Bitcoin

ETH’s transaction fees reached an all-time high for the second day in a row

Ethereum has exploded in several ways.

According to the blockchain data platform Blockchair, The average transaction fees paid by Ethereum users have hit a new record high of more than $ 7.50.

Average Ethereum transaction fee on the USD chart

ETH’s transaction fees reached an all-time high for the second day in a row
ETH’s transaction fees reached an all-time high for the second day in a row

Average Ethereum transaction fee on USD chart. Source: block chair

In an equally busy period from June to July 2020, the co-founder of Ethereum, Vitalik Buterin called for a reform of the cryptocurrency fee system, suggesting that such high fees could undermine network security.

According to Buterin Miners’ increasing reliance on transaction fees can lead to selfish mining practices. This, in turn, could disrupt the way transactions are processed.

As a possible solution, Buterin suggests the upgrade proposal for Ethereum 1599. This proposal would cause the blockchain to burn down basic transaction fees to reduce the miner’s reliance on them as a source of income.

In addition, Coinbase researcher Max Bronstein said at the time that the high fees were due to increased interaction with stablecoins on the Ethereum network.

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