In response to blockchain information platform Blockchair, the common transaction charges paid by Ethereum customers have reached a brand new document common of over $7.50.
Common Ethereum transaction price in USD chart. Supply: Blockchair
Throughout a equally congested interval from June – July 2020, Ethereum co-founder Vitalik Buterin called for reform to the cryptocurrency’s fee system, suggesting charges this excessive might undermine the safety of the community.
In response to Buterin, miners’ growing reliance on transaction charges might incentivize egocentric mining practices. This, in flip, might disrupt how transactions are processed.
As a possible resolution, Buterin suggests Ethereum enchancment proposal 1599. This proposal would end result within the blockchain burning base transaction charges to scale back the miner’s reliance on them as a supply of earnings.
Moreover, Coinbase researcher Max Bronstein mentioned on the time that the excessive charges have been caused by increased interaction with stablecoins on the Ethereum community.