Launch of “BlobScriptions” Significantly Affects Blob Fees

The Ethereum network’s introduction of “BlobScriptions” by Ethscriptions has dramatically influenced blob fees, driving costs significantly higher due to the method’s popularity for inscribing data directly onto Ethereum blobs. Following the Dencun upgrade, BlobScriptions enabled users to embed everything from images to text into Ethereum’s blockchain, causing gas fees for blobs to surge from a negligible one wei to as high as 585 gwei, equating to about $18. 

Despite a subsequent decrease to 35.8 gwei ($1.20), over 4,500 inscriptions have been made, reflecting the growing trend of utilizing blobs for data storage, albeit with a temporary nature of about 18 days unless preserved by the Ethscriptions’ indexer.

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U.S. Judge Greenlights SEC Lawsuit Against Coinbase

U.S. federal judge denied most of Coinbase’s motion to dismiss an SEC lawsuit, indicating the cryptocurrency platform could be operating as an unregistered broker, exchange, and clearinghouse. Judge Katherine Polk Failla found the SEC’s case against Coinbase plausible enough to proceed, setting a deadline for a case scheduling plan. 

The SEC’s lawsuit, part of broader regulatory scrutiny on cryptocurrency exchanges including Binance, alleges Coinbase violated federal securities laws by offering trading and staking services without proper registration. While the court dismissed the claim of Coinbase acting as an unregistered brokerage, it allowed other allegations to move forward. 

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SingularityNet, Fetch.AI, Ocean Protocol Plan Token Merger

SingularityNet, Fetch.AI, and Ocean Protocol are reportedly considering a token merger to create an AltSignals (ASI) token valued at $7.5 billion, with an announcement potentially as early as Wednesday, pending community consent. Despite the merger, these AI-focused protocols would operate independently but collaborate under the Superintelligence Collective, led by Ben Goertzel of SingularityNet and chaired by Humayun Sheikh of Fetch.AI. 

This move aims to advance decentralized AI development, uniting the entities’ efforts in a sector attracting significant investment, highlighted by Saudi Arabia’s consideration of a $40 billion AI development fund and recent sizable investments in AI by leading tech companies.

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Ondo Moves $95M to BlackRock for Fast T-Bill Settlements

Ondo Finance is reallocating $95 million of its OUSG token backing assets to BlackRock’s newly launched BUIDL tokenized fund, a move enabling instant settlements for its Treasury bill token. This transition from a traditional short-term Treasury bond ETF to BlackRock’s BUIDL marks a pioneering use of a crypto protocol utilizing a tokenized fund for its offerings. 

The shift is aimed at enhancing the usability of OUSG, allowing for immediate, 24/7 subscriptions and redemptions, thereby addressing investor concerns over redemption delays and making OUSG a more viable store-of-value within the cryptocurrency ecosystem. This initiative reflects a significant advancement in integrating traditional financial assets with blockchain technology.

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Other breaking news

• Ethena to Launch Governance Token Next Week
• BlackRock’s BUIDL Ethereum Fund Attracts $245M in a Week
• KuCoin Sees $1B Crypto Withdrawal Surge Amid U.S. Clampdown
• ETHFI Jumps 50%, Analyst Predicts Valuation Boost for Liquid Restaking Tokens
• Fidelity Files S-1 Application for ETH ETF with Staking

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