Top Crypto News: 09/07

After making a daily high of $52,853, Bitcoin underwent a correction and is now trading at $46,512. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $3,438.

Let’s find out some interesting crypto news stories in detail for the day.

1- Ethereum Layer-2 Recorded More Transactions Processing Than Bitcoin

With the increase in Ethereum transaction fees, Layer 2 (L2) scaling protocols have gained widespread adoption over the past few months. As per a report, the L2 ecosystem is also processing more daily transactions than the Bitcoin network.

According to CoinMetrics data collated by industry analyst Evan Van Ness, Layer 2 protocols process roughly 250,000 transactions per day. Meanwhile, there were around 210,000 transactions recorded on Bitcoin.

The analyst reported that StarkWare processed around 143,000 transactions across different decentralized finance (DeFi) platforms. In addition, the recently launched Arbitrum had around 56,000 transactions. Optimistic Ethereum processes around 28,000 transactions daily.

2 – Cronos Mainnet Launch With $1Million Worth of BTC Giveaway has announced the upcoming launch of its Cronos mainnet on October 19, 2021. Cronos is the EVM chain running parallel with the Chain. Further, this strives to scale the DeFi ecosystem while ensuring the portability of dApps from Ethereum and EVM-compatible chains.

To celebrate this mainnet launch, the team has allocated a one million dollar prize pool for holders of its native token, CRO. The steps which are required to participate in this giveaway are: a) retweet the below announcement, b) reply to the tweet and tag 5 friends, c) follow @Cronos_Chain and @Cryptocom, and d) add #CRO to your Twitter bio. Overall, 1,000 winners will take home $1,000 in BTC each. Notably, this giveaway starts on September 6, 2021, and ends on October 19, 2021.

3 – Chiliz Coin Burn Destroys $3.5 Million Worth of CHZ Tokens

Chiliz has announced the burning of CHZ tokens worth over $3 million. As per the tweet, the team has destroyed roughly 8,888,888 CHZ tokens in its second-quarter token burn to date. Of the total amount, the team has destroyed 20% of all fan token trading fees on the Chiliz Exchange.

In addition, 10% burn is for $CHZ collected from Fan Token Offerings (FTO), along with an additional one million token burn from wallets. Chiliz has made a tremendous name for itself in the sports world by forging partnerships with many sports organizations and releasing fan tokens for the various teams.

4 – CoinMarketCap | Fearnfts Collaboration for FEAR Airdrop

In the last bit of crypto news for today, we have Fearnfts announcing its FEAR token airdrop. Moreover, Fear is a blockchain-based horror gaming and NFT project which provides gamers and crypto enthusiasts an opportunity to own unique and rare NFTs.

Notably, this airdrop starts on September 20, 2021, and ends on September 24, 2021. The team has allocated $30,000 worth of FEAR tokens for this airdrop. Users can participate in this airdrop by following some simple steps. More details regarding this airdrop can be found here.

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