Ethereum solves this problem with a fairly straightforward fee market – users bid against each other for block space. When you set your desired fee ranges in MetaMask, you’re setting your fee bid range, with lower bids usually having to wait longer to win a slot and be validated. This pure market means that fees can range very high indeed when traffic peaks, and Yuga’s kerfuffle on Sunday, with fees briefly brushing $24, doesn’t even take the cake. As recently as late winter of 2021, Ethereum fees were nearly $10 for months on end, and spiked to more than $70 last May, according to Ycharts – also, notably, in large part thanks to NFT-driven demand.
Related posts
-
Paraguay Raises Bitcoin Mining Power Fees by 14%, Companies Mull Stopping Operations
The National Power Administration of Paraguay (ANDE) has surprised cryptocurrency mining operators by raising power fees... -
Fees Drop To Lowest Since 2016
Ethereum, the world’s second-largest blockchain platform, has entered a new era marked by record-low transaction fees.... -
Ethereum’s Breakout Moment: Is a $7,500 Target Achievable? Experts Weigh In
Despite Ethereum’s recent lackluster performance, Glassnode Co-founders, under the name ‘Negentrophic’ on Elon Musk’s X social...