April 23, 2024

Ethereum network saw an abnormal increase in fees

Over the past day, certain blocks of the network of the second largest cryptocurrency by capitalization, Ethereum, have been observedabnormally high commissions. In some found blocks, this value exceeded $ 30, and in a separate case - all $ 40, Bitcoinist writes.

In particular, the publication citesCoin Metrics researcher Nate Madry, who drew attention to the fact that when trying to send a transaction, the recommended fee was more than $ 40. In other individual blocks, the commission exceeded $ 30.


The analyst also noted that recently the blocks in the Ethereum network have been almost completely filled.


The publication believes that the reasons for thisthere may be several abnormal commissions. One of them is the recent increase in mining complexity associated with the function of the so-called “ice age”. Although its activation is expected to be delayed again, the generation of ETH blocks may become slower.

Another possible reason is products in the field ofdecentralized finance (DeFi). The fall in the price of Ethereum from $ 185 to $ 145 during the last week led to the liquidation of credit positions, and also DeFi-contracts can be motivated to pay higher commissions for timely execution of necessary actions.


It is also possible that the launch of the ERC-271 token for the Gods Unchained collectibles market on Thursday could play a role.

Be that as it may, the main consumer of resourcesThe Ethereum network remains the stablecoin Tether. Earlier this week, glassnode noted that USDT's total transaction volume exceeded $ 100 billion, more than 6,000% from the beginning of the year.


In general, the publication notes, compared withpeak values ​​in May this year, when the load of the Ethereum blockchain at certain times exceeded 94%, now the network is used less actively - by an average of 84%.

Recall, earlier in November, Bitcoin developer Udi Wertheimer said that over the course of the year, Ethereum will cede TRON the status of a leading platform for decentralized applications.