In June, the SEC’s decision to drop charges against Ethereum marked a significant milestone in the platform’s journey toward maturity and broader recognition within the financial industry.

The decentralized finance (DeFi) revolution is on the rise, as over $200 billion in assets were invested in DeFi protocols as of 2023. This explosive growth is attributed to the potential of financial inclusion, decentralization and integrity in financial transactions through blockchain technology.

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Cryptocurrency mining has surged in popularity recently, attracting both novices and experts.

The cryptocurrency market is expanding at a rapid pace, with a projected 107.30 million users by 2025 and an average revenue per user of  $61.5 in 2024, according to Forbes. This explosive growth has brought a lot of interest to the world of digital currencies.

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Why the Crypto Market Crashed on August 5

The past two days have been a bloodbath for the crypto market. On August 5, the world’s largest cryptocurrency, Bitcoin, traded below $50k, down more than 15%. But Bitcoin isn’t the only cryptocurrency that has plummeted over the last 24 hours.

Layer 2 Solutions: Scaling Ethereum and Other Blockchains

With the number of existing blockchain networks, platforms like Ethereum face scalability problems. Ethereum, famous for initiating decentralized applications and smart contracts, currently performs 7 to 15 transactions per second.