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Today, Polymer Labs secured $23 million in funding for its Series A round to help develop a modular layer 2 network .  The layer 2 network utilizes the Cosmos SDK’s Inter-Blockchain Communication (IBC) protocol, OP stack’s settlement features, and Eigenlayer’s data availability layer. Founders Bo Du and Peter Kim, who have been involved in the blockchain industry, shifted their focus to this project in the summer of 2021, aiming to improve blockchain interoperability. We've co-led the Series A of @Polymer_Labs! Polymer is establishing the next generation of the internet by scaling IBC interoperability to all blockchain s. More on our thesis by @yuan_han_li and @h_joshua_rivera. ↓https://t.co/82S4PovTTV — Blockchain Capital (@blockchaincap) January 23, 2024 You might also like: Religious leaders face fraud charges over crypto scheme Originally, Polymer Labs aimed to develop an entirely new interoperability protocol similar to several general message...

Ethereum layer 2 solution Arbitrum had a brief downtime on Friday. An update showed a surge in inscriptions had contributed to the spike in network traffic and gas fees. Arbitrum has since “resolved this issue,” with operations back to normal and gas prices steadily recovering. Arbitrum, a rollup chain on Ethereum, is running normally after a brief downtime on Friday. The layer 2 Ethereum scaling solution faced a little more than one hour network outage on December 15. An update posted on the official Arbitrum Foundation account on X noted that the outage happened after a surge in inscriptions triggered a stall in the Arbitrum One Sequencer. Arbitrum operations back to normal According to details shared with the community, the Arbitrum One Sequencer and Feed stalled approximately at 10:29 AM ET. The technical hitch led to a significant surge in network traffic and inevitably a spike in transaction fees. The Arbitrum One Sequencer stalled a...

As per multiple reports, the TON ecosystem has been struggling to process transactions for a few days now. The TON (TON) ecosystem is seemingly experiencing severe outages as the network ’s users and projects took to X to express their concerns about the network ’s malfunction. While the root cause of the issue remains unclear, some say the volume and transactions on the network jumped significantly recently, which might have resulted in multiple outages . You might also like: TON hits world record for blockchain speed Crypto.news couldn’t immediately verify those reports . An X account for the TonRaffles crypto project confirmed the incident, without elaborating on the matter. Don't panic! The TON network has been experiencing significant outages since last night, and unfortunately our fairlaunch token $RAFF has also been affected by these issues. Our team is actively monitoring the situation, however, we have no direct influence on fixing… pi...

During the last week of April, the number of awaiting transactions on the Bitcoin (BTC) network started to surge, reaching a peak in May, followed by very expensive transaction fees being charged from Bitcoin holders moving their coins. Since then, the Bitcoin mempool remained congested with hundreds of thousands of stuck transaction s waiting in line to be added to a block and confirmed by the network , in order for the sent BTC to be received at the destination. However, things started to change six months later, in the last week of September. At the time of publication, data retrieved by Finbold from Johoe’s Bitcoin node , on October 3, shows 6-month lows for the number of awaiting transactions in the network — with only 31,000 transactions waiting in line. Notably, the numbers were over 20 times higher than at its worst moments this year. On May 8 it reached a new high of 472,000 awaiting transactions, followed by a new high of 490,000 on August 11, and the all-time high numbe...

Loom Network (LOOM), Frontier (FRONT), and ImmutableX (IMX) are among the top-performing cryptocurrencies in the week amid growing demand for new crypto wallet addresses being created in the network. Interestingly, the cryptocurrency market moves fast in both price and adoption changes, which could make previously unknown projects quickly rise in the right circumstances in order to accrue financial gains to their holders as the demand grows in relation to the available token supply. This phenomenon was recently observed once again by crypto analysts from Santiment ’s SanBase PRO subscription platform, according to a post shared by its official X account @santimentfeed on September 22. “Loom, Frontier, and ImmutableX have enjoyed great market cap growth as new addresses have surged”. Source: Santiment SanBase PRO LOOM, FRONT, and IMX price surge and network growth “Loom (+145%), Frontier (+138%), and ImmutableX (+29%) have been strong performing assets over the past week. Each ...

While on-chain stablecoins settlements are growing rapidly, many people pointed out that comparing stablecoin settlements to Visa transactions is not fair as they represent two different things. Stablecoins play a very critical role in the crypto economy today and despite the recent run-down in the broader market, stablecoin volumes continue to dominate most exchanges. According to Coinmetrics data, on-chain stablecoin settlements reached over $7 trillion in 2022 and are expected to end the year at around $8 trillion. While the largest card network, Visa, processes ~$12tn/yr. Peter Johnson, co-head of the venture at Brevan Howard Digital, said that stablecoin settlements had already surpassed MasterCard and American Express. Furthermore, he predicted that in 2023 on-chain stablecoin volumes will surpass the Visa transaction volumes. He also noted that stablecoins volume would not only surpass Visa but most likely surpass the aggregate volume of all four major card networks (Visa, ...