Ethereum transaction fees spike

Bitcoin Transaction Fees Spike 350% in a Month, as ETH Fees Decline

Bitcoin transaction fees are on the rise again. Fees shot up more than 350% during the last thirty days to Oct. 22. The most significant increase occurred in the last week, as the price of bitcoin soared on growing institutional interest.

According to data by Bitinfocharts, it cost an average of $5.75 to send a transaction over the Bitcoin blockchain on Saturday, up from around $1.8 five days earlier.

Fees peaked at $6.36 on Oct. 22, as the bitcoin (BTC) price scaled past $13,000, a 2020 high. Just over thirty days ago on Sept. 20, it cost only $1.39, on the average, to get a transaction processed via the Bitcoin network.

Over this period, transaction fees spiked 358%. A key reason for this is that investors were willing to pay a premium to Bitcoin miners to get their transactions processed ahead of others.

When prices surge, and the herd starts rushing in, in FOMO-mood, the Bitcoin blockchain often gets congested. And as miners compete to process the transactions, the cost of doing so – for investors – rockets.

By Sunday, however, bitcoin fees had dropped marginally to $3.98.

It is interesting to note that as crypto markets rallied, the cost of sending a transaction over the Bitcoin Cash blockchain rose somewhat while it fell significantly on the Ethereum network.

By far, the BCH network fees remain one of the cheapest of any blockchain in cryptosphere, even with the latest price increase. According to stats stemming from the web portal bitcoinfees.cash on Sunday, Oct. 25, the next block fee on the BCH network is $0.0014 and the current median fee is $0.0013 per bitcoin cash transaction.

It is currently 2,429.70x more expensive to transact on Bitcoin (BTC) in contrast to bitcoin cash (BCH), according to Coin Dance statistics on Sunday evening.

Average Ethereum transaction fees slumped more than 75% to $0.92 on Sunday from $3.49 on Sept. 20. This may be due to a loss of momentum in the decentralized finance (defi) economy in recent weeks. The bubbling sector has been the biggest driver of ETH gas fees since around July, when it really started to take off.

What do you think about the rising Bitcoin network transaction costs? Share your thoughts in the comments section below.

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Как считаются комиссии в сети Ethereum

Тема высоких комиссий в Ethereum стала актуальной в 2020 году. Рост популярности DeFi проектов усилил нагрузку на сеть Ethereum, увеличив количество транзакций, в том числе сложных – ввод/вывод средств на смарт-контракты. Помимо этого, эфириум является основной площадкой для создания новых криптовалют – около 4000 криптовалют и их производных работают на блокчейне Ethereum*.

Эти причины привели к росту размера комиссий за транзакции в сети до рекордных максимумов. В статье рассмотрим, как рассчитываются комиссии, их зависимость от вида транзакции и времени проведения. Также будут ссылки на ресурсы, с помощью которых можно отслеживания и рассчитывать размеры комиссий.

Как рассчитываются

Ethereum работает на алгоритме PoW (Proof-of-Work), соответственно подтверждением транзакций и созданием новых блоков в сети занимаются майнеры и за это получают комиссию. Как рассчитывается комиссия за транзакцию:

Газ (Gas)

Комиссия за транзакцию измеряется в единицах gas (газ) , количество которого зависит от сложности транзакции. Стандартная транзакция – это, например, перевод из кошелька в кошелёк монет ETH или токенов криптовалют, построенных на блокчейне Ethereum (токены стандарта ERC-20). При проведении такой транзакции расходует до 21 000 единиц газа.

Существуют более сложные транзакции, например, перевод средств в смарт-контракт, используемый в DeFi проекте. В таком случае расходуется несколько сотен тысяч единиц газа. Из личного опыта**, чтобы завести деньги на площадку Aave (сделать одну транзакцию) необходимо израсходовать 250 000 – 270 000 единиц газа, независимо от суммы транзакции. А для ввода средств в пул ликвидности на Uniswap потребуется 130 000 -190 000 единиц газа, независимо от суммы ввода.

Количество газа, используемого для транзакции, не зависит от суммы транзакции, а зависит от её типа .

Гвеи (Gwei) и ETH

Стоимость газа оценивается в gwei (гвей).

1 Gwei = 0,000000001 ETH (одна миллиардная).

Отправленная пользователем транзакция попадает в очередь ( mempool ) на подтверждение к майнерам. Майнеры подтверждают транзакцию и включают её в новый блок. Поскольку блок ограничен по размеру и майнеры получают вознаграждение за подтверждение каждой транзакции, то им выгоднее в первую очередь подтверждать транзакции с более высокой ценой за газ. Получается некий аукцион – для того, чтобы транзакция прошла быстрее, пользователь увеличивает цену за единицу газа.

