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A back to normal days for $ETH gas fees, it is good to do some airdrop transactions! GWEI Back to 30 and below!
Read my articles about restaking ETH:
Swell and Zircuit
Renzo Protocol
#Write2Earn #gwei #Ethereum(ETH)
Read my articles about restaking ETH:
Swell and Zircuit
Renzo Protocol
#Write2Earn #gwei #Ethereum(ETH)
Beware of $ETH gas fee!
Since Jan'24, Ethereum Gas fee rise up from below 20gwei to 60+gwei.
When you connect metamask wallet to do smart contract, please make sure you are below 40gwei to pay less fees.
Buying any meme coins from Uniswap need to pay 50+usd as transaction fee. OUCH!
Doing restaking projects takes 30-50usd as smart contract charges. OUCH!
#gwei #Ethereum(ETH)
Since Jan'24, Ethereum Gas fee rise up from below 20gwei to 60+gwei.
When you connect metamask wallet to do smart contract, please make sure you are below 40gwei to pay less fees.
Buying any meme coins from Uniswap need to pay 50+usd as transaction fee. OUCH!
Doing restaking projects takes 30-50usd as smart contract charges. OUCH!
#gwei #Ethereum(ETH)
🔥🔥🔥 $ETH burn rate drops to lowest levels as gas fees hover at 2 #gwei
Ethereum’s Daily ETH Burn Hits Lowest Point in Years Amid Low Gas Fees
The daily amount of ETH burned on the Ethereum network has reached its lowest level in years, with gas fees currently ranging between 1 and 2 gwei. On Saturday, only 210 ETH were burned, a significant drop from recent figures. This decrease in burning is a result of the minimal base fees, which have affected ETH issuance and overall network inflation.
On August 5, when gas fees were around 100 gwei, the daily ETH burn surged to 5,000 ETH. In contrast, the current low gas fees have led to an increase in the net ETH emission, which exceeded 2,100 ETH on Saturday, according to data from The Block.
The drop in gas fees and the resultant lower burn rate have sparked discussions about potential solutions to manage the network's inflation. Gnosis founder Martin Köppelmann has suggested that increasing the gas limit temporarily could help counterbalance the low base fees. He argued that raising the gas limit might boost Layer 1 activity and offset the effects of staking rewards.
The Ethereum London hard fork, implemented in August 2021, introduced the EIP-1559 upgrade, which includes a burned base fee and a priority fee (tip) for validators. The base fee, which fluctuates with network activity, impacts the amount of ETH burned, thus influencing the supply.
The current decrease in gas fees is also attributed to the increased adoption of Layer 2 scaling solutions and blob transactions introduced in the Dencun upgrade in March, which have contributed to reduced costs on Layer 2 networks.
As of now, ETH is trading at $2,640, up nearly 10% year-to-date, with a market capitalization of $305 billion, according to The Block.
Source - theblock.co
#CryptoTrends2024 #BinanceSquareTalks #EthGasFees
Ethereum’s Daily ETH Burn Hits Lowest Point in Years Amid Low Gas Fees
The daily amount of ETH burned on the Ethereum network has reached its lowest level in years, with gas fees currently ranging between 1 and 2 gwei. On Saturday, only 210 ETH were burned, a significant drop from recent figures. This decrease in burning is a result of the minimal base fees, which have affected ETH issuance and overall network inflation.
On August 5, when gas fees were around 100 gwei, the daily ETH burn surged to 5,000 ETH. In contrast, the current low gas fees have led to an increase in the net ETH emission, which exceeded 2,100 ETH on Saturday, according to data from The Block.
The drop in gas fees and the resultant lower burn rate have sparked discussions about potential solutions to manage the network's inflation. Gnosis founder Martin Köppelmann has suggested that increasing the gas limit temporarily could help counterbalance the low base fees. He argued that raising the gas limit might boost Layer 1 activity and offset the effects of staking rewards.
The Ethereum London hard fork, implemented in August 2021, introduced the EIP-1559 upgrade, which includes a burned base fee and a priority fee (tip) for validators. The base fee, which fluctuates with network activity, impacts the amount of ETH burned, thus influencing the supply.
The current decrease in gas fees is also attributed to the increased adoption of Layer 2 scaling solutions and blob transactions introduced in the Dencun upgrade in March, which have contributed to reduced costs on Layer 2 networks.
As of now, ETH is trading at $2,640, up nearly 10% year-to-date, with a market capitalization of $305 billion, according to The Block.
