Blockchain Bites: Airdrops, Record Volumes, $1B BTC on Ethereum

There is now more than $1 billion worth of bitcoin on Ethereum, record-setting transaction volume is boosting Ethereum miners’ revenue and VeChain joins China’s food safety watchdog to build track and trace capabilities.

Top shelf

Token reflections
Uniswap’s decision to airdrop its new governance token was less about competing with its genetic clone SushiSwap, and more about building a community, CoinDesk’s Brady Dale reports. “I think it’s genius in every way,” Robert Leshner, Compound’s founder, said. “It brought a huge number of users into the fold.” Tokens were airdropped not just to liquidity providers (LPs), but essentially anyone who has played with the app – meaning upwards of 250,000 unique Ethereum addresses that have made trades on it could come into possession. This could help Uniswap achieve the effective decentralization necessary to avoid the prying eyes of the U.S. Securities and Exchange Commission. While the token is likely to spur a new round of liquidity mining, bumping up transactions fees on the platform, Dale also suggests UNI could be a means for the protocol – which raised an $11 million Series A – to repay its investors.

Ethereum records
Ethereum miners earned a record $16.5 million on Thursday as the number of transactions on the network ticks up. More than 42,763 ether (ETH) were paid out in transaction fees for 1.4 million transactions – another all-time high. CoinDesk’s Paddy Baker points to a meteoric rise in decentralized finance (DeFi) to make sense of the surging Ethereum activity. There is currently over $9 billion worth of assets locked in DeFi applications, according to DeFi Pulse, up from approximately $675 million at the start of the year. Decentralized exchanges too are growing – led by Uniswap, Curve and Balancer – having recently surpassed $16 billion in total monthly volume.

Community points
The number of monthly users who earned T-Points, or loyalty points, for bitcoin (BTC)…

Read More