Key Developments in the Crypto World

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While the community is brimming with excitement over Ethereum’s upcoming Dencun upgrade, Fuel Labs CEO stated that the biggest benefit would be more stabilization rather than just reduced fees. Dogecoin saw an approximate 10% increase after Elon Musk hinted that the electric car manufacturer might add the memecoin as an official payment method for Tesla vehicles. Crypto.com was fined 3 million dollars by Dutch authorities for operating without a license. Here are three significant developments that have marked the last 24 hours.

Insights on Dencun Upgrade from a Prominent Figure

Nick Dodson, co-founder and CEO of Fuel Labs, in an exclusive interview, stated that while most people focus on the promised transaction fee reductions for Layer-2 scaling networks, the most important benefit of the upgrade is actually fee stabilization:

“Many people talk about reducing fees with EIP-4844, but it’s more about fixing fees. It’s actually about increasing capacity and scaling, not just reducing fees.”

According to Dodson, the Dencun upgrade providing fee reductions for Layer-2s is a significant advantage for the industry, but the real benefit relates to stabilizing current fees for the millions of new users to come. Dodson added that this increased network capacity would further reduce Layer-2 fees with future upgrades.

Elon Musk’s Hint at DOGE Adoption

Elon Musk suggested that Dogecoin might be added as an official payment method for Tesla vehicles at some point. On March 13th, while interacting with the public at the Berlin Gigafactory, a Tesla production facility, a spectator asked if Tesla would soon accept DOGE for purchases. Musk responded positively:

“I think we should make that possible at some point.”

Musk’s response excited investors, and the token’s market price witnessed a sudden rise. Dogecoin responded by increasing from $0.172 to $0.188 as the video gained attention, recording a 9.3% increase.

Noteworthy Step in the Netherlands

According to a statement made by the central bank on March 13th, the cryptocurrency exchange Crypto.com was fined for operating without registration in the Netherlands. The Dutch central bank De Nederlandsche Bank (DNB) imposed a fine of 2.85 million euros on the crypto exchange on October 23, 2023, but reported the sanction actions on March 13th.

The exchange had been operating in the country without registration for over two years. During this period, Crypto.com had a significant number of customers, and the parent company failed to report unusual transactions to the Financial Intelligence Unit during the non-compliance period due to the lack of registration.