Ethereum transaction fees hit an all-time high
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Answer Ethereum transaction fees hit an all-time high
Ethereum miners have achieved new record returns, thanks to the increase in Ethereum fees, which reached nearly $1 million ($938,000) in one hour, according to the blockchain analytics platform Glassnode.
next Tweet embedannouncement about UNI $ day symbol, # Ethereum It saw a huge increase in mining fees.
Nearly 1 million US dollars were spent in fees in one hour!
This is a new record (anomalous submission fees were excluded earlier this year).
Live graph: pic.twitter.com/iBGcayQQkO
– glassnode (glassnode) September 17, 2020
indicated glass In her tweet:
Read:Solana network usage drops to its lowest level for the first time in two years
After Uniswap announced its cryptocurrency UNI today, the Ethereum network has seen a massive rise in mining fees.
Almost a million dollars were spent in fees in one hour!
This is a new record (if earlier this year anomaly TX fees were excluded).
Given the increasing use of DeFi projects and protocols, the frenzy and the hype around it and the trend of many investors towards it, experts and users alike are concerned about the usability of Ethereum.
Su Chu, CEO of Three Arrows Capital, said on Twitter:
I know the markets are bullish and so on, but the usability of Ethereum is pretty outrageous today.
I know mkts is advanced and more, but the usability of ethereum is pretty awful today
– Su Zhu (zhusu) September 17, 2020
Su Chu’s statement came against the background that miners are financially incentivized to choose transactions with higher fees to confirm transactions.
At the same time, transactions with low fees are pushed into the low priority path, which leads to amplification and a large backlog of uncertain transactions.
Read:Explanation of the “Proof of Authority” mechanism in blockchain networks
Additionally, there is a limit to the amount of gas (Ethereum Payout Unit) that can be included in a single block, further blocking the Ethereum blockchain.
It is not a matter of the moment regarding the pressure and congestion on the Ethereum network.
Where something similar has happened to Ethereum on many occasions, which doubles the fears and concerns about the network interruption.
While others are optimistic about the upcoming Ethereum 2.0 update.
Read also:
Will Ethereum Overtake Bitcoin, Especially After the Decentralized Finance (DeFi) Boom?
Ethereum 2.0 is on track to launch scheduled for next November… Details here
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