Ethereum continues to benefit form the Defi boom, median gas fees hit new all time highs today
It's a good day to be an Ether miner these days...
If you are unfamiliar with how the ethereum blockchain works, any transaction that you perform requires a fee (called gas). In laymen's terms, this is a fee paid to the miners in exchange for the processing power need to perform the transaction.
And in general, the higher the activity levels the higher the gas fees.
Well, they have never been higher than they are right now, today.
Check it out:
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The current median gas fees hit 485 gwei within the past hour which is the highest median gas price ever.
It pays to be an Ethereum miner!
Miners are raking it in currently due to all the activity.
For the month of August, miners generated roughly $113 million in gas fees.
For some perspective, miners generated roughly $3 million in gas fees in April.
For those doing the math, that's over a 37x increase!
And a 1.8x increase from the previous all time highs seen in January of 2018:
(Source: ~~~ embed:1300727273885241345) twitter metadata:Z2xhc3Nub2RlfHxodHRwczovL3R3aXR0ZXIuY29tL2dsYXNzbm9kZS9zdGF0dXMvMTMwMDcyNzI3Mzg4NTI0MTM0NSl8 ~~~
For some more context, bitcoin miners ONLY generated roughly $39 million during the month of August.
Which is roughly 1/3rd of what ethereum miners generated.
It certainly pays to be an ethereum miner currently!
The interesting thing is that with the fees this high and the network activity what it is, it's pulling more and more miners and mining resources into the network making it more robust.
All the while prices continue to march higher.
It's sort of acting like a snowball rolling up a hill.
Would be nice if HIVE started to participate in some of this craze due to wHIVE etc.
Stay informed my friends.
-Doc
Posted Using LeoFinance
Now cheaper to send Tether via Omni DeFi going crazy out here!
And people still wonder why LTC and DOGE have been popular base currencies on exchanges for last two months or so... Network fees on LTC and ETH used to be pretty close to each other, but now exchanges are taking 10x for ETH compared to LTC...
When I announced that my coin is going to add DOGE market pair (it already had BTC, LTC and ETH pairs), the price started climbing up like boner of a giant... I mean 50% increases in just 24 hours...
What's the volume like?
A lot better than most days... But still quite low... For all markets together total volume was something like 10 USD... I can honestly say it can still go up 100-fold before most people are happy...
Who tells them that we have faster transaction for free?
If they could stake Hive to create HBD they'd be all over it.
Bank accounts fully unutilized asset.
Especially true if we don't charge interest on the loans.
Undercut everyone.
Lets get this rolling then! @theycallmedan? When he speaks, people listen...
Ug, I'm so glad I'm just sitting on my stake and not actually trying to do anything on Ethereum.
High gas fees will make many DApps and smaller tx like NFTs impossible. Maybe even DeFi on Ethereum will get problems with high tx fees.
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