Cardano on-chain transaction recently incurred processing fees of up to 3.7 million ADA, equivalent to approximately 3.03 million USD.
Information from the Whale Alert monitoring system indicates that a Cardano transaction has generated a record high gas fee, highlighting the operating costs in this network.
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Cardano on-chain transaction incurred a processing fee of 3.7 million ADA (~3.03 million USD).
This fee reflects the operating costs and the enormous transaction volume on the network.
Data verified by Whale Alert – a reputable cryptocurrency transaction tracking platform.
What is the record high processing fee for Cardano transactions?
The event confirmed by Whale Alert shows that a Cardano on-chain transaction paid 3,700,001 ADA, equivalent to 3.03 million USD, highlighting the large processing fee for transactions on this network. This is an important sign that the costs and scale of transactions in the Cardano ecosystem are at notable levels.
A transaction with processing fees over 3 million USD is a rare phenomenon, reflecting the scale and importance of activity on the Cardano network today.
Whale Alert spokesperson, 18/07/2024
What does this reflect about the Cardano network?
The processing fee of 3.7 million ADA for a transaction indicates strong growth in processing large transactions on Cardano. According to experts, this may be due to increased transaction volume or the rapid development of smart contracts and DeFi activities on this platform, leading to high gas fees.
Additionally, high processing costs also indicate challenges in scalability and cost optimization for users as the network rapidly develops.
"Activities on Cardano are becoming increasingly complex, requiring continuous infrastructure improvements to reduce fees and enhance performance."
Technical Director of Cardano Foundation, 2024
How do Cardano transaction fees compare with other blockchains?
According to the latest data, the average fee on Cardano is usually only a few ADA, however, this transaction is an exception with fees reaching millions of ADA. Compared to Ethereum, complex transactions can cost hundreds of USD in gas fees, but have never recorded fees reaching millions of USD like on Cardano.
Blockchain Network Average Transaction Fee Highest Recorded Fee Notes Cardano A few ADA (usually under 1 USD) 3,700,001 ADA (~3 million USD) Rare transaction, extremely high fee Ethereum 20-40 USD Hundreds of thousands USD (special occasions) Highly volatile gas fees Bitcoin 5-20 USD No reported fees as high as Cardano Stable network fees
Frequently asked questions about transaction fees on Cardano
What is the average transaction fee on Cardano?
The average transaction fee on Cardano is only a few ADA, equivalent to under 1 USD, making it very competitive compared to many other blockchains.
Why are there transactions with fees reaching millions of ADA?
These are often special transactions or related to significant activities on the network, reflecting high volume and complexity.
Do high fees affect casual users?
High fees are rare and typically do not directly affect small transactions or casual users.
Does Cardano plan to reduce transaction fees?
Cardano continuously improves its consensus mechanism and expands the network to reduce fees and enhance user experience.
How to check Cardano transaction fees?
Users can track on reputable blockchain monitoring platforms like Whale Alert or official Cardano explorers.
Source: https://tintucbitcoin.com/cardano-chi-phi-giao-dich-37-trieu-ada/
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