From commenting on El Salvador relaunching the Chivo wallet and deploying 1,500 Bitcoin ATMs across the country, to FTX acquiring Liquid. Here are some highlights from the crypto market.

Bitcoin News

El Salvador, the first country to accept Bitcoin (BTC) as legal tender, has relaunched its in-house Chivo wallet to address existing challenges in transferring BTC within the country.

With AlphaPoint integration, the updated Chivo wallet aims to instantly execute bitcoin transactions with low fees while addressing concerns about stability and scalability.

In the first month since BTC became legal tender, President Nayib Bukele announced that the Chivo wallet had attracted 2.1 million Salvadorans. By the end of the year, this proportion had reached 75% of the population. However, the mass adoption encountered many hurdles, including system problems and lack of funds.

In search of a long-term solution for over 4 million BTC users, the El Salvador government has partnered with infrastructure provider AlphaPoint to focus on improving the stability and availability, scalability, and social impact of Chivo wallets.

Follow to explain Officially, Chivo intends to expand existing consumer use cases to make it easier to pay for household expenses, taxes, and many other daily transactions with Bitcoin.

The project is also in the process of deploying 1,500 Bitcoin ATMs across the country, ready to serve the people of Salvador.

Ethereum News

Despite the market stagnation, Ethereum still posted a record high in ETH burn over the past 30 days thanks to the EIP-1559 upgrade.

According to data from Ultrasoundmoney on Feb. 2, 395,821.49 ETH was burned during the month, which is more than $1.096 billion. With the launch of EIP-1559 last August, a portion of gas fees will be removed from the circulating supply for every transaction that takes place on the Ethereum blockchain.

The amount of ETH burned in the last 30 days | Source: Ultrasound.Money

Despite being under extreme pressure, ETH gas fees have fallen 53% in just one month amid the market crash, making sending and receiving ETH inexpensive, NFT minting, combined. The industry boom has revived gas costs.

News Solana

On the evening of February 1st, Solana Labs announced Solana Pay, the new payment solution for the world’s sixth largest blockchain ecosystem.

1/ Introducing Solana Pay, a decentralized, secure and open-source payment protocol for the next generation of merchant payments#SolanaPay https://t.co/mI2hMIh79G

— Solana (@solana) February 1, 2022

With Solana Pay, stores and companies can easily accept payments in SOL, USDC stablecoin Solana version and many other SPL compatible tokens.

Solana Labs assures that the transaction will be instantaneous and the user will receive the funds in real-time. Transaction costs are also significantly reduced compared to other blockchains thanks to the Solana network’s low transaction fees.

Dogecoin news

Ethereum founder Vitalik Buterin has confirm that he supports the transition from Dogecoin to Proof-of-Stake (PoS).

The Proof-of-Stake (PoS) consensus mechanism is gaining traction in the cryptocurrency ecosystem, particularly with Ethereum, the world’s largest smart contract platform, which is also gearing up for the transition to PoS, which is gaining popularity and expected to reduce energy consumption to lower up to 99%.

In a recent interview, Vitalik Buterin said that almost every major project plans a PoS transition. Besides, he also revealed that Dogecoin (DOGE) has similar ambitions.

Dogecoin is a “fantastic” and “pretty interesting” project

In interview Litecoin creator Charlie Lee of Bloomberg recently said that Dogecoin is a “great” and “pretty interesting” project.

He claims that the biggest meme cryptocurrency is poised to launch many people into space.

Lee also praised billionaire Elon Musk for making cryptocurrency a household name.

FTX News

FTX (FTT) notification acquired Liquid, a licensed Japanese cryptocurrency exchange.

Per the announcement, FTX and Liquid are collaborating to provide product and liquidity to institutional and retail investors in the Japanese and global markets. The acquisition is expected to close in March 2022.

News Cardano

Cardano developer, input-output, notification that blockchain block size is on track to increase by 11% as part of their network optimization efforts.

The total block size will be increased from the current 72 kilobytes (KB) to 80 kilobytes (KB). This means that Cardano’s blocks can carry out more transactions. As more and more projects operate on the mainnet, the blockchain has to handle more traffic.

In the past month, blockchain payloads have surged to 90% due to increased adoption, showing an urgent need for network expansion. According to data from Cardano Blockchain Insights, as of February 1st, almost all blocks are full, with the average utilization exceeding 85%.

News Tezos

The Tezos network has witness The impressive growth over the past 12 months in smart contract addresses and mainstream adoption has been primarily driven by NFTs.

Activity in the proof-of-stake ecosystem has seen a huge surge recently as it competes with Ethereum to mine the NFT market.

According to Coin Metrics’ State of the Network report on Feb. 1, the number of smart contract transactions has increased over the past 12 months from less than 10,000 per day in January 2021 to more than 50,000 per day.

The growth will be driven by NFT platforms such as art aggregator platform FX Hash, according to the report. In addition, gaming giant Ubisoft also announced Tezos support for the NFT gaming space in December.

Message MetaMask

MetaMask, one of the world’s most popular wallet applications, announced that it will work with Web3 solution MyCrypto to consolidate Ethereum accounts into a single access point. This announcement has been made on the blog shared by MyCrypto in a tweet earlier today and later by MetaMask.

We’re proud to announce that we’re bringing this @MyCrypto team into the MetaMask family to help us push the wallet to even greater heights! 🦊💙https://t.co/3s9YXvSU8m

— MetaMask (@MetaMask) February 1, 2022

The article describes MyCrypto’s technology as a product that enables interactions “between chains and cities, impacting wallet balances, liquidity pools, treasury and the finances of people around the world.” Essentially, MyCrypto is designed to serve as a single entry point for all Ethereum users, wallets, and accounts across the ecosystem.

The collaboration aims to bring two disparate teams together to create a united and unified collective. There are no changes to the user experience in the near term: there are no plans to rename or merge Github, for example.

USDC News

USD Coin (USDC) issued by Circle Inc. is the second largest stablecoin by market cap. At the same time, it could outperform USDT if its capitalization continues to grow at the current rate.

Jeremy Allaire, CEO and co-founder, took to Twitter divide on the recent milestone when USDC’s market cap surpassed $50 billion. In total, Circle has minted more than $100 billion (USDC) worth of coins, Allaire said.

As such, USDC has seen 10,000% growth in two years. Now it is supported by 200 blockchain protocols, 34 exchanges and 223 digital wallets worldwide.

A total of $2.5 trillion was moved across the crypto accounts of 4.7 million USDC holders.

Subscribe to Bitcoin Magazine Telegram to follow updates and comment on this article: https://t.me/coincunews

Synthetic Team Cuong

Bitcoin Magazine