Ethereum Records High Transaction Fees of $89M in ETH
CoinEdition
Published May 12, 2021 04:03AM ET
Updated May 12, 2021 04:30AM ET
Ethereum Records High Transaction Fees of $89M in ETH
- Ethereum network recorded a new record high in daily transaction fees of $89 million.
- Ethereum Improvement Proposal (EIP) 1559 will go live in July.
- The upcoming EIP-1559 could burn approximately 70% of transactions.
Ethereum network recorded a new daily transaction fees high of $89 million in ETH. The news was reported by Ryan Berckmans in a tweet that got over hundreds of reactions.
Yesterday, ethereum did $89M in transaction fees, the most ever in one day.That's an annual run rate of $32.5B in fees.EIP-1559 is estimated to burn ~70% of fees and would have burned $62M in ETH yesterday. EIP-1559 launches in a little over two months.
— Ryan Berckmans (@RyanBerckmans) May 11, 2021
Moreover, Ethereum developer Berckmans explained that the Ethereum Improvement Proposal (EIP) 1559 will go live in July. At the same time, the London Hard Fork will go live, which is a big deal for the Ethereum ecosystem.
Moreover, the upcoming EIP- 1559 could burn approximately 70% of transactions. Meaning, this would burn over $62 million of the exorbitant ETH fees recorded. In a tweet, Berckmans mentioned the EIP-1559 benefits that holders could experience when it is rolled out.
In another recent tweet, Ryan Berckmans noted,
“With EIP-1559, each transaction no longer picks a gas price. Instead, each transaction picks two new numbers, the “fee cap” and “tip”. Here’s a concept for how a wallet might auto-calc the fee cap and tip, and then show the user a fee choice of Slow, Average, or Fast, like today.”
Even more, Ethereum community members anticipated the implementation of the EIP-1559, due to the major benefit it could offer to the network. Furthermore, the EIP-1559 implementation promises a drastic reduction in transaction fees. Notably, this is the major challenge ravaging the ecosystem of the current leading smart contracts platform, Ethereum.
According to CoinGecko, the ETH price is $4,300.71 with a 24-hour trading volume of over $63.83 million, at the time of writing.
This article was first published on coinquora.com
Continue reading on CoinQuora
Get The News You Want
Written By: CoinEdition
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.