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Ethereum exceeded daily Bitcoin network rates over the weekend

June 8, 2020

Ethereum Network daily rates exceeded the Bitcoin Network (BTC) on June 6th and 7th for two consecutive days, according to show the data from the chain analysis company Glassnode.

According to Glassnode on June 6th The total amount of fees spent on the Ethereum network was $ 498,000, compared to $ 308,000 on Bitcoin. The gap widened the following day, totaling $ 540,000 and $ 258,000, respectively.

The “Feepening”

This is the second time that Ethereum’s network rates have surpassed Bitcoin’s this year. On March 12, there was an increase in fees for the Ethereum network, which was nearly $ 800,000, well above what Bitcoin users paid on the same day. The Ethereum network was great overload At this point, users were likely to have to pay more fees for their transactions.

Ethereum exceeded daily Bitcoin network rates over the weekendEthereum exceeded daily Bitcoin network rates over the weekend

This time the reasons Twitter commentators call it “Feepening“You look similar.

First, Bitcoin’s mempool was recently cleared due to the last difficulty adjustment that took place on Thursday. The lack of pending transactions has significantly reduced network transaction fees, which were reduced to $ 1. For comparison, on May 20, an average Bitcoin transaction up to $ 6.6 could be due on the status of the post-halving network.

The Ethereum mempool is currently clogged. Over 103,000 transactions are still outstandingThis partially explains the latest network rate numbers. In addition, the transfer value of stablecoins has hit new records this year, suggesting stablecoins, most of which like Tether (USDT), Paxos (PAX) and USD Coin (USDC), are trading online. Ethereum have contributed significantly to network activity.

Ethereum 2.0 will fix scalability issues

Ethereum developers want to address the scalability issue in the next Ethereum 2.0 update scheduled for July.

In particular, the network will transition to a proof-of-stake or PoS consensus, which means that asset holders, so-called stakers, are more responsible for validating the network than for miners. Interestingly, an anonymous user launched a solution on the ETH 2.0 scale on medium last week.