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Daily Crypto News Feb 6, 2022: Top 3 crypto updates for today

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Not a single day passes by when we don’t hear Ethereum users complaining about the high gas fees. But in today’s crypto news there’s something interesting for every Ethereum user, which is the introduction of a new format that shall curb the high gas fees. According to Vitalik Buterin, co-founder of Ethereum a near hard fork is expected to improve the scalability of the network in an immediate basis. Rollups are considered immediate solutions on a short-term and mid-term basis to improve the scalability of the Ethereum network. 

All the metaverse lovers might love it as the value of metaverse real estate shall cross $1 billion by the end of 2022. It is expected to grow at the rate of 31.2% by the end of 2028. If the value reaches $1 billion in 2022 it shall amount to $6.7 billion by 2028. Hedra plans on launching an EVM compatible Smart Contract 2.0 service which shall be developed with the help of solidity language and shall also be EVM compatible. 

Daily Crypto News  Feb 6, 2022

Ethereum introduces a new transaction format to curb gas fees

In a recent tweet announcing the co-founder of Ethereum, Vitalik Buterin mentioned a near hard fork that could improve the scalability of Ethereum before full shrading takes place. According to an analysis done by strategists from JP Morgan, the last phase of shrading may not get completed before 2023. This implies that it will take at least an entire year for the full scaling to take place. 

Quoting TimBeiko, Ethereum developer, the recent transaction fees on Ethereum has been quite high from the past month and there is an immediate urgency to scale the ecosystem to support ecosystem-wide migration to rollups. In the short as well as medium-term, rollups are believed to be the sole trustless scaling solution for Ethereum. Although roll-up does lower the fees drastically for many users, these prices still might appear as high for an average ETH user. 

Source: U Today 

Metaverse real estate sales to reach $1 billion by 2022 end

According to a CNBC report, the Metaverse real estate deal has hit $500 million in the previous year. Sales have hit $85 million in January and will continue to exceed beyond $1 billion by 2022, as estimated by experts. According to market research done by Brandessence, the Metaverse real estate market has been forecasted to grow at a compound annual growth rate of 31.2% from 2022 to 2028. It is believed that if the market value of metaverse real estate reaches $1 billion by the end of this year then it shall amount to $6.7 billion by the end of 2028. 

Read: Top 10 Metaverse cryptos 2022 by market capitalization 


Hedra launches EVM compatible Smart Contract 2.0 service

Recently Hedra has announced the launch of its Smart Contract 2.0 service that shall be developed using the Solidity language and shall also be compatible with EVM. The report also added that the smart contract service of Hedra shall also be integrated with the Hedra Token Service (HTS) while the other important updates are done to the network. 


Crypto Market Trend February 6, 2022

Here is a quick summary of the top crypto gainers and losers for the day. 

Top 3 Crypto Gainers 

Cryptocurrency  Price (latest by February 6, 2022)  Change in % 
Gala (GALA) ₹25.10 28.76%
Axie Infinity (AXS) ₹4796.88 13.03%
MyNeighborAlice (ALICE) ₹667.48 8.97%

*All prices are latest by 12 PM IST February 6, 2022.

Top 3 Crypto Losers 

Cryptocurrency  Price (Latest by February 6,  2022)  Change in % 
Loopring (LRC) ₹74.88 6.19%
Shiba Inu (SHIB) ₹0.00175 4.73%
Siacoin (SC) ₹0.90 4.8%

*All prices are latest by 12 PM IST February 6, 2022.

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