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Ethereum’s (ETH) circulating supply has increased by over 37,000 ETH in the last 30 days following the Dencun upgrade . This resulted in a 0.38% monthly inflation for the leading Web3 network, which has been deflationary since January 2023. The Ethereum network activated the Dencun upgrade on March 13, 2024, with the EIP-4844. Dencun significantly reduces transaction costs on Ethereum’s Layer-2 through “proto-danksharding.” Notably, this enhancement makes Ethereum more efficient and cost-effective for users, marking a major step forward in ETH’s adoption. Conversely, it also diminishes the burned amount of the supply from the gas fees, which had made Ethereum deflationary. Picks for you Can SOL flip ETH? Solana surpasses Ethereum in DEX volume 34 mins ago ‘Nvidia of crypto’ rockets 40% in a week, adding over $1 billion 1 hour ago Ripple v. SEC case update as of May 10, 2024 1 hour ago StaFi LSaaS Stack now supports EigenLaye...

The much needed upgrade will provide a number of improvements across the network, and come at a time when competition in the Layer 2 space has been heating up. Layer 2 scaling solution Optimism is set to undergo its highly anticipated Bedrock upgrade on June 6. The move is expected to result in significantly reduced transaction fees, provide greater network security and enhanced compatibility with Ethereum. The Optimism team stated via a May 15 Twitter thread that the network will be down for 2-4 hours on June 6 as the upgrade goes through. “On upgrade day, transactions, deposits, and withdrawals will be unavailable for the duration of the downtime, and the OP Mainnet chain will not be progressing,” an accompanying blog post reads. The official date of OP Mainnet’s upgrade to Bedrock has been set: June 6, 2023 at 16:00 UTC! The upgrade will require 2-4 hours of downtime for OP Mainnet. Visit Mission Control for full details on what to expect:https://t.co/o6UjKZaVKy — Optimism ...

The Chinese government has been proactively pursuing advancements in its blockchain sector and now aims to upgrade its industry development standards by the year 2025. Chinese officials have been actively developing its fintech industry, with a strong focus on blockchain technology, despite their stringent stance on cryptocurrencies. On March 28, the Ministry of Industry and Information Technology (MIIT), a watchdog for the Chinese fintech industry, said it intends to improve standards for its Blockchain technology development by the year 2025. The information comes from a draft of its guidelines published on the ministry’s website, which also calls for public opinion on the matter of Blockchain development from “all walks of life." China plans to have clarification on the level of design for its Blockchain and distributed ledger technology standards system by sometime this year, giving the public until April 28 to make any further input on the draft. This development falls in...