San Francisco-based cryptocurrency exchange Coinbase has announced that eligible customers in 17 out of the 50 U.S. states will soon be able to get USD loans collateralized by their Bitcoin holdings.

The cost of transacting on the Ethereum network has gone up 3,500% on average since the beginning of the year, making it more expensive to send and receive transactions and use decentralized applications.

Ethereum miners have made over $143.8 million in revenue last month, a figure that represents a 23-month high according to The Block Research.

Top stories in the Crypto Roundup today:

• Coinbase to Offer U.S. Users Bitcoin-Backed Loans
• Ethereum Transaction Fees are Up Over 3,500% YTD as DeFi Interest Booms
• Ethereum Miners’ Revenue Hit Near Two-Year High in July

At the time of writing, bitcoin (BTC) is trading at $11,482.96 (0.36%) with a daily Top Tier volume of $3.53 bn. As for ether (ETH), it is trading at $388.16 (2.54%) with a daily Top Tier volume of $1.82 bn. The MVIS CryptoCompare Digital Assets 10 Index is currently tracking at 4,461.78 (0.20%).

Coinbase to Offer U.S. Users Bitcoin-Backed Loans

San Francisco-based cryptocurrency exchange Coinbase has announced that eligible customers in 17 out of the 50 U.S. states will soon be able to get USD loans collateralized by their Bitcoin holdings.

Thorsten Jaeckel, product manager at coinbase, said in a blog post that users can now apply to be on the waitlist for the opportunity to “borrow up to 30% of their Bitcoin holdings.” Jaeckel added that unlike traditional loans, crypto-backed USD loans do not require going through a log application or a credit check.

The eligible states are Alaska, Arkansas, Connecticut, Florida, Georgia, Illinois, Massachusetts, New Hampshire, New Jersey, North Carolina, Oregon, Texas, Virginia, Nebraska, Utah, Wisconsin, and Wyoming.

The maximum amount users can borrow using their BTC as collateral is $20,000, at an annual percentage rate (APR) of 8% Interest is paid every month, and the principal must be repaid within a year, the post details.

Ethereum Transaction Fees are Up Over 3,500% YTD as DeFi Interest Booms

The cost of transacting on the Ethereum network has gone up 3,500% on average since the beginning of the year, making it more expensive to send and receive transactions and use decentralized applications.

Data shows that, on average, the transaction fees paid on the Ethereum network at the beginning of the year were around $0.08, while now they are over $3. Ethereum transaction fees are measured in gas, and used to pay for operations on the cryptocurrency’s network.

Earlier this year, Ethereum miners increased the network’s gas limit from 10,000,000 to 12,500,000 per block in response to increased network usage, effectively boosting its capacity. Nevertheless, a growing number of transactions that rivals those being made in January 2018, when ETH's price hit an all-time high above $1,400, has seen over 71 billion gas get used per day.

EtherGasStation data shows that the biggest gas spenders include the popular USD-pegged stablecoin Tether, two alleged Ponzi schemes, and various decentralized exchanges, including Uniswap, IDEX, and the Kyber Network. 

Ethereum Miners’ Revenue Hit Near Two-Year High in July

Ethereum miners have made over $143.8 million in revenue last month, a figure that represents a 23-month high according to The Block Research.

Transaction fees, which have been moving up on the Ethereum network, made up nearly 23% of the $143.8 million, while in May they only accounted for about 10% of miners’ revenue. As mentioned above, transactions on the Ethereum network are also increasing.

Bitcoin miners, on the other hand, made $299 million in revenue in July, even though BTC transaction fees increased 8% in July, as compared to over 4% in June. Last month, the firm adds, bitcoin miners’ revenue touched a 15-month low due to the halving, which cut block rewards in half, from 12.5 BTC to 6.25 BTC.

State of the Crypto by Top Tier Exchange Volume

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