The transaction was initiated from a wallet named “0xD81 … .B21fC” to the wallet named “0x000…d0Eea.”
The issue of gas fee has so far been resolved by the Ethereum network by around 50%. In the beginning of this year.
An Ethereum user has also paid around $859,000 reinforcing the periodic surge in this Ethereum criterion.
The high gas fee on Ethereum blockchain transactions is always a concerning issue for users as most of the times it becomes uncertain. Lookonchain, a blockchain analytics tool made a statement in which it stated that a user has to pay $700,000 for 288 ETH in just one transaction.
This kind of hype of Ethereum is very common, but sometimes users have to pay an unusual amount of money due to some glitch over the platform. But, in this case Lookonchain claims that it does not seem like any glitch.
The transaction was initiated from a wallet named “0xD81 … .B21fC” to the wallet named “0x000…d0Eea.” Also, it is very astonishing to note that the value for this transaction is still fixed at $0. Due to this, many users are in shock about why a null transaction has to cost $700,000.
In recent years, Ethereum gas fees have been introduced on-chain. According to a trustworthy news website, in 2023, an Ethereum user has also paid around $859,000 reinforcing the periodic surge in this Ethereum criterion.
Issue of gas fees
Normal users have no relationship with this kind of occasional surge, and they can easily initiate transactions. The reason for this is sorting transactions is not that needed so in that case the gas fee is mostly manageable.
The issue of gas fee has so far been resolved by the Ethereum network by around 50%. In the beginning of this year, the activation of Dencun update has transformed its layer-2 scaling solutions with more utility, reducing the gas fee as well as making it more predictable.
With the exception of the developer community, which also includes the co-founder of Ethereum, works night and day to improve the gas fee over the platform. Meanwhile, the fee charges sometimes go up and down based on the utility, other L3 chains are not that expensive to use and suggested for some transactions.
Ethereum Price Today
Source: The CoinMarketCap
At the press time, the price of Ethereum stands at $2,432.00 and the volume for 24 hours is $14,002,988,529 which is around 15.07% as compared to the last day. The overall market capitalization stands at $292,869,365,461 making it stand at second position in terms of cryptocurrency. Talking about the circulating supply, it is nearly 120,379,988 ETH out of which the total supply also stands at 120,379,988 ETH.
A new Ethereum proposal EIP-7781 has recently been introduced by Ben Adams, co-founder at Illyriad Games to drag block times down by 33% and increase data capacity resulting in a 50% enhancement in the overall output.
