Ethereum Transaction Fee Hits All Time High. 31.22 Eth.

[DiMarxist]

I know that Ethereum Transaction Fee has not been friendly with the users but today's fee cost was abnormal. The fee cost 31. 22 Eth. Which is equivalent to $112,700.

Confirm

[BIT-BENDER]

This is the major reason people avoid the Ethereum network, the fees are crazy and this all time high transaction fee will only fuel that narrative.
Although this week ethereum has been good for ethereum price but to actually use ethereum for transactions is the Big headache. Luckily there are other alternatives to ethereum.

[o48o]

This is the major reason people avoid the Ethereum network, the fees are crazy and this all time high transaction fee will only fuel that narrative.
Although this week ethereum has been good for ethereum price but to actually use ethereum for transactions is the Big headache. Luckily there are other alternatives to ethereum.

That's not what's happening here. People can choose how much gas they pay, and sometimes rarely they accidentally use too much of it. In the past people have rarely and accidentally put the send amount into gas money. Or at least that's the only reason i can figure out for tx fees like this.

Trying to say that fees were this high is just insane. Average send price at the moment is $0.12 worth of eth.

[passwordnow]

That's not set by the network. I also remember the news with people whom paid the transaction fee that much. It's either caused by an accident and error or they've done it in a purpose. Most likely, if it's with a purpose, it's about money laundering and there is no other reason behind that between the two. Or if there is, I'd be happy to know that. If it's caused by the network then that user doesn't check his transactions before sending it.

[MAAManda]

It's a misfortune for the address holder, with that much assets, he shouldn't make the mistakes that newbies usually make. I talked about how he couldn't set the gas for his trade. Currently, the fast priority for transferring native tokens is only around $0.2. He could save 560K times more if he could set the appropriate transaction fees.

[TastyChillySauce00]

There's a high chance that the sender is mistakenly putting unusually high gwei price and made a mistake.

18 july gwei peaked at 30 gwei don't know what kind of tx it is but if it's just normal contract interaction probably would take a bout 21k gas.
I don't think it reached that high. Anyway, use L2 if you can since interoperability has been matured, they are much more cheaper.

[Zanab247]

Because of this high fee charge that hit ETH transaction will make many hodlers not to release their ETH now until the fee reduce before they can carry out their transaction to sell. For this fee to be deducted from someone transaction it will make some people not to invest much on ETH, because they will be considering the amount of fee that will be charge from the ETH compare to BTC fee that is very low for sellers to be happy with the little fee that will be deducted from their transaction.

If I have the opportunity to hodl plenty of ETH in this bull run, I don't think I will release them now than to wait for the gas fee to reduce before I can release the ETH for profit making.

[shinratensei_]

This is the major reason people avoid the Ethereum network, the fees are crazy and this all time high transaction fee will only fuel that narrative.
Although this week ethereum has been good for ethereum price but to actually use ethereum for transactions is the Big headache. Luckily there are other alternatives to ethereum.

For real, I even traded Wrapped ETH in solana simply just to avoid the fee. It's unbearable and swapping cost a lot whenever the blockchain is congested with the risk of depegging because native coin will always be safer than wrapped token contract.
Hopefully they fix it but we all know it won't happen anytime soon.

ETF buyers definitely not affected by this though.

[FinneysTrueVision]

There's a high chance that the sender is mistakenly putting unusually high gwei price and made a mistake.

18 july gwei peaked at 30 gwei don't know what kind of tx it is but if it's just normal contract interaction probably would take a bout 21k gas.
I don't think it reached that high. Anyway, use L2 if you can since interoperability has been matured, they are much more cheaper.

If we search the transaction, they set the gas price to over 1 million gwei.

The next transaction of this address was an on-chain message to the fee recipient that says "Help! Some buggy wallet sent this transaction on ethereum instead of pulsechain, can you please send me back the super-high fee 31.22ETH this mistake has caused? please it is a huge amount of money to me. TX 0xdb724e0f168ab1db6e9172eeeaefcd0d0dad901b2b21df06c943d4c46a78abac"

They were later refunded 29.5 ETH, which was confirmed by Titan Builder on Twitter.
https://x.com/titanbuilderxyz/status/1946307808376271355

[asriloni]

It's pure a mistake by sender. The stats showed the average gwei of 18 july was around 7 gwe, which may cost you between $5 - $15 to send the transaction. It most probably sender setting up their gwei very high, and forgot to change it. That's why such transaction happened.

[Balmain]

A user might have incorrectly set the gas limit or gas price in their wallet. What kind of network fee is this? Gas fees increase when the Ethereum network is congested, but 31.22 ETH is far beyond normal congestion levels. And there's definitely a reason for this when the Ethereum network isn't currently congested. Or maybe it's a pure scalability issue, I'm not entirely sure. High fees always drive users to other Layer 2 blockchains.

[Josefjix]

Why is the link leading me to a telegram group, I thought I would be redirected to the etherscan for more details on the transaction history, since the link is sketchy, means the transaction is fake.

How will the screenshot will not show the amount of ETH the sender spends but only the transaction fees and the rest. It's crazy spending $112,000k fee on a small amount of ETH.

[nelson4lov]

This is the major reason people avoid the Ethereum network, the fees are crazy and this all time high transaction fee will only fuel that narrative.
Although this week ethereum has been good for ethereum price but to actually use ethereum for transactions is the Big headache. Luckily there are other alternatives to ethereum.

