Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Stable Coins Forum => Topic started by: Tnoy30 on June 24, 2020, 03:57:50 AM
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Fees for Ethereum transactions are at an all-time high but what does this mean for the network and ETH price?
The median transaction fees on the Ethereum network are the highest they have been in two years and have risen above Bitcoin fee for the second time in the last three months.
Recently, Coinbase researcher Max Bronstein tweeted the chart below and suggested that the most recent surge seems to be due in largely in part to increased interaction with stablecoins on the Ethereum network.
Read on: https://cointelegraph.com/news/surge-in-stablecoin-and-defi-growth-bring-ethereum-fees-to-2-year-high
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Max Bronstein must have had experience with this because this is the real fact of Ethereum.
We also cannot blame EThereum because this is purely from the miners and all that follows and in the EThereum community.
Maybe the message from Max Bronstein is that you don't need to hesitate to trade Ethereum because Ethereum certainly has a very strong price with the support of the community even though the transaction costs are quite expensive.
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This spike is indeed very much felt by all those who are involved in cryptocurrency.
For example, from a stable coin that now rises to number 3 CoinMarketCap.
Fee from EThereum is now expensive, where this price exceeds the last 2 years beating transaction fees from Bitcoin.
It could also be said that this is due to the factor of stable coins which is increasing, so the transaction fee is increased because for stable coin transaction fees it is usually more expensive when compared to altcoins that are on the Ethereum Blockchain path (erc20).
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On the Eth network, stablecoins account for more than a quarter of all ERC-20 tokens. DeFi startups have built on its basis a decentralized model of stablokins, the provision of which is checked instead of banks, smart contracts and they also regulate the issuance of loans and the accrual of investments.
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I lost the hope in tether after last "print" of the coins... Also, only 4 wallets have more than 90% of tether. So, I switched to EURG
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On the Eth network, stablecoins account for more than a quarter of all ERC-20 tokens. DeFi startups have built on its basis a decentralized model of stabilokins, the provision of which is checked instead of banks, smart contracts and they also regulate the issuance of loans and the accrual of investments.
The increase in the percentage of stablecoins on the ethereum network has its positive aspects, although it has led to its overload. This should be seen as a compulsory measure, and the increase in transaction costs should bounce back after the implementation of the Ethereum 2.0 improvements, which should raise the scalability of ethereum to thousands of transactions per second.
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After the Tether company transferred 1 billion USDT from the Tron blockchain to the Ethereum blockchain on August 20, the commissions on the Eth network decreased slightly, but still remain high, it is too long to wait for ETH 2.0, we need to look for another solution.