Ethereum transaction fee spike9/5/2023 The fees for swapping tokens on ZK-based scaling solutions like Polygon zkEVM, Starknet, and zkSync Era mainnet surged between $2 to $11.Ī zkSync Discord community member noted they had to pay $11 swap ETH to USDC, noting in amazement that “Is it gonna cost that much?”Īnother user complained about $30 in fees for DeFi deposits on zkSync. Notably, zero-knowledge proof (ZK)-based rollups were hit relatively worse than optimistic rollups. Both use another technology called rollups, which batch transactions off of the mainnet into a single, smaller transaction before settling on the mainnet. There are two kinds of layer-2 scaling solutions: zero-knowledge proofs and optimistic. The gas fees for layer-2 transactions have also surged with mainnet fees as related data for layer-2 transactions are also posted in layer-1 blocks for security. The rise in Ethereum’s transaction fees has led to a rise in gas fees for Layer-2 transactions as well. Thus, as activity increases on the network, more ETH is destroyed. The relevant indicator here is the average fees, which measures the total amount of fees (in USD) that investors have to attach to their Ethereum transaction in order. The increased gas fees witnessed 9,392 in ETH burned over the last 24 hours, at par with one-year high levels.Įthereum executed a hard fork in 2021 which meant that a portion of all Ethereum transactions were destroyed. Ethereum Fees Saw Huge Spike During The Local Bottom As per data from the on-chain analytics firm Santiment, the ETH transaction fee has fallen below 2 per transfer now. The token has continued to surge since then, last trading at a market value of $879 million.įollowing the success of PEPE coin, numerous copycats have also emerged representing different internet memes.ĭata from crypto analytics firm Nansen shows that the most active smart contracts on Ethereum are currently Uniswap trading pools for meme coins such as SPONGE, TURBO, BOB, and TRBNR.ĪD Most used DeFi contracts on Ethereum on May 5, 2023. The PEPE token also entered the top 100 largest cryptocurrencies by market capitalization on May 1, obtaining a valuation of over $500 million. In the last 24 hours, the trading volume for PEPE surpassed $150 million on Uniswap, higher than Wrapped Bitcoin (WBTC) and USDT stablecoin volumes. It’s likely that excitement around meme coins, specifically the newly-launched PEPE, is responsible for the revival in gas fees. While Ethereum’s mean transaction fees have reached much higher levels of between $50 to $70 in 2021, things have been quiet since the market crashed in May 2022.
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