Apart from the rewards for participation, community involvement is crucial for the success of any cryptocurrency.
The Ethereum (ETH) blockchain Shanghai (Shapella) architectural upgrade from Proof-of-Work (PoW) to Proof-of-Stake (PoS) saw energy utilization fall by more than 99% when compared to the previous year.
Rewards for GPU mining on the ETH network are now a thing of the past as the new staking mechanism has been implemented. The Ethereum blockchain now instead relies on a network of validators to verify and validate the transaction by staking ETH. The staking mechanism locks up staked tokens in the form of security deposits, and in return, users are rewarded for their participation.
ERC-20 Tokens Fuel Ethereum Validator Rewards
During the first week of May, validators were rewarded with over $46 million of ETH, which was a 40% increase compared to the rewards from the previous week. The increase in rewards was a direct result of popular ERC-20 meme-based coins.
This boost in rewards can be directly attributed to the influence of Pepe Coin (PEPE), an ERC20 meme coin that currently has a trading volume of $537 million within a 24-hour period.
The high transactional volume of ERC-20 tokens, such as Shiba Inu (SHIB), with a 24-hour trading volume of $152 million, resulted in an increase in transaction fees. Due to the increase, validators earned more ETH from processing transactions and, in addition to their regular rewards, received larger shares of transaction fees.
DogeMiyagi: Community-Driven ERC-20 Token Trading
DogeMiyagi ($MIYAGI) is a newly announced ERC-20 token with a community focus drive approach while encompassing camaraderie. $MIYAGI offers a unique referral code once connected to a crypto wallet which in turn rewards users with a generous 10% commission based on purchased tokens. The quality-focused ecosystem will launch with the Killer Swap Machine (KSM) in an effort to alleviate ETH network congestion associated with high transactional volume.
The Killer Swap Machine will allow for seamless token trading while offering 100% security and 100% compliance with dApp integration, including Uniswap and MetaMask. DogeMiyagi has demonstrated compliance through a series of audits focused on identity verification and risk assessment standards yielding a Know Your Coin (KYC) certification.
Community involvement, along with innovation, is critical in ensuring the success of any blockchain. Ethereum has demonstrated its ability to grow and reward community members for staking tokens to facilitate network transactions. The popularity of ERC-20 meme-based coins such as Pepe Coin and Shiba Inu has resulted in an increase in transaction fees and, in turn, increased rewards for validators.
DogeMiyagi is a new ERC-20 token that aims to facilitate token trading for communities such as Ethereum, Shiba Inu, and Pepe. $MIYAGI Killer Swap Machine aims to alleviate ETH network congestion while offering 100% security and compliance.
Welcome to the World DogeMiyagi: