GAS

Tether has inflated fees on the network …

Navigation

WHAT IS THE NETWORK+ CERT? | IS IT WORTH TAKING?

Tether has inflated fees on the network ...

Tether has inflated fees on the Ethereum network almost to the level of Bitcoin
CONTENT

  • Ethereum overtook Bitcoin in terms of total fees.

  • The increase in activity was due to the stablecoin Tether.

  • The innovation brought profit not only to users, but also to crypto-exchanges.

International consortium of news organizations developing transparency standards.

At the peak of activity, the Ethereum network was even able to overtake the Bitcoin network in commission costs.

The blockchain network of the Ethereum ecosystem has short-term surpassed the Bitcoin network in transaction fees. According to the analytical resource Glassnode, the last time the total amount of fees in Ethereum exceeded Bitcoin in March this year..

Tether has inflated fees on the network ...

In early June, the amount of commissions on the Ethereum network reached $ 498,000, while Bitcoin – $ 308,000.

At the time of this writing, the average transaction fee on the Ethereum network, according to BitInfoCharts, is $ 0.57. For Bitcoin, the average commission is $ 1.

Second wind

Members of the cryptocurrency community have already expressed the assumption that the growth of fees on the Ethereum network is directly related to the growing popularity of the ERC20-based Tether (USDT) stablecoin..

Thus, according to information from another analytical resource – ETH25, stablecoins – in literal translation from English “stable” coins – continue to gain popularity in the digital asset market. With … More USDT came out on top in commissions in the list of major ERC20 products using the in-system currency Gas.

[perfect_survey id = ”8297 ″]

Ethereum’s popularity has grown dozens of times after leading stablecoin issuer Tether added support for USDT based on ERC20.

Thus, absolutely any user with a wallet that supports the Ethereum ecosystem can now store USDT without restrictions..

To the sound of applause

After the overwhelming popularity of the innovation, Tether decided to add support for the OMG Network.

Thus, all transactions in USDT on the Bitfinex exchange will be carried out through the OMG Network, which reduces the size of commissions and the delay time..

Tether has inflated fees on the network ...

Cryptocurrency exchanges were not the last beneficiaries of such an expansion. So, in April, the Binance crypto exchange turned out to be the largest platform with over 1 billion USDT in its wallets..

According to TokenAnalyst, no other crypto exchange has even half of Binance’s current volume..

Meanwhile, the price of the ETH cryptocurrency is on the cusp of an important area of ​​resistance. After breaking the ceiling, cryptocurrency can skyrocket in value. Despite the possibility of a rebound from this level, technical indicators are giving bullish signals in favor of a successful breakout..

At the time of this writing, the ETH / USD rate is $ 241.74.

What do you think? How high will Ethereum fees skyrocket because of Tether? