DeFi News Daily Official TheBitTimes.com

Ethereum network fees are currently at their lowest point in 2023. The Ethereum (ETH) blockchain witnessed a significant reduction in network fees, with users paying a mere $1.15 per transaction, Santiment data shows. The current decline in Ethereum’s transaction fees carries with it a historical pattern that bodes well for the network’s utility.  As transaction fees drop, Ethereum becomes a cheaper choice for users to interact with its versatile platform. This development holds the promise of boosting Ethereum’s overall market value. Lately, there has been a notable rise in the level of on -chain transactions within the Ethereum network . The figure, totaling 1,089,893 user active wallets (UAW), marks the second-highest activity level in Ethereum’s history. Blockchain analysts at Santiment noted that such spikes in on -chain activity could be a signal for potential price rebounds. You might also like: Ethereum unveils new testnet called ...

Google Cloud Oracle was announced as the official verification system for data sent between blockchains using LayerZero’s omnichain interoperability protocol. LayerZero Labs, the entity behind on -chain messaging platform LayerZero, unveiled a partnership with Google Cloud to bolster security for data sent across different standalone blockchain networks. According to a Sep. 12 press release, LayerZero will onboard Google Cloud’s Oracle technology to verify and attest all blockchain messages broadcasted via LayerZero’s omnichain interoperability protocol. Furthermore, the Google Cloud Oracle will become LayerZero’s default validation system starting Sept. 19. The Oracle is available to all LayerZero decentralized applications (dapps) as of press time, according to the protocol. In the blockchain ecosystem, oracles are third-party services that bridge smart contracts to off -chain information sources and vice versa. The Google Cloud oracle is meant to serve as the https of cros...

ETH price rallied as deposits briefly surged after the Shapella, but on-chain data suggests that 1.4 million ETH will be withdrawn in the short-term. Ethereum’s long-anticipated Shanghai and Capella upgrade was activated on April 12 and the total withdrawal s in the first 40 hours after the Shapella upgrade stood at 142,425 ETH, per Nansen data. This falls in line with previous estimates.  For a brief moment on April 12, when Shapella was activated, the deposits to ETH staking contracts outpaced withdrawals. However, deposits have slowed down come April 13 while the withdrawals are going strong. ETH moved for withdrawals The validators are required to update their staking software clients with withdrawal credentials changed to 0x01 from 0x00 and point to a valid Ethereum address. Once validators do that, the partial withdrawals, i.e. the withdrawals of rewards above 32 ETH, will be processed automatically. Over 70.1% of validators have changed to 0x01, with 407,851.20 worth over $850...