Madbyte News — September 1, 2020
As we write these monthly newsletters you will have noticed a common thread among them. We update you on what is happening with Bitcoin as it is the gold in crypto or digital gold. It is by far the most important metric to write about when it comes to this new asset class. After that we might talk about other hot topics that are happening in crypto and any new news that we have about Madbyte.
Bitcoin continued to move upwards in August with the high going over $12,400 USD. According to PlanB, the creator of the stock-to-flow BTC price models, Bitcoin is following the S2F model as expected. The models put the target value at $288,000 over the next few years.
ETH transactions fees reached a high of over $7. This is a problem for the small user on the ETH network. The high fees are mostly caused by stablecoins but also DiFi (decentralized finance) and DEXs (decentralized exchange). Heavy usage by these entities are causing the fees to jump on the network. Average fees ranged between $1.50 to $7.00 in August. There is talk of a solution to bring them down before ETHv2 is released but for now don’t hold your breath.
If you do trade on a DEX or just move your MADX tokens (ERC20) from one wallet to another the fees have increased drastically as noted above. So a reminder that on MadTrade, inside the MadCapX platform, there are no trading fees.
MADX Games platform will be tied together with MadCapX so there will be no unnecessary transaction fees to move between them. This will allow you to play games or join a tournament within madxgames.com and gain extra MADX or BTC from winning and place them back into your MadVault for safekeeping.
Over the coming months we will watch what Ethereum does in relation to transaction fees before listing on a DEX exchange such as Uniswap. They hit $589 million in daily trading volume in August, which is impressive, surpassing Coinbase Pro ($404 million) and Kraken ($187 million).
All the best from the Madbyte Team