Categories: Crypto NewsNews

Ethereum users wary as gas fees skyrocket

Published by
Nonhlanhla P Dube
Share

Ethereum (ETH) is experiencing an unprecedented surge in inactivity. From institutional adoption to increased traction, and so on. Given the demand, Ethereum (ETH) network participants raised $2.48 billion( R37.7bn) in fees last year, up from $1.7 ( R27.2bn) billion the previous year.

Top freelancers for every business

The bullishness of Ethereum during 2022 resulted in a significant increase in trading and transaction volumes, as well as significant inflows from investors. The accumulation trend was strong, resulting in a positive month for Ethereum miners as well. In fact, as shown in the graph below, the revenue of Ethereum miners has reached an all-time high.

What prompted this hike? Apecoin holders received Otherdeed NFTs, which resulted in additional ETH getting burned. This indicated an increase in demand. APE owners had to submit their cryptocurrency to the necessary smart contract via the Ethereum (ETH) network, which encountered a massive load during those hours.

Participants got into a gas battle because they were so desperate to get their hands on an Otherdeed NFT. This increased transaction costs, earning Ethereum miners more than $87 million( R1.4bn) in less than an hour.

Leading freelancers for every business

Consider this: they made $87,664,337, around (R1.4bn) in one hour. They were, indeed, pleased with the revenue.

In this perspective, an additional $172 million( R2.8bn) in transaction expenses would have been paid during the gas war. At the time of publication, the average gas price for ETH was 52.55 GWEI.

From one war to the next?
Obviously, the increase in the gas fee would enrage a certain segment of the crowd. Following this occurrence, ETH users paid a median charge of $4,830( R77 386) per transaction over a one-hour window.
Several ETH users expressed their discontent with the situation. 

Leading freelancers for every business

ALL PAID ONLINE SURVEYS IN ONE PLACE
EASIEST WAY TO EARN MONEY AND FREE VOUCHERS ONLINE!
Begin to earn Rewards from Day One!

Nonhlanhla P Dube

Nonhlanhla P Dube is a senior news reporter at Rateweb. Nonhlanhla is a student of International Relations at the University of South Africa. She reports primarily on personal finance and economics. You can contact her directly by email at nonhlanhla@rateweb.co.za

Published by
Nonhlanhla P Dube