Обычно при совершении транзакции кошелёк автоматически определяет цену за газ. Но, в зависимости от конкретной ситуации, пользователь может сам устанавливать цену на газ в своём кошельке – чем цена выше, тем транзакция пройдёт быстрее и наоборот. Чтобы взвешенно определить цену, воспользуемся следующим ресурсом https://www.ethgasstation.info :

Сайт анализирует цены на газ в реальном времени, во всей сети Ethereum и рекомендует цены, в зависимости от желаемой скорости проведения транзакций. Вводим цену за единицу газа, лимит газа и сайт отобразит сколько времени займёт обработка транзакции и размер комиссии.

Цена «Cheap» – это минимальная гарантированная цена, при которой транзакция точно получит подтверждение хотя бы у кого-то из майнеров и не застрянет. Цена ниже «cheap» приведёт к длительному подтверждению или вообще к «застреванию» транзакции. Застрявшую транзакцию можно будет или отменить (например, в MetaMask есть такая функция) или повторно отправлять по более высокой цене, в обоих случаях придётся заплатить дополнительную комиссию.

Цена «Fasten» – это цена, которую примет любой майнер как приоритетную, и транзакция пройдёт максимально быстро. Ставить цену выше этой – излишнее расходование средств, которое существенно не ускорит транзакцию.

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As Ethereum Transaction Fees Spike, Coinbase Pro Introduces Withdrawal Fee

Key highlights:

• Uniswap’s launch of the UNI token drove Ethereum transaction fees upwards
• On September 17, Ethereum saw 1.4 million transactions — an all-time high
• In response to the skyrocketing fees, Coinbase Pro will no longer cover withdrawal fees for its customers

UNI launch brings Ethereum activity to all-time highs

While Ethereum transactions were already getting very expensive thanks to the rapid rise of decentralized finance, transaction fees spiked yet again yesterday after Uniswap released their governance token UNI.

As users rushed to claim their UNI tokens, almost $1 million was spend on transaction fees in just one hour. As noted by blockchain analysis firm Glassnode, this is the most Ethereum users have spent on transaction fees in a single hour.

Following @UniswapProtocol’s announcement of the $UNI token today, #Ethereum saw a massive surge in miner fees.

Almost $1M USD in fees were spent in a single hour!

This is a new record high (anomalous tx fees earlier this year excluded).

Yesterday was the most profitable day ever for Ethereum miners in terms of the value of the fees they collected. On September 17, Ethereum miners collected 42,763 ETH in fees, which is worth $16.48 million at the time of writing. The same day also produced the largest amount of Ethereum transactions ever, with 1.4 million.

According to BitInfoCharts, the average transaction fee for Ethereum transactions is currently $9.93. However, average fees spiked as high as $14.5 on September 2.

Spiking fees lead Coinbase Pro to stop covering withdrawal fees for users

The Coinbase Pro cryptocurrency exchange has introduced a withdrawal fee due to the increased costs on transacting on popular blockchain platforms like Ethereum. Before the new policy, Coinbase Pro covered network fees for withdrawals. In a tweet, the official Coinbase Pro account noted:

“Historically, Coinbase Pro has absorbed these fees on behalf of our customers. However, as crypto has begun to gain broader adoption in applications like DeFi, payments and other projects, networks have gotten busier.”

Users will be able to see the transaction fee they will have to pay before they intiate their withdrawal – the fee will change depending on network conditions. Transfers between Coinbase wallets will remain free of charge.

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Stuck on Uniswap: Average Ethereum Transaction Fees Spike Above $10

Last Updated Jan 4, 2021 @ 11:10

While ETH’s price went on a wild ride in the past 24 hours, the average fees on the network have spiked to above $10 for the first time in four months.

ETH’s price is not the only Ethereum metric rising in the past few days as the transaction fees on the network have skyrocketed to an average price of above $10. The popular decentralized exchange Uniswap still accounts for the largest share with over 30,000 ETH spent in the past 30 days.

Surging Fees On The Ethereum Network

According to data from the monitoring resource Ycharts, the average fees on the Ethereum network have surged recently to above $10. This development came following months in which the gas paid sat below $5.

Nevertheless, exceeding $10 means that the average fees have increased to their highest levels since September 2020.

Fees On The Ethereum Network. Source: YCharts

This increase is a direct consequence of the high number of pending transactions on the Ethereum network. Etherscan data reveals that there’re over 150,000 such transactions as of writing these lines.

Uniswap accounts for the largest share, with nearly $13 million (31,700 ETH) spent in the past 30 days. The most widely used stablecoin, Tether (USDT), takes the second place with $10.5 million (or 26,200 ETH) spent.

Apart from a well-known scam – SmartWay Forsage – the top ten is completed mostly by other DeFi projects. This caused multiple cryptocurrency members to complain on Twitter about the high fees, making smaller DeFi swaps financially challenging.

