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Ethereum fees declining as DeFi markets cool

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The DeFi bubble seems to be slowing down in the last months of 202, with fees and confirmation times retreating back to less formidable levels.

“ETH fees are way down suggesting the DeFi madness has abated for now,” Josh Olszewicz, also known as CarpeNoctom on Twitter, told Cointelegraph. 

“DeFi cooling off, BTC HR [hash rate] way down (-16% difficult adjustment),” he also said, referring to the situation on Bitcoin’s (BTC) network. Bitcoin’s network action, however, is not related to the drop in Ethereum fees, based on Olszewicz’s opinion. “Just happens to correlate,” he explained. 

Bitcoin’s hash rate suffered a recent decline, signaling a drop in mining power for the network. Over the last several days, the Bitcoin blockchain has seen high levels of congestion, leading to longer confirmation times, with many transactions still left unconfirmed. The network completed a significant difficulty adjustment on Nov. 3, but the dropping hash rate prior to the adjustment was the likely catalyst behind the high fees and clogged network, Olszewicz posited. 

“Not sure why BTC fees are so high,” Olszewicz said. “Fees should have ‘burned off’ from the high congestion by now, so not entirely sure, but total fees/day are rising on BTC,” he explained. “Could be a lagging effect there.”

Bitcoin continues to take the spotlight as it challenges a convincing break past its 2019 high, while mainstream corporate BTC adoption discussions continue. 



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Tiger King star and convicted animal abuser to launch NFT from prison

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The nonfungible token industry isn’t over yet as “The Tiger King” star Joe Exotic is set to launch his own NFT drop from prison with some external assistance.

New York-founded cryptocurrency club More announced Tuesday its foray into the celebrity NFT space with an auction on behalf of former zoo operator and TV star Joseph Allen Maldonado-Passage, known professionally as Joe Exotic.

With support of Rozenfeld Meyer & Susman’ entertainment attorney Brad Small, the convicted animal abuser plans to sell some of his belongings alongside digital items and tokens from a federal prison in Fort Worth, Texas. The physical items include Maldonado-Passage’s favorite pistol and holster, jackets commonly worn on the “Tiger King” series, and authentic audio recordings from prison.

Starting this Friday, the public can bid on “The Tiger King” NFT auction hosted on major NFT marketplace Mintable. The auction winners will acquire physical items with authentication papers as well as 3D digital models of each tangible collectible.

The Tiger King was convicted on multiple felony counts, among them murder-for-hire and violating laws protecting endangered species. Maldonado-Passage killed five tigers to make room for other cats at his petting zoo in Oklahoma. He was also convicted for soliciting two hitmen to kill his sworn enemy and animal sanctuary owner Carole Baskin. 

According to National Geographic, Maldonado-Passage even attempted to broker the illegal sale of lion cubs on the telephone as he was awaiting trial in Grady County Jail. 

Maldonado-Passage views the NFT drop as a chance to give back to his loyal fan base. “It’s great to have a voice via blockchain technology and I’m honored to be the first to kickoff MORE’s celebrity NFTs,” he said, adding, “Whether you love me or hate me for what you think I’ve done, there’s no doubt that everyone wants a piece of The Tiger King!”

More CEO and founder Peter Klamka said that the initiative will help the firm to drive the mainstream adoption of blockchain technology, noting that the NFT industry provides people with access to authentic unique goods that they would otherwise not be able to access. “There’s no better way to engage the mainstream in blockchain technology than to tie in familiar faces and names,” Klamka noted.

 More did not immediately respond to Cointelegraph’s request for comment.