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📡 Is ETH usage at all time low?

📡 Is ETH usage at all time low?

READING TIME: 4 mins 30 secs

September 25, 2023

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GM. As the Arbitrum Foundation redirects a whopping 69 million unclaimed tokens to its DAO treasury, the crypto community stirs. Meanwhile, Arbitrum's price takes a brief hiccup, dipping 1.5%. But hang on, there's more action in the Layer-2 realm.

Here's what we have on tap for today:

🚀 Arbitrum Foundation's decisive move on unclaimed airdrop tokens

📉 Minor price jitters in the Arbitrum market after the announcement

🎯 Optimism's contrasting approach to unclaimed airdrops

Stay tuned and let's dive in!

Here's what we got for you today:

🤑 ETH Fees Hit Lowest Levels in 2023

🐶 SHIB Ecosystem Blossoms With Series of Milestones and Achievements

❗️ Mixin Platform Suspends Deposits, Withdrawals After $200M Security Breach

⌛️ Arbitrum DAO treasury boosted by $57 million in unclaimed airdrop tokens

🤑 ETH Fees Hit Lowest Levels in 2023

ETH fees recently dropped to their lowest levels in 2023 according to data from Santiment. Meanwhile, whales may be gearing up for an ETH ETF approval set to take place on 2 October.

Santiment stated, "Ethereum network fees have dropped down to its lowest level of 2023, at just $1.15 per transaction. Historically, we see utility begin rising as ETH becomes more affordable to circulate. Increased utility can then lead to recovering market cap levels."

🐶 SHIB Ecosystem Blossoms With Series of Milestones and Achievements

The Shiba Inu ecosystem is celebrating significant milestones, with the SHIB Army conducting a major coin burn, reducing supply, and Shibarium, the Layer-2 protocol, achieving impressive transaction volumes and smart contract deployments.

The SHIB Army has initiated a massive burn campaign, significantly reducing SHIB meme coins' circulating supply. Shibburn platform reported a remarkable burn of 244,753,783 coins, with 191,531,588 being sent to dead-end wallets in one transaction. Meanwhile, Shibarium, a Layer-2 protocol by Shiba Inu, achieved three records in a day, including processing over three million transactions just three weeks post-launch. "The SHIB Army's determination is a testament to the potential of meme coins to evolve into more than just internet jokes," the article emphasizes.

❗️ Mixin Platform Suspends Deposits, Withdrawals After $200M Security Breach

Mixin Network hacked for up to $200 million, raising centralization concerns.

Mixin Network suffered a hack leading to a $200 million loss. The team tweeted: hackers attacked its “cloud service provider” with a potential “loss of assets worth up to $200 million.” Services are suspended, and an explanation is expected in a livestream by founder Feng Xiaodong.

⌛️ Arbitrum DAO treasury boosted by $57 million in unclaimed airdrop tokens

The Arbitrum Foundation announced that 69 million ($57 million) in unclaimed airdropped ARB tokens have been transferred to the Arbitrum DAO treasury.

The Arbitrum Foundation has moved 69 million unclaimed airdrop tokens, worth $57 million, to the Arbitrum DAO treasury following a community vote. They stated, “The 69,448,385 unclaimed ARB... has officially been moved to the Arbitrum DAO treasury as outlined in AIP-7.” The token's price saw a minor dip after the announcement but has since stabilized.