June 10 Daily report: Bitcoin and Ethereum transaction fees sink 95%, White House Top Tech Advisor Holds Millions in Bitcoin, Kraken Launches Kusama Parachain Auction Platform, Cardano to roll out smart-contract tools and OKCoin Integrates Polygon (MATIC)

• Bitcoin and Ethereum transaction fees sink 95% from all-time highs

Reduced network activity is resulting in lower fees for Bitcoin and Ethereum as both recede heavily from their all-time highs. The cost of using the Bitcoin and Ethereum blockchains is on the rapid decline, as evidenced by a 93%–95% reduction in average transaction fees over the past couple of months.

White House Top Tech Advisor Holds Millions in Bitcoin

Politico media company featured Timothy Wu, a top tech advisor for the Biden administration recently. The media outlets cited a personal financial disclosure that Wu recently filed and estimated that he owns between $1 million and $5 million in Bitcoin. The adviser also owns between $100,001 and $250,000 in Filecoin, which provides decentralized crypto storage services.

Kraken Launches Kusama Parachain Auction Platform, Driving it Surging by 19.07%

Cryptocurrency exchange Kraken official announced launching the Kusama Parachain Auction platform. Kraken will support users of the exchange to bid on the Karura and Shiden projects. This latest development in the Kraken exchange fueled Kusama’s KSM token price and regained the momentum that has risen by 19.07% in the past 24 hours during intraday trading.

Cardano to roll out smart-contract tools in the new product suite

Blockchain platform Cardano is set to provide tools for developers, end-users, and businesses to execute smart contracts in financial agreements through a new suite of products. Cardano is in the midst of its “Alonzo” upgrade, expected to be complete by the end of August, which will bring smart-contract functionality and enable decentralized finance applications on the blockchain.

OKCoin Integrates Polygon (MATIC), Reducing ETH Fees for Defi Users

OKCoin becomes the first US-regulated exchange to integrate Polygon (MATIC). The integration will drastically reduce Ethereum fees for Defi users. Users can now directly withdraw their finds from OKCoin into Polygon (MATIC). The transaction between OKCoin and Polygon is free save for the regular contract fee