Crypto News Digest by U.Today
What news did the weekend bring? Read U.Today’s crypto news digest to find out!
Check out what’s been happening in the crypto industry this weekend with U.Today’s top four news stories.
Shiba Inu burn portal records over 20 billion SHIB burns less than a week after launch
Shiba Inu holders continue to show their support for the recently introduced burn portal and want to increase the price of their tokens. As many as eight billion tokens were burned in the first 24 hours after launch. Since then, this figure has more than doubled. According to a report released Saturday, meme token holders destroyed more than 20 billion SHIB tokens.
Today, according to the latest article from U.Today, the number of burned Shiba Inu tokens has risen to 22.5 billion.
Solana goes down (again)
Solana Labs’ chief communications officer Austin Federa said Solana had seven hours of downtime on Sunday after his mainnet bet fell out of consensus. The reason behind the “Ethereum killer” outage was a “huge” number of incoming transactions that clogged the network; it struggled to process a record 100 gigabits of data per second. It is not the first time that Solana has had a technical malfunction. In January, the young network had no fewer than six outages.
Ripple battle rages on; SEC Makes New Effort to Protect Hinman Emails
In his Saturday tweet, corporate defense attorney James K. Filan said the SEC has filed a motion to keep Hinman’s emails private from Ripple and the judge, citing attorney-client privilege. According to the regulator, SEC lawyers have consulted Director Hinman about securities laws in these emails, so he is considered their client in this case. In addition, SEC attorneys have requested permission to keep two additional comments in Hinman’s draft speech discussed earlier in April.
Ethereum Fees Up 86% in Q1, 2022, $2.1 Billion of ETH Burned
Experts from Bankless, one of the most insightful podcasts on blockchain, crypto and Web3, shared some numbers from the State of Ethereum Q1, 2022, report. First, compared to the first quarter of 2021, the aggregated network hashrate and Ethereum amount staked both increased by 111%. Second, participants in the Ethereum network have raised $2.48 billion in fees, compared to $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 most impressive: net trading volume increased by more than 19,200%, from $0.6 billion to $116 billion.