Crypto News Digest by U.Today
What news did the weekend bring? Read U.Today’s Crypto News Digest to find out!
Take a look at what happened in the crypto industry over the weekend with the top four news stories from U.Today.
Shiba Inu Burn Portal Records Over 20 Billion SHIBs Burned Less Than A Week After Launch
shiba inus holders continue to support the recently introduced burn portal, wishing to increase the price of their tokens. In the first 24 hours after launch, a whopping eight billion tokens were incinerated. Since then, that number has more than doubled. According to a report on Saturday, meme token holders have destroyed over 20 billion SHIB tokens.
Todayaccording to the latest U.Today article, the number of burnt Shiba Inu tokens has risen to 22.5 billion.
Solana falls (again)
According to Solana Laboratories communications manager Austin Federa, Solana suffered seven hours of downtime on Sunday after his mainnet bet fell out of consensus. The reason for the “Ethereum killer” outage was a “huge” number of incoming transactions congesting the network; it struggled to process a record 100 gigabits of data per second. This isn’t the first time Solana has experienced a technical setback. In January, the fledgling network suffered up to six outages.
The battle of the ripples rages on; SEC makes another attempt to shield Hinman’s emails
In his Saturday tweet, corporate defense attorney James K. Filan shared that the SECOND submitted a letter motion to keep Hinman’s emails private from Ripple and the judge, citing attorney-client privilege. According to the regulator, in those emails, SEC attorneys consulted with Director Hinman on securities laws, so in this case he is considered their client. Additionally, SEC attorneys requested permission to retain two additional comments in Hinman’s draft speech that were addressed earlier in April.
Ethereum fees jump 86% in Q1 2022, $2.1 billion in ETH burned
The experts at Bankless, one of the most insightful podcasts on blockchain, crypto and Web3, have shared some numbers on its state of Ethereum Q1 2022, report. First, compared to the first quarter of 2021, the network’s aggregate hashrate and the amount of Ethereum staked have both increased by 111%. Second, Ethereum network participants collected $2.48 billion in fees, up from $1.7 billion a year ago. Third, the total volume of locked assets (TVL) in Ethereum-based Layer 2 solutions increased by 964%. Fourth, and the most impressive stat: net trading volume soared by more than 19,200%, from $0.6 billion to $116 billion.