy access to DeFi on Bybit.

Top stories in the Crypto Roundup today:

• Ethereum Gas fees up 2,300% Since June
• Stablecoins Need Regulation, Says Biden Administration Report
• NFT Marketplace OpenSea Sees Volume Drop 12%
• The Future of Lido Finance
• Sponsored: Check Out The Newest Liquidity Mining Pool on Curve Finance

Ethereum Gas fees up 2,300% Since June

The average transaction fee on Ethereum has soared past the $50 mark, showing an increase of over 2,300% since late June. Only seven days ago, the average transaction fee on ETH was $22.5.

The price of transactions on Ethereum has been fluctuating ever since the London hard fork was implemented on the network. The hard fork included the EIP-1559 upgrade, which changed Ethereum's monetary policy by burning part of the transaction fees in every new block that previously belonged to Ethereum miners in an effort to alleviate the fees for network users.

Fees on Ethereum rise when there’s more demand on the network to process transactions. Ethereum’s price hit a new all-time high above $4,400 late last month at a time in which its trading volumes were soaring.

Part of the excitement is related to Ethereum’s Altair upgrade, which is designed to facilitate the network’s transition from a Proof-of-Work consensus algorithm to a Proof-of-Stake consensus algorithm.

Stablecoins Need Regulation, Says Biden Administration Report

A new report released by the Biden administration notes that stablecoins could transform the way people pay for things, but adds Congress must introduce regulatory oversight and formal market structure as soon as possible to protect and inform investors, issuers, and exchanges.

The President’s Working Group on Financial Markets revealed in the report that when regulated, stablecoins  could “support faster, more efficient, and more inclusive payments options.” The transition to stablecoins as a payment method, it adds, could occur rapidly due to network effects or “relationships between stablecoins and existing user bases or platforms.”

In a press release Securities and Exchange Commission Chairman Gary Gensler, who is a member of the President’s Working Group on Financial Markets, has said stablecoins need to be monitored to ensure they aren’t backing criminal activities.

The report focused on risks with special concern for what was called “prudential” risk. Prudential risks include a potential run on stablecoins, or an issuers’ inability to honor redemption requests.

To remedy its concerns, the report recommends lawmakers limit stablecoin issuance to insured banks. The move would give government agencies greater jurisdiction over their operations, but some argued that if the requirements go too far, they would disadvantage smaller start-up businesses.

NFT Marketplace OpenSea Sees Volume Drop 12%

Data from top non-fungible token (NFT) marketplace OpenSea suggests that momentum within the NFT market is tapering down from the frenzied heights seen over the last few months.

On OpenSea, Ethereum trading volume plunged from $3.4 billion in August to nearly $2.64 billion in October, recording a 12% month-over-month decline from $3 billion in September. The decline came after a dramatic increase in volume earlier this year.

Back in July, OpenSea saw $329 million worth of NFTs change hands on its platform. The figure jumped to $3.4 billion in August. The wider NFT market saw its trading volume skyrocket past $10 billion in the third quarter of the year, growing over 700% from Q2’s total.

The Future of Lido Finance

What do the weeks and months to come have in store for Lido and stETH holders?

Well, according to @kakamora, the future looks bright. “Lido is doing everything right,” the submission notes, and is “on track to be the winner,” when it comes to ETH staking.

Part of the reason for that confidence comes from forecasts for future ETH staking on Lido. According to the user, “we can forecast future growth of LIDO and the amount of ETH staked through its services,” with nearly 250,000 ETH expected to become stETH by February of 2022.

Bybit’s DeFi Mining - Check Out The Newest Liquidity Mining Pool on Curve Finance

You’ve probably heard all about Curve Finance, the popular decentralized exchange for stablecoins, but may be put off by having to manage another on-chain wallet. 

Bybit has simplified the process for users like you, so you can get easy access to DeFi on Bybit. 

All you have to do so:

1. Choose among 7-, 14-, and 21-day product plans.
2. Stake USDT. 
3. Sit back and collect your rewards.

It’s that easy. 

Terms and conditions apply. Check it out now!

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