Category: Earn Money

In November, L2s have been posting some 3x more transaction data each day to the mainnet than they did in March.

Ethereum’s network revenues are poised to rebound as surging activity on layer-2 (L2) scaling networks drives demand for data

storage, according to cryptocurrency researchers and onchain data.

In November, Ethereum L2s have been posting upward of three times more transaction data each day to the mainnet than they did in March, according to data from Dune Analytics.

Ethereum’s revenues dropped by as much as 95% after the network’s March Dencun upgrade migrated L2 transaction data to temporary

offchain stores called “blobs” in a bid to cut costs for users, according to data from asset manager VanEck.

“ETH Fees Were Weak Due to Lack of Blob Revenues as L2s Have Not Filled Available Capacity,” Matthew Sigel, VanEck’s head of digital asset research, said in a Nov. 1 post on the X platform.

“There is Some Evidence this is Changing, thanks to Base, Scroll and World Chain,” Sigel said, referring to three popular L2s.

In September, Sigel said he expects Ethereum to generate up to $66 billion in annual free cash flow by 2030, driving spot Ether’s price as high as $22,000 per Ether
ETH
tickers down
$2,948.18
token.

His estimate reflects anticipated value accrual to ETH holders from transaction fees as Ethereum processes a growing portion of the world’s transactions.

“Ethereum processed roughly $4 trillion in settlement value over the last year and another $5 trillion in stablecoin transfers annually. So this is far bigger than PayPal and is beginning to approach networks like Visa,” Sigel said.

Since launching in 2015, Ethereum has generated $3 billion in fees (denominated in ETH), Sigel said.

Other ETH value accrual mechanisms include “burning” — or permanently removing from circulation — a portion of transaction

fees and emitting new ETH to reward stakers, who post ETH as collateral to secure the network.

On Nov. 6, ETH prices spiked 10% after crypto-friendly Republican Donald Trump prevailed in the United States presidential elections.

Meanwhile, US spot Ether exchange-traded funds (ETFs) saw net inflows of $52.3 million, the highest in six weeks.

Trump’s victory in the presidential election could pave the way for more crypto investing products to hit the US markets, including the

first staked ETH ETFs, according to Edward Wilson, an analyst at Nansen.

Other protocols are competing against Ethereum in data availability. They include Celestia, EigenDA and Avail, among others.

The Framework Ventures-backed platform has surpassed $150 million in TVL, despite a wider downtrend in the NFT market.

Infinex’s latest non-fungible token (NFT) collection has amassed over $40 million worth of sales within the first four days despite the sluggish performance of the top NFT collections.

Infinex is a non-custodial platform offering easy access to onchain protocol and decentralized applications (DApps).

The platform’s new Patron NFT collection surpassed $40 million in sales within the first four days, according to an announcement shared exclusively with Cointelegraph.

According to Kain Warwick, the working group lead at Infinex Core, the NFT collection is expected to attract even more investor interest. Warwick wrote:

“The first phase of the Patron Sale has been incredibly exciting with major foundations, VC firms and angels joining, but the next waves are even more critical as we expand to the wider community.”

Over 74% of the Patron NFTs have already been sold, with just six days remaining from the NFT sale.

The $40 million sale comes during a significant market downturn for the wider NFT market. Some of the most popular blue-chip NFTs

are down over 74% from their peak valuations.

Infinex surpasses $150 million TVL peak
Infinex surpassed $150 million in total value locked (TVL) on July 25, thanks to its ongoing “launch season,” which attracted an additional $100 million in TVL within the first 10 days of the campaign.

Patron NFTs come in three tiers, costing either $5,000, $3,000, or $1,250, with the latter NFT being locked for 12 months from the

distribution date, meaning that they won’t be transferable until they gradually unlock.

Early-stage participants of the NFT sale include Framework Ventures, Wintermute, Wormhole Foundation, and Variantm, as well as prominent crypto figures such as Sergej Kunz, the co-founder of 1inch Network.

Infinex aims to replace centralized cryptocurrency platforms as the main point of contact for new crypto users.

Nigeria’s SEC will enforce regulations on unregulated crypto businesses as it aims to protect investors and encourage innovation in the growing market.

Nigeria’s Securities and Exchange Commission (SEC) plans to start enforcement actions against businesses and individuals involved in unregulated cryptocurrency transactions.

Emomotimi Agama, the director-general of Nigeria’s SEC, announced that Nigeria would be taking action against entities attempting to offer cryptocurrency services without proper regulation, according to a report by the local news agency Nairametrics on Sept. 9.

Agama emphasized that the measures align with the SEC’s commitment to protect investors, including those involved in the crypto industry. He stated:

“We are certainly going to commence enforcement actions on anyone who wants to operate in this market without the intention of being regulated. For those that do not want to play by the books, we will not allow them to operate within our space.”

Only two crypto exchanges are currently regulated in Nigeria
The SEC’s statement comes about two weeks after the Nigerian securities regulator issued the first provisional operating licenses to the two local crypto exchanges, Busha Digital and Quidax Technologies, on Aug. 29.

While there are a number of other SEC-approved businesses related to digital assets in Nigeria, Busha and Quidax are currently the only two exchanges officially supervised by the authority, according to its website.

According to Agama, the recent approvals of Busha and Quidax in Nigeria were driven by young Nigerians’

growing interest in digital assets. The official stressed the need for a clear regulatory framework that protects investors while encouraging innovation.

He mentioned that the SEC’s supervision of crypto will include checks related to Anti-Money Laundering and Combating the Financing of Terrorism protocols.

Inconsistency and lack of clarity in Nigeria’s crypto regulations
Industry observers agree that Nigeria’s approach to regulating cryptocurrency transactions has been somewhat unclear and inconsistent despite emerging as one of the world’s major crypto markets.

In early 2021, the Central Bank of Nigeria (CBN) placed a blanket ban on crypto by prohibiting all financial institutions from servicing crypto exchanges in the country.

One year later, the Nigerian SEC published a regulatory framework targeting crypto exchanges.

In late 2023, the CBN officially lifted the ban on transacting in cryptocurrencies but subsequently pushed new regulations that aim to restrict peer-to-peer crypto exchange using the national currency, the Nigerian naira, in May 2024.

Global exchanges like Binance have also faced action from Nigerian regulators.

Despite Binance announcing its exit from Nigeria in March 2024, local law enforcement did not release its executives, including Binance’s head of financial crime compliance, Tigran Gambaryan.

Gambaryan has been detained for over six months since his arrest in February as he awaits the court’s decision on bail, which is expected in Octobe