Skip to main content

Ethereum Fees Jumped 154% Since Last Week, $400 Uniswap Fees, $1K to Interact With Opensea

Ethereum Fees Jumped 154% Since Last Week, $400 Uniswap Fees, $1K to Interact With Opensea

Following the bug and the split that occurred after a great number of Geth nodes did not upgrade, Ethereum fees have risen dramatically since August 21, jumping from $11 per transaction to today’s 0.0088 ether per transaction ($27.98).

Ethereum Transaction Fees Skyrocket

Ethereum is the second-largest crypto asset in terms of crypto market capitalization with a $375 billion market cap or 17.4% of the crypto economy’s $2.16 trillion. ETH is up 34.3% during the last month, but has lost 2.1% during the last two weeks. On August 27, Bitcoin.com News reported on Ethereum having issues upgrading and the problems led to a chain split. As that news has settled, discussion of rising Ethereum gas fees have replaced the conversation.

Ethereum Fees Jumped 154% Since Last Week, $400 Uniswap Fees, $1K to Interact With Opensea

Ether fees have jumped dramatically since August 21, spiking 154.36% to today’s average transaction cost of $27.98 per transaction. The cost to interact with smart contracts and Web3 platforms is even worse, as people have reported on Uniswap or decentralized exchange (dex) fees being upwards of $300 to even over $1K per interaction. Non-fungible token (NFT) marketplace fees for places like Opensea have significantly higher ether gas fees than usual as well.

Ethereum Fees Jumped 154% Since Last Week, $400 Uniswap Fees, $1K to Interact With Opensea
Screenshots were taken by Reddit user u/Impossible-Ad7389.

Ethereum 2.0 Hopes, ‘Ethereum Killers,’ Gas Reducers, and Compatible Chains

The hope is that Ethereum 2.0 will fix the issues with transaction fees and stabilize the fees to be more uniform. However, while Ethereum developers prepare for the switch, Ethereum competitors otherwise known as ‘ETH-Killers’ are steadily catching up to the second-largest crypto asset.

Ethereum is facing rising competition from blockchains like Binance Smart Chain, Cardano, Solana, Polkadot, Terra, Avalanche, Tron, Cosmos, and EOS. All of which aim and promise to provide much lower transaction fees in order to send funds or interact with decentralized finance (defi) applications.

Although the Ethereum 2.0 upgrade is something these networks may want to fear as many Ethereum proponents believe it will solve the fee issues. Two specific projects that aim to squash ether gas fees include Optimism and Arbitrum. These two projects leverage what’s called “optimistic rollups” and the Ethereum community is hopeful they will make progress toward relieving ether gas costs. Additionally, there are other projects that aim to crush ether gas costs with projects like fuel.sh, the aztec.network, starkware.co, loopring.org, zksync.io, and hermez.io.

Ethereum Fees Jumped 154% Since Last Week, $400 Uniswap Fees, $1K to Interact With Opensea
Ethereum faces significant competition from a number of other blockchains. This photo designed by Coin98 Analytics shows decentralized exchange (dex) projects on Polygon, Heco, and Solana.

Furthermore, already people are using projects like Polygon (MATIC) and Hecofi to utilize Ethereum in a cheaper fashion as well. The Ethereum community understands that the full ETH 2.0 release will not be 100% until at least some point in 2022. Until then so-called ‘ETH Killers’ and alternative gas solutions will likely continue to increase in demand. $27.98 or 0.0088 ether per transaction is not very enticing to people who want to transact with ether, buy and sell NFTs, and interact with Web3 and defi platforms.

What do you think about Ethereum’s rising fees jumping 154% in one week? Let us know what you think about this subject in the comments section below.



from Bitcoin News https://ift.tt/3zrg9Ef
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more