DeFi & L1L2 Weekly: π Ethereum gas fees surge amid the rise of ERC-404
DeFi & L1L2 Weekly: π Ethereum gas fees surge amid the rise of ERC-404Ethereum gas prices surge to 8-month high amid the popularity of ERC-404. Ethereumβs Dencun upgrade is set to go live on 13 March. Avalanche launches its Durango upgrade on the Fuji testnet.
Weekly DeFi IndexThis week's market cap index was positive at +9.31%, while volume and volatility indices were negative at -7.90% and -43.70%, respectively. Chart of the WeekOn 9 February, Ethereum network gas fees hit an average peak of 70 gwei (equivalent to ~US$60 for an average transaction), reaching as much as 272 gwei or an eight-month high. The recent spike in gas prices coincides with the growing popularity of the new ERC-404 token standard. ERC-404 is an unofficial Ethereum token standard introduced by the Pandora project, which aims to bind ERC-721 NFTs to ERC-20 tokens, allowing for fractionalised NFT ownership. Since launching on 5 February, the PANDORA token has recorded over $47.36 million in sales volume, with its price going up to $17,341 (+315%) today. Additionally, the trading volume of the over 600 deployed ERC-404 tokens on decentralised exchanges has reached $1.25 billion. To further promote adoption and integration, the teamβs developers are working to reduce gas costs by 300% to 400%. News Highlights
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