Ethereum daily transaction fees hit $ 564,000 due to network congestion

Ethereum daily transaction fees hit $ 564,000 due to network congestion

Will EIP-1559 Reduce ETH Gas Fees & Stop Capital Flight Away From Ethereum?

Ethereum daily transaction fees hit $ 564,000 due to network congestion

Against the background of the collapse of the cryptocurrency market in the Ethereum network, there was a jump in the number of transactions and their value, which led to a huge amount of paid commissions.

According to The Block, on March 12, the amount of fees paid for processing transactions amounted to about $ 564 thousand in ETH equivalent, which is the highest figure in the last 12 months..

Due to network congestion, users began to pay higher commission than usual so that their payments are prioritized and included first in the next block. Gas fees jumped more than sixfold, from 12 to 100 Gwei.

At the same time, the amount of commissions paid in the Ethereum network almost doubled the amount of Bitcoin fees, which for the same period amounted to $ 298 thousand..

In recent days, in the markets, ETH has been the leader in terms of activity on the exchanges. Therefore, in addition to the cryptocurrency network, the increase in user activity suffers and trading platforms whose payment channels cannot withstand such loads.

text: Ivan Malichenko, photo: Shutterstock, graphic: The Block