bitcoin

Etherum transaction fees increased by 154% since the chain split into 2 new chains

Etherum transaction fees have increased by 154.36% to be exact after the split of the chain into two chains. On August 21, transaction fees were $11 per transaction which have increased to $27.98 per transaction. The increase in fees is due to the bug which occurred after a large number of Geth nodes did not upgrade.

Etherum, the second-largest crypto coin with a market cap of $375 billion, is in a bullish trend and saw an increase of 34.3% rise during last month. In the last two weeks, Ether has lost 2.1% due to the bug which occurred when a large number of Geth nodes did not upgrade. Conservation of chain splitting in two has been replaced by the increasing gas fees for Etherum transactions.

Etherum transaction
Etherum Avg Transaction fees historical chart

The transactions fees have increased by almost 154.36%, during the last two weeks dropping the Etherum price by 2.1%. Web3 and smart contract interaction fees have increased exponentially as it was $300 per interaction and now rise to $1000 per interaction. Opensea, a Non-fungible token (NFT) platform, has higher fees than usual.

Etherum transaction
Source: Reddit

Solution for increased Etherum transaction fees:

Etherum competitors usually known as Etherum killers are catching up to the second-largest crypto due to these increased Etherum Transaction fees. Developers of Etherum are trying to get rid of these issues through Etherum 2.0. Ethereum is facing rising competition from blockchains like Binance Smart Chain, Cardano, Solana, Polkadot, Terra, Avalanche, Tron, Cosmos, and EOS.

Etherum supporters and developers are putting all their hopes into the upgrade 2.0.  Optimism and arbitrum are the main projects to tackle these gas fee issues. The “Optimistic rollups”  technique will be used in these project to reduce the Etherum transaction fees issues.

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About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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