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A GAME Fees on Ethereum scaling solution Polygon are surging to record highs. The cause? A game. Polygon gas prices spiked to an all-time high of a 410 Gwei average. That’s nearly twice as much as the previous high of 226 posted on Dec. 4, according to Polygon’s block explorer.
FRACTIONS One Gwei is equal to one billionth of a MATIC token, native to Polygon, and transactions require many units of gas (denominated in Gwei), with more needed for more complex transactions. So while 410 Gwei is still fractions of a cent, with transactions costing many units of gas, those increases in price add up.
SURGE The game driving the surge is called Sunflower Farmer and people like Stephen Bentyn, who works on a Polygon-based app called Sapiency, are quipping on Twitter that “Sunflowers broke Polygon.”
$20M In the latest sign Wall Street billionaires are moving deeper into DeFi, Livepeer, an Ethereum-based video streaming network, has raised $20M in a funding round including Tiger Global, the technology investment firm led by one-time hedge fund manager Chase Coleman, and Alan Howard, the co-founder of Brevan Howard Asset Management.
NICHES Livepeer will use the new funds to expand its live-streaming infrastructure to target eSports, social content, and live shopping, among other niches. Coinbase Ventures and other investors also joined the round. The startup has raised a total of $48M. Tiger Global and Howard, who invested in BitDAO last year, are betting that Livepeer has the potential to disrupt YouTube, Twitch, and other social media streaming giants.
FEES Livepeer’s decentralized model is designed to harness the computational power of holders of its token, LPT. They enable the network to transcode, host, and stream videos. Bandwidth providers earn fees in the form of ETH or stablecoins. Fees are also divided among delegators that stake LPT toward specific providers. LPT is up 244% in the last 12 months, according to CoinGecko.
NEWS BitGo, a crypto platform that caters to institutional investors, has launched support for Index Coop’s “thematic” tokens. The move signals growing demand from institutions for products that allow them to speculate on nascent segments breaking through in the DeFi and Web3 sectors, including Metaverse and data economy projects. Index’s thematic tokens offer diversified exposure targeting emerging niches in crypto.
INTEGRATION The integration will allow BitGo’s institutional clients, including venture capital firms Pantera and Base58, and crypto exchange Bitstamp, to access Index Coop’s Metaverse Index (MVI), Data Economy Index (DATA), and Bankless BED Index (BED) tokens.
INDICES “These crypto index funds will provide BitGo’s institutional clients with simple, one-token access to emerging crypto themes,” said Index Coop. Index Coop describes itself as “a collective aimed at creating and maintaining the best crypto indices on the market.” In addition to its thematic index tokens, the group also offers leveraged tokens that track ETH and BTC.
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🔗 Congress is preparing an oversight hearing on Bitcoin mining's environmental impact: sources: The Block
A Congressional subcommittee is preparing a hearing to examine the environmental impact of cryptocurrencies, especially bitcoin mining, three sources with knowledge of the matter have told The Block.
Many resources in the EVM have the property that they have very different limits for burst capacity (how much capacity we could handle for one or a few blocks) and sustained capacity (how much capacity we would be comfortable having for a long time).
Following ConstitutionDAO, BlockbusterDAO also aims to buy a piece of history — the Blockbuster brand.
Bitcoin tumbled to its lowest price in a month as minutes from the Federal Reserve’s last meeting in December showed officials discussed whether to start shrinking the U.S. central bank’s swollen $8.3 trillion balance sheet.
Trending in The Defiant
Osmosis Lights Up the Market with 80% Run in Last 14 Days Osmosis, a decentralized exchange, has made its way to the front page of CoinGecko as its token has repeatedly rallied in the new year.
Yearn Passes New Tokeneconomics, Rewarding YFI Stakers With Up to $35M Per Year Yearn has decided to make governance pay.
Yield aggregator Yearn Finance has closed the vote on its new tokenomics.
Sunflower Game Throws Wrench in Polygon’s Gears Fees on Ethereum scaling solution Polygon are surging to record highs. The cause? A game.
🧑💻 ✍️ Stories in The Defiant are written by Brady Dale, Owen Fernau, Samuel Haig, DeFiDad, and yyctrader, and edited by Edward Robinson, yyctrader, and Camila Russo. Videos are produced by Robin Schmidt, Alp Gasimov and Daniel Flynn. Podcast is led by Camila, edited by Alp.
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