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Author Topic: Ethereum gas fees reach $500K as ETH price hits a 2020 high at $486  (Read 36 times)
spike420211
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September 01, 2020, 09:55:42 PM
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Ethereum miners earned a record $500,000 in fees in a single hour, raising concerns about network stability.

Transaction fees on the Ethereum network have recently reached a new hourly record. According to Glassnode, an on-chain analytics firm, miners on the network earned over $500,000 in just one hour today as Ether (ETH) rallied.
Currently sitting at its 2020 high of $486, Ether rallied 10% today. The spike in network activity is thought to be related to the launch of Sushiswap, a fork of Uniswap that has hit $1 billion in total value locked in less than 24 hours.

The news may sound good for Ether miners whose revenue is increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached its 20-month high recently, despite the recent controversy regarding a proposal that aims to reduce block rewards by 75%.
However, it points to an ever-growing issue in the sustainability of Ethereum in the short and long term. While DeFi seems to be leading to a renewed bull run for Ether, it also seems to be the major cause for its technical issues.

https://cointelegraph.com/news/ethereum-gas-fees-reach-500k-as-eth-price-hits-a-2020-high-at-486

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Lizzylove1
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September 01, 2020, 10:15:23 PM
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Defi is technically responsible for this. However it seems ethereum miners are happy fleecing the people of their money. i am stalled of trading on uniswap forcing me back to CEX because I can not always afford $40 trading fee on uniswap as this eat on my profit. ETH2.0 is taking forever, EOS should see what they can do to offering a temporarily solution to this madness.

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September 01, 2020, 10:25:08 PM
 #3

This cannot go on! Ethereum is not in all time high value, and Gas is increasing like crazy!
Is it DeFi hype that is clogging up the network, or Ethereum is not ready for this traffic?

I have seen this in the past in ICO hype! When there is something new network gets clogged up!

https://decrypt.co/36501/ethereum-transaction-fees-are-rising-too-high

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September 01, 2020, 10:39:54 PM
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Ethereum network is becoming more and more congested everyday and still we see no light at the end of the tunnel. I mean no solutions are available or announced yet which means this situation can only get worse and the amount of the transactions can only reduce if eth becomes very expensive so even a small fee in eth will look huge, all this scenario is depicting eth price to go parabolic.

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