At the same time, others pointed out that the rising fees have made Ethereum mining significantly more profitable lately. Recent reports suggested that ETH miners have earned more money than BTC miners.

A Roller-Coaster Ride For ETH’s Price

The rising fees on the Ethereum network come as the price of the native cryptocurrency went on a wild ride. On a macro scale, ETH has been on a roll since late September 2020 when it struggled with maintaining above $300.

However, the bull run in the crypto market took Ether by storm and drove it to its highest price tag in nearly three years at $1,170 earlier today. This represented a 290% increase in less than four months.

Nevertheless, the second-largest cryptocurrency started retracing almost immediately after reaching its record. In the hours that followed, ETH dumped by more than 20% and reached a current intraday low beneath $900.

ETHSDU. Source: TradingView

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Report: DeFi is Majorly Responsible for Ethereum’s $8 Million Gas Fee Spike

As per the latest statistics, around $8 million was paid as fees to conduct transactions on the Ethereum network. That works out to be approximately 18,300 ETH. What is driving this humongous spike in gas fees? Research shows that it is due to the booming ‘yield farming’ craze.

Gas Fees Tops $8 Million Led By Massive Transaction Demand

As per data from Glassnode, transaction fees paid on the Ethereum network topped $8 million recently (read August 13, 2020).

This is a new all-time high level for daily fees on the world’s second-largest cryptocurrency network. The last gas spike happened more than two years back in January 2018, the peak of 2017’s bull market.

Daily Transaction Fees: Bitcoin vs. Ethereum, Source: Glassnode

One may wonder about the supposed reason that’s catalyzing the exponential surge in gas fees. The latest Glassnode Insights piece has revealed that it’s Ethereum’s huge transactional demand that’s pushing transfer cost numbers higher. But what’s the source of this demand?

Tether (USDT) Transactions

From the beginning of the year to date, US Dollar pegged stable coin, USDT’s market cap has grown threefold from $4 billion to a little above $12 billion. Tether holds the lead in Ethereum’s stablecoin space. And USDT transfers have accounted for 14 percent of all transaction fees in August.

All other stable coin transfers have just contributed to 1.2% of the gas fees. However, together this is less than than the quarter of the fees generated. Glassnode notes that “other contracts” (other than ERC-20 tokens and stablecoins) accounted for the lion’s share of transaction fees this month.

Ethereum Transaction Fees Distribution August 2020, Source: Glassnode

What ‘Other Contracts’?

Amongst “other contracts” are all DeFi applications that have taken the cryptocurrency industry by storm. And amongst these DeFi applications are decentralized exchanges or DEXs that are the major ‘gas guzzlers’ in the Ethereum ecosystem. Most notably, Uniswap.

Uniswap Leads DeFi Applications in ‘Gas Guzzling,’ Source: Glassnode

As per Glassnode’s observations, the spike in gas fees is not just because of token transfers. Smart contract applications such as staking, lending, and pooling require a massive amount of fees for performing their intended actions.

More Gas Guzzlers Other Than DeFi DEXs

Some Ethereum smart contract running applications are helping traders make money through arbitrage opportunities.

Their makers have not made the source code public. Still, from the similar patterns that the applications are displaying, they are most likely arbitrage bots buying and selling tokens mostly between Uniswap and Balancer. And how ‘gas-intensive’ ar these bots?

Glassnode notes that:

“… of the top 20 contracts this month, arbitrage bots make up for almost 20% of fees.”

“These suspected arbitrage bots in the top 20 have spent around USD$2.5 million worth of ETH on gas this month alone.”

Apart from this, Galssnode has found that trading opportunists are gaming the DeFi ecosystem by leveraging arbitrage opportunities in different stable coins to make insane profits, while nonchalantly paying high gas fees.

And ‘Ponzi Scheme’ Contracts

Ethereum based Ponzi schemes Forsage and Lionsshare are gas-intensive smart contracts that have contributed to around 16 percent of transaction fees paid.

As per Glassnode’s observations:

“Forsage.io was already the second-highest contract in terms of fees paid in 2020. At the time, however, it had contributed towards less than 3000 ETH in fees in the first 6 months of 2020. Now, it has contributed to nearly 5000 ETH in fees in the first 2 weeks of August alone, illustrating the sheer extent to which gas prices have increased.”

While the majority of the demand for Ethereum network usage may be coming from DeFi elements, default ‘account-to-account’ ETH transfers have also been observed to consume gas significantly.

Overall Glassnode observed that the surge in Ethereum transaction fees is because traders, investors, and yield farmers are anticipating the next bull market. This anticipation is, in turn, paving way for the massive demand in all Ethereum niches.

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