Robinhood Enables Transfers for Ethereum Challenger

• ETH Price at the time of writing – $1,326.33
• Robinhood let go 9% of its staff this year
• Robinhood has provided an update on its crypto wallet

External transfers of the Avalanche (AVAX) competitor to Ethereum (ETH) are now available to Robinhood customers.

Trading support for AVAX and Stellar (XLM), a rival to XRP, was added to Robinhood’s platform in July, and transfers for Avalanche were made available on Thursday. By market cap, the 17th-ranked crypto asset has lost 0.46 percent in the last 24 hours and more than 2 percent in the past week.

AVAX Price at the time of writing – $17.24

It has also fallen more than 88 percent since reaching its all-time high of around $145 in November 2021.

Additionally, Robinhood provided an update on the rollout of its crypto wallets, stating that customers should still have access to them by the end of the year.According to the company, beta testing begins this month.

After announcing that it was launching a multichain, non-custodial crypto wallet that will allow users to trade crypto, access decentralized apps (DApps), perform yield farming, and store non-fungible tokens (NFTs), among other functions, the California-based company opened a waitlist for beta testers in May.

In August, Robinhood CEO Vladimir Tenev said that more than one million people wanted early access to the retail trading platform’s Web3 wallet. Robinhood has had a difficult year, firing 9 percent of its employees in April and 23 percent in 

August.

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EIP-1559: What Is It?

A new method for estimating gas fees on the Ethereum blockchain is implemented in the EIP-1559 upgrade.

Users had to take part in an open auction before their transactions could be picked up by a miner before the upgrade. A first-price auction is the name given to this procedure, and as is to be expected, the bidder with the highest amount wins.

This is handled by an automated bidding system in EIP-1559, and there is a predetermined “base fee” for transactions that will be included in the subsequent block.

This fee varies according to the network’s congestion.In addition, users who wish to expedite their transactions can pay a miner a priority fee to be included sooner.

A fee-burning mechanism is also included in EIP-1559.Every transaction fee, also known as the base fee, is burned and taken out of circulation. The goal is to reduce the amount of Ether in circulation and possibly boost the token’s value over time.

Interestingly, the network had consumed over $1 billion in Ether less than two months after the London upgrade was implemented.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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