Despite the correction… Ethereum gas fees reach a new record
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Answer Despite the correction… Ethereum gas fees reach a new record
The Ethereum gas fee craze continues despite the Ethereum price correction of over 22%.
Ethereum’s 24 hour total daily fee is close to $50 million.
according to “Cryptofees.info“The daily fees generated by Ethereum gas amounted to $49.55 million.
Bitcoin’s daily fee is $8.9 million.
While the two largest Ethereum-based decentralized exchanges, Uniswap and SushiSwap, ranked third and fourth in the fee list with $5.3 million and $3.7 million, respectively.
The fees for transfers from the Binance platform to external wallets amounted to more than $50:
Upgrading Ethereum will reduce fees:
The Ethereum “EIP-1559” upgrade will ease the gas price frenzy.
Read:Bitcoin price in January… Outstanding performance compared to the past 7 years
Learn about the “EIP 1559” proposal to reduce the overall supply of Ethereum and how will it affect?
Although Ethereum miners are not very happy with this update, it is expected to be rolled out in July.
Vitalik Buterin, the co-founder of Ethereum, suggested that the transition to a Proof of Stake mechanism would happen much faster if miners decided to threaten the network.
Tweet embed Don’t care about the opinions of Chinese miners? He suspected that in Chinese society, “If some miners leave, new ones can come in. If miners attack 51%, we will all move to POS as soon as possible.” Vitalik is often spoken in Chinese in Chinese communities pic.twitter.com/dACceoJMAb
– Wu Blockchain February 23, 2021
Gas Price Madness – $37,000 Transaction:
Gas prices currently average $38 according to Bitinfocharts.com, an increase of more than a thousand percent since the beginning of 2021.
Fees vary for basic ERC-20 transactions, Uniswap procedures, and complex smart contract transactions that can cost hundreds of dollars.
Read:The launch date of the blockchain-based social networking platform Voice has been revealed
Etherscan estimates $18 for a base transaction, $47 to swap on Uniswap, and up to $70 to add or remove liquidity from a pool.
A DeFi user was shocked when he transferred a certain amount with a fee of $37,000, or roughly 25 ETH, when he accidentally entered the price of gwei gas for a Uniswap transaction twice.
So, as we always advise in Bitcoin Arabs, it is necessary to make sure well before confirming the transaction, whether in terms of the address sent to it or in terms of fees.
Read also:
Why do celebrities love Dogecoin? And why does Elon Musk keep referring to it?
What is the effect of adding Ethereum futures contracts to the Chicago Stock Exchange “CME” on the price of Ethereum?
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