1. Due to the decrease in Ethereum network gas fees, the amount of ETH destroyed has dropped to the lowest point of the year
The daily ETH destruction of the Ethereum network has dropped to a year-to-date low, mainly due to the recent decline in average gas fees. Currently, gas fees hover between 5 and 10 gwei. The decline in network fees has led to a decrease in the amount of ETH being destroyed. Last Sunday, Ethereum destroyed only 610 ETH, a new low so far this year. In contrast, daily ETH destruction remained above 2,500-3,000 ETH in the first four months of this year.
2. Solana’s on-chain DEX transaction volume yesterday was nearly $1.1 billion, surpassing Ethereum to rank first
DeFiLlama data shows that the transaction volume of Solana chain DEX on May 5 was 1.097 billion US dollars, surpassing Ethereum to rank first. In addition, the transaction volume of Ethereum chain DEX yesterday was 998.67 million US dollars, ranking second; the transaction volume of BSC chain DEX yesterday was 482.09 million US dollars, ranking third.
3. CryptoQuant CEO: BTC needs to remain above $80,000 for miners to remain profitable after halving
Bitcoin mining revenue dropped significantly in May due to the impact of the fourth Bitcoin halving event. On May 1, total revenue from block rewards and transaction fees reached a new low of just $26.3 million. CryptoQuant CEO Ki Young Ju calculated that based on current conditions, Bitcoin would need to remain above $80,000 for miners to remain profitable after the halving. However, most miners have taken proactive steps to upgrade their mining equipment to reduce long-term operating costs and remain competitive.
4. LayerZero Co-founder: "Self-reporting of witch activities" is not aimed at individuals, but at industrial witch studios
Bryan Pellegrino, co-founder and CEO of LayerZero, said on social media that "Self-Reporting Sybil Activity" is not aimed at individual users, but at large industrial witch farms (studios). Earlier, LayerZero Labs launched the "Self-Report Sybil Activity" program. If the sybil address reports the relevant address on the designated page, it can get 15% of the expected allocation without answering any questions. The deadline is May 17 at 19:59:59.
5. USDe issuance is nearly 2.3 billion
According to Etherscan data, the issuance of the stablecoin USDe issued by Ethena Labs has reached 2,292,060,769. It is reported that USDe is an Ethereum-based stablecoin, which is guaranteed by derivatives and achieves price stability through delta neutral hedging in centralized and decentralized venues. In order to create USDe, Ethena allows users to use US dollars, ETH or liquid pledge tokens as collateral.
6. Research finds that more than 90% of stablecoin transactions are not from real users
More than 90% of stablecoin trading volume does not come from real users, according to a new metric developed by Visa, suggesting that such crypto tokens may be far from becoming a commonly used payment method. Visa said that of the approximately $2.2 trillion in total transactions in April, only $149 billion came from organic payment activity. For example, converting $100 of Circle Internet Financial Ltd.'s USDC to PayPal's PYUSD on decentralized exchange Uniswap would result in $200 in total stablecoin trading volume recorded on the chain, said Cuy Sheffield, head of cryptocurrency at Visa.
7. Tether issued USDT worth $240 million on May 4 and redeemed USDT worth $8.6 million
According to ChainArgos monitoring, Tether conducted a large-scale issuance and redemption activity on May 4. On that day, a total of $240 million USDT was issued, and $8.6 million USDT was redeemed.
8. Ethereum stablecoin transaction volume breaks monthly record in April
The total volume of stablecoin transactions on Ethereum last month was significantly higher than any previous month, but most of the volume was contributed by a single stablecoin, DAI. As previously reported by The Block, DAI is increasingly used in complex MEV transactions, often involving flash loans, where a large portion of DAI is minted and returned in a single transaction. One of these transactions alone increased DAI transaction volume by nearly $1 billion.
