The availability of alternatives in the form of L2 makes the gas problem a thing of the past, so every increase in gas fees in the ETH Mainnet simply means that people and decentralized exchanges will move to L2 projects, and vice versa when fees decrease, although for a while I have not noticed gas fees more than ~69 gwei.
crvUSD has seen some momentum, but it is still far from having high liquidity affecting gas prices. We still have liquidity of $36,388,774.11, while some wrapped tokens may have higher liquidity than that.
Topic: Ethereum's GAS increase. - page 2. (Read 206 times)
Feels like a long time since I last used ETH Mainnet. I generally just use L2 these days for my transactions and I'm fine with it. Btw, it's good to see Curve Finance team and community is still waxxing strong despite the vulnerability that happened last month due to a bug in the Vyper smart contract programming language.
I will check out the details of the Curve stablecoin if it would be any good. I hope it would be a fully decentralized stablecoin: DAI, but better.
I will check out the details of the Curve stablecoin if it would be any good. I hope it would be a fully decentralized stablecoin: DAI, but better.
Good day, all,
So, there was news recently about the rise in Ethereum's Gas rising to 72 GWEI on the 26th of September, 2023, and I decided to research it.
Was it that high? Upon checking on how much the gas fees are, it is not that much as of now unlike to what you've said. While for coinmarketcap, I have checked the fees and it's like this.So, there was news recently about the rise in Ethereum's Gas rising to 72 GWEI on the 26th of September, 2023, and I decided to research it.
Now, the causes of the increase include;
At most times, it's always that the network is clogged and that's why the fees are that much. The other day, it was on bitcoin and that's due to ordinals.
Good day, all,
So, there was news recently about the rise in Ethereum's Gas rising to 72 GWEI on the 26th of September, 2023, and I decided to research it.
I believe we all know what the term "Gas" is on Ethereum's network. For those who don't, it is simply the fee per transaction on the network. Gas price is determined by demand and supply in the market and may fluctuate depending on the network congestion and complicatedness of transactions.
Now, the causes of the increase include;
The deployment of Curve Finances native stablecoin. This had been long awaited by the Defi community. The crvUSD attracted a lot of liquidity and actions to its platform, thereby increasing the demand for GAS.
However, it was later redeployed shortly after deployment and added pressure to the network.
Another thing was the release of " stoner cats" NFTs on the network. It led to a lot of demands from collectors and lovers who rushed to buy them before they sold out.
This increased competition for block space and drove up the gas fees for everyone.
And then, the ongoing memecoin trading frenzy that started with the run of PEPE and continued with other tokens. Transactions took place on uniswap and accounted for 34% of all fees paid on the network in the last week.
This was what I could gather during my research, you can also read more here;
https://bitcoinist.com/
https://www.blocknative.com/gas-estimator
So, there was news recently about the rise in Ethereum's Gas rising to 72 GWEI on the 26th of September, 2023, and I decided to research it.
I believe we all know what the term "Gas" is on Ethereum's network. For those who don't, it is simply the fee per transaction on the network. Gas price is determined by demand and supply in the market and may fluctuate depending on the network congestion and complicatedness of transactions.
Now, the causes of the increase include;
The deployment of Curve Finances native stablecoin. This had been long awaited by the Defi community. The crvUSD attracted a lot of liquidity and actions to its platform, thereby increasing the demand for GAS.
However, it was later redeployed shortly after deployment and added pressure to the network.
Another thing was the release of " stoner cats" NFTs on the network. It led to a lot of demands from collectors and lovers who rushed to buy them before they sold out.
This increased competition for block space and drove up the gas fees for everyone.
And then, the ongoing memecoin trading frenzy that started with the run of PEPE and continued with other tokens. Transactions took place on uniswap and accounted for 34% of all fees paid on the network in the last week.
This was what I could gather during my research, you can also read more here;
https://bitcoinist.com/
https://www.blocknative.com/gas-estimator
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