On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Bitcoin’s settlement efficiency has been improving which means more value can be sent for lower transaction fees.
The Bitcoin network’s value settlement efficiency has been improving steadily recently, with more being settled for lower fees.
Over the past week, the Bitcoin network has transferred or settled an average of $95,142 of value for every $1 worth of fees.
The on-chain settlement efficiency has been gradually increasing since May as more has been moved around the network during the bull cycle.
On-chain analyst Dylan LeClair made the observation using data from analytics provider Glassnode. The value is derived by dividing the mean transaction volume by the fees.
Over the last seven days the #Bitcoin Network transferred an average $95,142 of value for every $1 worth of fees.
— Dylan LeClair (@DylanLeClair_) November 29, 2021
The median transaction saw $751 of value transferred for every $1 worth of fees.#Bitcoin is the most efficient monetary settlement network the world has ever seen. pic.twitter.com/DzSwxCDKkd
The final settlement costs amounted to just 0.00105% of the total value transferred of $451.3 billion.
According to CryptoFees, Bitcoin is seventh in the list of networks ordered by daily transaction fees. Its seven-day average is around $678,000 which puts it behind Ethereum, Uniswap, Binance Smart Chain, SushiSwap, Aave, and Compound.
The fee tracking platform currently reports that Ethereum is currently processing $53 million in daily fees, 98.7% more than the Bitcoin network. Bitcoin and Ethereum should not be compared in terms of value settlement and fees as they are two different entities — the former is a store of value asset and the latter a smart contract and decentralized application network.
Ethereum’s mean transaction volume divided by the fees comes out at just $139 in value transacted per dollar in fees.
The settlement efficiency of the Ethereum network has declined as more value has accrued to the network and a much greater demand has been put on it, especially with the rise of DeFi and NFTs over the past 18 months.
Related: Bitcoin network tags record high for daily settlement volume
According to Bitinforcharts, the average transaction fee on the Bitcoin network is around $2.13 at the moment. Comparatively, the Ethereum network’s average fee is a whopping $42.58. As reported by Cointelegraph yesterday, Bitcoin transaction fees are down by more than 50% this year.
The divergence in average transaction fees between the two networks can be seen widening from the end of July.
Ethereum’s network fee woes can be circumvented by using layer two networks which have surged in adoption over the past couple of months with a near all-time high total value locked of $6.87 billion according to L2beat.
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