Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch

2020-9-18 06:00

The Ethereum blockchain has become congested after multiple days of low activity. According to GasNow, an ETH transaction fee tracker, the average gas price users of the network are paying has spiked over 500 Gwei.

This means that it costs in excess of $50 to trade on Uniswap and it will cost much more if you want to complete more complex DeFi transactions.

Here’s what’s going on with Ethereum’s transaction fees and what this may mean for the rest of the crypto market.

Related Reading: This European Crypto Exchange Was Just Hacked for $5 Million Why Are Ethereum Transaction Fees Shooting Higher?

Ethereum’s transaction fees are spiking due to the launch of Uniswap’s native coin, UNI.

The coin’s launch was predicated on making the coin community-owned. That meant that tens of thousands of users were required to make a handful of transactions — upward of three or more — just to claim, sell, or transact their coins from address to address.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000 Could Hurt the DeFi Bull Market

Ryan Watkins of Messari fears that this high fee situation could be dangerous for the long-term growth in the space:

Ethereum is damn near unusable right now. I can only imagine what retail will think if they eventually come into this market and face $50+ gas fees and 10+ minutes transaction confirmations. This has been my biggest anxiety about this bull market. The protocols are ready, the infrastructure is not.

Ethereum is damn near unusable right now.

I can only imagine what retail will think if they eventually come into this market and face $50+ gas fees and 10+ minutes transaction confirmations.

— Ryan Watkins (@RyanWatkins_) September 17, 2020

This was echoed by many others in the space. Others note that the high Ethereum transaction fees are likely to put a “hard cap” on the ongoing bull market because at one point, a majority of retail users will get priced out, making this a whale’s market.

Related Reading: It’s “Logical” for Ethereum To Reject At Current Prices: Here’s Why Featured Image from Shutterstock Price tags: ethusd, ethbtc Charts from TradingView.com Ethereum Transaction Fees Surge to All-Time Highs—And That's Not Good

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Data Transaction Token (XD) íà Currencies.ru

$ 0.0001405 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $0.0001405 - H: $0.0001405
Êàïèòàëèçàöèÿ $27.821k Rank 99999
Äîñòóïíî / Âñåãî 197.974m XD / 1b XD

transaction ethereum fee eth gas average tracker

Èñòî÷íèê: newsbtc.com

transaction ethereum → Ðåçóëüòàòîâ: 126


Crypto whales are showing there’s a perfect storm brewing for Ethereum

Unlike traditional assets, where each transaction is not recorded in a central database shared with the world, Ethereum and other cryptocurrencies are almost entirely transparent. One may not know who made a certain transaction or who owns an address, yet firms and individuals can all gain access to the metadata of every transaction that transpires […] The post Crypto whales are showing there’s a perfect storm brewing for Ethereum appeared first on CryptoSlate.

2020-5-7 02:11


Centrifuge uses Ethereum to help Paperchain execute Spotify revenue advance

Centrifuge uses Ethereum to help Paperchain execute Spotify revenue advance - CryptoNinjas Paperchain, a music analytics/fintech company, has announced that together with Centrifuge, a hybrid Ethereum-based on-chain/offchain private by design protocol to connect the global financial supply chain, the successful advance of $60,000 USD in Spotify revenue to a Paperchain record label customer.

2019-10-3 21:45


In-person meatspace protocol to prove unconditional possession of a private key

Recommended pre-reading: https://ethresear. ch/t/minimal-anti-collusion-infrastructure/5413 Alice slowly walks down the old, dusty stairs of the building into the basement. She thinks wistfully of the old days, when quadratic-voting in the World Collective Market was a much simpler process of linking her public key to a twitter account and opening up metamask to start firing off votes.

2019-10-2 04:03


Ethereum Is Overtaking Bitcoin In Daily Transaction Fees; Is USDt’s Omni to ERC20 Switch The Cause?

Ethereum is inches away from overtaking BTC in daily transaction fees — in comparison to BTC’s $185,993 on Sept. 15, ETH had $182,899 daily transaction fees. However, it won’t be the first time. Transaction fees represent real network demand and usage but some argue high fees could be detrimental to a crypto network. However, in […]

2019-9-17 16:05


Tether drags itself into another conundrum as stablecoin clogs up Ethereum’s network

The world’s largest altcoin’s blockchain is apparently suffering from a case of network saturation. Last week, Vitalik Buterin had stated that the Ethereum blockchain was getting full, adding that the consequences leading up to this situation would be higher transaction fees, something which may breach the affordability factor (make it expensive, basically) for some users.

2019-8-28 21:30


Vitalik Buterin: Ethereum’s Scalability Issue Is Proving To Be A Formidable Impediment To Adoption By Institutions

In a recent interview with The Star on August 19, Vitalik Buterin, Ethereum co-founder has reiterated that Ethereum blockchain faces a major scalability barrier. He explained that the blockchain is “almost full” but dealing with this issue would not only foster more adoption but also reduce transaction costs.

2019-8-20 22:32


Ôîòî:

Vitalik Buterin: Using Ethereum is expensive, and its blockchain is ‘almost full’

Ethereum co-founder Vitalik Buterin has warned his blockchain is “almost full,” and says its lack of scalability persists as a bottleneck that’s keeping organizations from joining the network. In an interview with Canadian outlet The Star, Buterin also remarked that using Ethereum is already expensive, and that any entity that opts to use the network would only increase those costs.

2019-8-19 14:58


äàëüøå åùå 77 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru