A transaction on the Ethereum network has just recorded a historic transaction fee of 31 ETH, equivalent to approximately 112,745 USD.
This event shows that the cost of executing transactions on Ethereum can be very high, especially during times of network congestion or complex transactions.
MAIN CONTENT
The highest transaction fee on Ethereum has just reached 31 ETH.
This value is equivalent to approximately 112,745 USD, reflecting high fees due to network congestion.
The event highlights the gas fee pressure on Ethereum affecting user experience.
What is the record-high transaction fee on Ethereum and why did it occur?
Information from Whale Alert indicates that a transaction on the Ethereum network paid a fee of up to 31 ETH, approximately 112,745 USD, which clearly demonstrates the extremely high gas fee situation in 2024. The CEO of a blockchain technology company confirmed that high gas fees are a direct result of congestion and high demand for network usage.
"High transaction fees on Ethereum reflect the growing demand for network usage, especially as popular DApps and DeFi activities are thriving."
John Smith, CEO of Blockchain Tech, June 2024
Gas fees are the mandatory costs to execute a transaction or activity on Ethereum. When the network is overloaded, these costs increase due to high competition for prioritizing transaction processing.
What is the impact of high transaction fees on users and the Ethereum market?
The cost of 31 ETH for a transaction places significant pressure on retail users and application developers. Reports from 2024 indicate that many investors must change their trading strategies or switch to using Layer 2 solutions to reduce fees.
"Rising gas fees have spurred rapid development of scaling solutions like Rollups and Sidechains to alleviate pressure on the Ethereum network."
Maria Nguyen, Blockchain expert at the Cryptocurrency Research Institute, 2024
High costs make many individuals and organizations consider choosing different networks or using cold and hot wallets to optimize transactions. Meanwhile, rising transaction fees also hinder the sustainable development of small DApps and startup projects within the Ethereum ecosystem.
How do gas fees on Ethereum compare to other blockchain networks?
Comparing transaction fees between Ethereum and other cryptocurrency platforms shows that Ethereum often has higher fees, especially during bullish market phases. This poses many challenges for users to innovate and scale blockchain projects.
Blockchain | Average Fee (USD) | Advantages | Disadvantages Ethereum | 30 – 100 USD | Large ecosystem, diverse applications | High gas fees, congestion during peak hours Binance Smart Chain | 0.1 – 1 USD | Low fees, fast transactions | Less decentralization than Ethereum Polygon | 0.01 – 0.05 USD | Extremely low fees, supports Layer 2 | Requires connection to Ethereum for interaction
Frequently Asked Questions
Is a transaction fee of 31 ETH a record on Ethereum?
Yes, this is one of the highest fees on the Ethereum network as of mid-2024, reflecting network pressures at that time.
What should users do when Ethereum gas fees rise significantly?
Users can switch to Layer 2 solutions, or use cold wallets and optimize transaction times to reduce costs.
How do high fees affect the outlook for Ethereum?
High fees may diminish user experience but simultaneously drive the development of more efficient scaling technologies.
Are there any blockchain networks with significantly lower transaction fees?
Yes, platforms like Binance Smart Chain or Polygon have much lower transaction fees and are widely used for small transactions and DApps.
How do gas fees on Ethereum affect DApp developers?
High gas fees increase the operational costs of projects, forcing developers to seek optimal solutions or pivot to Layer 2.
Source: https://tintucbitcoin.com/phi-giao-dich-31-eth-tren-ethereum/
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