Top Crypto News: 03/06

At the time of press, Bitcoin is trading at $49,143. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $1,682.

Let’s find out some interesting crypto news for today.

EIP-1559 Scheduled for Ethereum’s London Hard Fork To Solve Gas Fee Issues

Ethereum Improvement Proposal (EIP)-1559 is set to introduce in the coming month of July the London Hard Fork. Despite the miner community’s objection, the proposal was shaped after an all-core developers call on Friday. Currently, Ethereum’s high network fee is creating an issue and making it difficult for users to utilize it. Moreover, the DeFi space seems to be the most affected by these gas fee cost issues, which makes it sometimes more difficult for anyone to even perform a simple swap. Further, this results in the shifting of many traders and DeFi protocols to other ERC-20 blockchains. The EIP-1559 proposal will modify the current transaction processing process. Additionally, with this upgrade, users would send gas fees directly to the network, which empowers users to pay a fair fee.

Harmony Launches First Network Governance App To Empower Network Validators

Harmony announced the launch of its first network governance app. As per the official blog, this application release will allow validators to utilize the ownership of the network upgrade, parameter adjustment, and the release process. Further, this will foster the participation of all the validators in the network. Notably, only elected validators can create proposals, while other validators are authorized to vote on the proposals. This upgrade benefits the network by facilitating the active validators to create proposals and vote on them. This will also support HRC-20 governance when applications reach a critical mass. Additionally, the team is striving to launch a full on-chain governance application using a similar frontend interface, which will replace the off-chain governance app once implemented.

Fantom | Band Protocol Expanding Partnership by Launch of BandChain Node

Fantom fortifies its Band Protocol partnership with the launch of its BandChain Node. Moreover, Band Protocol already secured nearly half a billion dollars on the Fantom smart contracts. With this strategic partnership, both the Fantom and Band Protocol communities would delegate BAND to bolster the Fantom Foundation node. In addition, Band Protocol has extended support for 19 decentralized price feeds for the top DeFi assets on the Opera mainnet. Furthermore, Band Protocol is backed by one of the top venture capital firms, Sequoia Capital, and it facilitates smart contract applications such as DeFi, prediction markets, and games to be established on-chain.

OIN Finance | Avalanche Fostering AVAX-Backed Stablecoins To Empower DeFi Users

OIN Finance is integrating its OINDAO platform with Avalanche for stablecoin minting using AVAX. Moreover, OINDAO allows projects and users to mint their own branded stablecoins pegged to the U.S. dollar utilizing a customizable staking pool. With this integration, users can collateralize and stake their favorite token to mint their own branded stablecoin. Further, token holders can use Curve Finance to swap these minted stablecoins with other mainstream stables, such as USDT, USDC, and more. This partnership will initially see OIN fostering AVAX-backed stablecoins created on OINDAO on Ethereum.

Elrond Teams up With Knit Finance To Boost Interoperable Synthetics and Tokenization

In the last bit of crypto news for today, we have Elrond partnering with Knit Finance to enhance value fluidity and enable tokenization. KNIT.Finance is a novel decentralized protocol that utilizes smart contracts and collateralization to connect synthetics across multiple chains, bridges, and real-world markets. Further, it is democratizing and creating new opportunities for DeFi by enabling different asset class availability on multiple chains. This alliance will empower eGold and Elrond assets to be tokenized and issued on other blockchains, and vice versa.

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