Crypto News– In today’s crypto scene, Ethereum’s highly anticipated Dencun upgrade stirred up excitement within the community. The CEO of Fuel Labs shared with Cointelegraph that the upgrade’s most significant advantage would likely be enhanced stabilization, rather than a reduction in fees.
Today’s Crypto Highlights March 14th
On another front, Dogecoin saw a spike of almost 10% following hints from Elon Musk that his electric car company might integrate the memecoin as an official payment option for Tesla vehicles. However, amidst the buzz, Crypto.com faced a setback as Dutch authorities imposed a $3 million fine for operating without a license.
Fuel Founder Clarifies: Dencun Focuses on Fee Stabilization, Not Reduction
While many were focused on the anticipated transaction fee reduction for layer-2 scaling networks, Nick Dodson, co-founder and CEO of Fuel Labs, revealed in an exclusive interview with Cointelegraph that the primary advantage of the upgrade lies in fee stabilization.
Dodson emphasized, ‘Regarding EIP-4844, there’s a lot of talk about fee reduction, but the crux is fee stabilization. It’s more about expanding capacity and scale rather than solely reducing fees.’
He elaborated that while the fee reduction for layer-2s through the Dencun upgrade is indeed significant for the industry, its paramount benefit lies in enhancing network scalability and stabilizing fees for the influx of millions of new users. Dodson further noted that this enhanced network capacity will subsequently lead to lower layer-2 fees with forthcoming upgrades.
Elon Musk Hints at Future Use of Dogecoin for Tesla Purchases
Elon Musk has hinted at the possibility of his electric-car company, Tesla, incorporating Dogecoin (DOGE) as an official payment option for purchasing Tesla vehicles ‘at some point.’ This revelation emerged during Musk’s interaction with the public at the Berlin Gigafactory on March 13. When asked by an audience member if Tesla could be bought using DOGE in the near future, Musk responded affirmatively:
‘At some point, I think we should enable that.’
Musk’s optimistic statement ignited excitement among investors, triggering a sudden surge in the market price of Dogecoin. The token’s value soared from $0.172 to $0.188 at the time of reporting, marking a notable 9.3% increase as the video of Musk’s remarks gained traction across platforms.
Dutch Central Bank Imposes Fine on Crypto.com
On March 13th, the Dutch central bank, De Nederlandsche Bank (DNB), disclosed that it had fined the digital asset exchange Crypto.com for operating without registration. The fine, totaling 2.85 million euros ($3 million), was imposed on October 23, 2023, although the enforcement actions were only reported recently.
During a period spanning over two years, Crypto.com operated in the Netherlands without proper registration, serving a significant number of customers. Consequently, its parent company failed to report unusual transactions to the Financial Intelligence Unit-Netherlands due to this non-compliance.
However, Crypto.com eventually obtained approval from DNB in July 2023.
According to CoinMarketCap data, Crypto.com currently holds the 14th position among digital asset exchanges in terms of trading volume.
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