Source - theblock.co
#CryptoTrends2024 #BinanceSquareTalks #EthGasFees
Fat Finger or Money Laundering:User Pays 4,000x the ETH Normal Fee
An anonymous crypto user has reportedly made a costly mistake, spending 34 ETH in gas fees to transfer just over $2,200 worth of Ether. This blunder resulted in a staggering $90,000 fee for a transaction that should have only cost a few dollars. According to data from Etherscan shared by a user called DeFiac on August 11, the user paid 34.26 ETH in gas fees (approximately $89,200 at current rates) to send 0.87 ETH, valued at around $2,262. At the time, Ethereum gas fees were as low as 2-4 Gwei, meaning a typical transfer would only set someone back about $5. This means the user overpaid by an incredible 1,783,900%.
Mistakes like these, often referred to as "fat-finger" transactions, are not rare in the crypto world. For instance, on October 10, 2023, an NFT trader accidentally paid 1,055 ETH (around $1.6 million) for an NFT that was only worth $1,000. Similarly, on April 6, a collector on OpenSea spent 100 ETH (about $191,000) on a free NFT mint, which led to allegations of wash trading. Even major players in the industry can slip up; in May 2021, Crypto.com mistakenly transferred $7 million to an Australian user, Thevamanogari Manivel, who then used the funds to purchase a luxury mansion in Melbourne and transferred around $4 million overseas. She was later sentenced to 209 days in jail for "trading in proceeds of crime."
While the excessive gas fee could be a simple error, it might also hint at a more complex scheme, such as money laundering. Users must be aware of which Ethereum validators are processing their transactions and ensure they are sent correctly. The anonymous user would have needed to coordinate closely with these validators to prevent funds from being misallocated. An October 2023 report highlights the importance of understanding crypto staking in this context.
#ETH🔥🔥🔥🔥 #ETH大涨 #gas_fees #gwei
Mistakes like these, often referred to as "fat-finger" transactions, are not rare in the crypto world. For instance, on October 10, 2023, an NFT trader accidentally paid 1,055 ETH (around $1.6 million) for an NFT that was only worth $1,000. Similarly, on April 6, a collector on OpenSea spent 100 ETH (about $191,000) on a free NFT mint, which led to allegations of wash trading. Even major players in the industry can slip up; in May 2021, Crypto.com mistakenly transferred $7 million to an Australian user, Thevamanogari Manivel, who then used the funds to purchase a luxury mansion in Melbourne and transferred around $4 million overseas. She was later sentenced to 209 days in jail for "trading in proceeds of crime."
While the excessive gas fee could be a simple error, it might also hint at a more complex scheme, such as money laundering. Users must be aware of which Ethereum validators are processing their transactions and ensure they are sent correctly. The anonymous user would have needed to coordinate closely with these validators to prevent funds from being misallocated. An October 2023 report highlights the importance of understanding crypto staking in this context.
#ETH🔥🔥🔥🔥 #ETH大涨 #gas_fees #gwei
Why Did Gas Fees Soar on Polygon for POLS Tokens? 📈
Gas fees on Polygon surged over 1,000% to $0.10 due to a rush in minting POLS tokens.
Polygon founder Sandeep Nailwal was surprised by the transaction surge, possibly linked to a new #NFT collection.
The spike resulted from high enthusiasm for #POLS minting, burning over 102 million MATIC tokens ($86 million). POLS uses PRC-20, similar to Bitcoin's BRC-20.
Only 8.7% of POLS supply is minted. Despite the surge, gas fees returned to 882 #gwei . This frenzy echoes Bitcoin's activity spike post-Ordinals protocol, drawing criticism from traditional Bitcoiners for its wastefulness.
#Binance
#crypto2023
Gas fees on Polygon surged over 1,000% to $0.10 due to a rush in minting POLS tokens.
Polygon founder Sandeep Nailwal was surprised by the transaction surge, possibly linked to a new #NFT collection.
The spike resulted from high enthusiasm for #POLS minting, burning over 102 million MATIC tokens ($86 million). POLS uses PRC-20, similar to Bitcoin's BRC-20.
Only 8.7% of POLS supply is minted. Despite the surge, gas fees returned to 882 #gwei . This frenzy echoes Bitcoin's activity spike post-Ordinals protocol, drawing criticism from traditional Bitcoiners for its wastefulness.
#Binance
#crypto2023