ETH fees has been very modest in the last year and there's been almost no complaints about high fees on the chain because the number of users actively using the Mainnet have dropped massively since most users just use L2s for most transactions.

This fee will likely be paid by an impatient whale and whenever there's fees like this, 95% of the time, it's simply mistakes from their end.

Aside from this, there's been no crazy fees for the average users in recent times.

Observe:


Swaps cost < $1 too.

[shinratensei_]

Why is the link leading me to a telegram group, I thought I would be redirected to the etherscan for more details on the transaction history, since the link is sketchy, means the transaction is fake.

How will the screenshot will not show the amount of ETH the sender spends but only the transaction fees and the rest. It's crazy spending $112,000k fee on a small amount of ETH.

Same here the link is very misleading.
Also to OP, if you want to show the fee ATH you should show the chart not some random user's transaction.

Like others have mentioned it could be all mistake.

[Abiky]

I know that Ethereum Transaction Fee has not been friendly with the users but today's fee cost was abnormal. The fee cost 31. 22 Eth. Which is equivalent to $112,700.
Confirm

Must've been a mistake from the sender's part. Or maybe the sender's wallet miscalculated network fees. Right now, ETH's gas fees are low. But considering that transaction capacity is limited, such rates won't last for long. Developers are still working on making ETH more scalable. Meanwhile, chains like Solana and BSC continue to provide a better UX with much lower gas fees and faster confirmation times.

Regardless of how much the ETH network gets congested, fees will never be as high as Bitcoin when it's at its peak. That's because BTC has much higher market prices than ETH. Institutional investors continue to buy BTC more than ETH, so we don't have to worry about ETH getting clogged anytime soon.

[Webetcoins]

If we search the transaction, they set the gas price to over 1 million gwei.

The next transaction of this address was an on-chain message to the fee recipient that says "Help! Some buggy wallet sent this transaction on ethereum instead of pulsechain, can you please send me back the super-high fee 31.22ETH this mistake has caused? please it is a huge amount of money to me. TX 0xdb724e0f168ab1db6e9172eeeaefcd0d0dad901b2b21df06c943d4c46a78abac"

They were later refunded 29.5 ETH, which was confirmed by Titan Builder on Twitter.
https://x.com/titanbuilderxyz/status/1946307808376271355

We need to mention, they sent back 29.5 because that was the reward they got. Not like they received 31.22 and then paid back 29.5, keeping the rest as profit. They were rewarded this much and then they ended up paying it back for the later. That is the most important part of this, and as long as you can keep doing it, then you are going to actually be a lot better with time.

Many people are taking a risk, and because of that they know these type of mistakes could happen. It is one of my worst fears, I always feared sending it to wrong address instead of this, but this is very scary too. People should be more careful, they can't just make these type of mistakes and hope that people would return it, sure this time titan did, but it may have gone differently.

[Jegileman]

I know that Ethereum Transaction Fee has not been friendly with the users but today's fee cost was abnormal. The fee cost 31. 22 Eth. Which is equivalent to $112,700.

What sought of outrageous price is this? I am not expecting that anything like this will still be happening now that many blockchain have a lowered fee and are in competition with each other. This complaint of Ethereum high fees has been going on for a very long time but it gets more shocking that the price keeps increasing when it should be the other way round with the influx of users in the crypto space who will definitely ditch even investing in such a token that requires such high fees for transactions. 31ETH is a very big amount of money when compared to the equivalent amount in bitcoin which is almost 1BTC as transaction fees with the current market price.

[btc_angela]

This is the major reason people avoid the Ethereum network, the fees are crazy and this all time high transaction fee will only fuel that narrative.
Although this week ethereum has been good for ethereum price but to actually use ethereum for transactions is the Big headache. Luckily there are other alternatives to ethereum.

Damn, I was already out of the Ethereum market for many years because of this reasons. And still up to this day, despite many versions, this is still the major problem of Ethereum. And obviously, this is also one reason why most investors goes go and didn't invest heavily on them, specially this current market cycles.

So it's very hard for those investor to get out, I mean how can you profit when the fees are too much? And it is just controlled by the majority, the validators themselves. This is just the beginning, if let's say they at least can go to $4k this bull run, then the fees will obviously go up too.

[Hispo]

From the very beginning we started to have so many Ethereum competitors and Blockchains which claimed to the Ethereum killer, always because of the way fees had increased in the main Eth network. Though, I am more inclined to believe this is rather the result of a person trying to catch the attention through using a disproportionate fee for a small transaction, it would not be the first time I have seen something like that.
So far, in spite of the high fees, Ethereum has managed to keep a high volume of transactions and those Ethereum killers have not been able to surpase the market capitalization of Ethereum.

[Odusko]

I know that Ethereum Transaction Fee has not been friendly with the users but today's fee cost was abnormal. The fee cost 31. 22 Eth. Which is equivalent to $112,700.

Confirm

This is another time to remind ourselves that ethereum have one of the worst fees system, that keep surging high each time the price of the coin witnessed a significant increase, this is why ethereum have not met the standards required for many big investors and institutions, no one will want to stock up and assset that it movement from wallet becomesna war each time the asset wittiness any price difference.