Ethereum’s transaction fees have soared from under $0.10 in January to $3.66 Thursday. The rapid increase in traffic is causing congestion on the network and is even pushing transactions off of Ethereum and onto faster and cheaper layer two networks like OMG.
Most notably, Tether announced Wednesday that its leading stablecoin is now live on the OMG network, driving the price of OmiseGO (OMG) from $1.89 to a high $9.80 this week.
“Today, we’re excited to announce the launch of Tether on the OMG Network that supports thousands of transactions per second at a third of the cost of the same transaction on Ethereum,” said Vansa Chatikavanij, CEO at OMG Network in an announcement. “We’re delighted to address these fundamental issues and drive further growth and adoption of open financial services.”
According to the Ethereum Foundation, the release of Eth 2.0 will improve transaction speeds and efficiency. Learn more about the update here.
Top Gainers of the Week:
OmiseGO (OMG) +231%
Orchid (OXT) +90%
0x (ZRX) +60%
Basic Attention Token (BAT) +38%
The U.S. Post Office may have a solution that could take the politics out of mail-in voting. Last week, the U.S. Patent and Trademark Office made public a patent application filed by the USPS last year titled “Secure Voting System” that details using blockchain technology to process ballots by mail.
According to the patent, registered voters would receive a computer-readable code in the mail that confirms their identity and correct ballot information in the election. The system would separate voter identification and votes to ensure anonymity, and store the votes on a distributed ledger on the blockchain.
If approved, blockchain technology could alleviate concerns over the accuracy and security of mass mail-in voting while also providing a safe way for citizens to cast their ballot during the ongoing pandemic.
New Grayscale Products Trading at a Premium
Two new Grayscale Trusts started trading this week – Bitcoin Cash and Litecoin. The Trusts let investors buy BCH and LTC without having to purchase and store the actual cryptocurrency. But, according to data from Arcane Research, the convenience comes at a price – the Grayscale Litecoin Trust and the Grayscale Bitcoin Cash Trust are trading at a premium of 753% and 351% respectively.
Despite high prices, the demand for Grayscale’s products is high. According to a post from the firm in July, it currently has more than $5 billion in assets under management.