News summarizing the blockchain & cryptocurrency market – May 10
The Dencun upgrade is causing Ethereum to re-inflate
According to CryptoQuant's findings, the Dencun upgrade caused Ethereum to re-inflate. This threatens the “hypermoney” characteristic of Ethereum. Ultrasound money is a term that refers to an asset that has stable purchasing power and increases in price over time. Before the Dencun upgrade, the amount of Ethereum transaction fees burned decreased, but since then it has become less dependent on network activity. The global ETH supply has increased by nearly 35,000 ETH in just the past 30 days. However, Ethereum is performing poorly in the "dominance" of layer-2. The Dencun upgrade has reduced transaction fees across multiple layer-2. However, experts predict that Ethereum cannot deflate again and the story of hypersonic money may come to an end. ETH price is currently hovering around $2,997 and has dropped nearly 1% in the past 24 hours.
Binance announces its 18th proof of reserve (PoR).
Binance's 18th Proof of Reserves (PoR) Report shows growth in stablecoins FDUSD and USDT. Within 1 month, the floor received 6 billion USD. PoR aims to make information about customer deposits transparent and reduce asset shortages. User assets on the exchange increased slightly, with FDUSD increasing by 65.31%. BTC, BNB and SOL remained stable, while ETH and XRP decreased slightly. Binance holds $116.6 billion in crypto assets, an increase of $6 billion over the previous month. Binance leads in terms of assets held, far ahead of OKX. Despite facing legal difficulties, Binance still operates stably under the leadership of CEO Richard Teng.
Solana users pay millions more in fees to prevent bots from attacking transactions
Solana users have spent millions of dollars to prevent bots from attacking online transactions. The explosion of memecoins and token airdrops has attracted many new users on Solana. However, MEV bots appear to attack users' transactions. MEV is the term to describe the maximum value that miners or validators can earn. Solana validators have earned just under $7 million from MEV. The Jito protocol on Solana provides a solution to protect users from sandwich bots. Jito Bundles allows users to process transactions privately and avoid bot interference. Users have paid more than 9 million USD in fees to protect transactions. Jito is currently the largest protocol on Solana with a TVL reaching 1.4 billion USD. Sandwich bots also appear on Ethereum and other blockchains. On Solana, the sandwich bot became severe and caused network congestion.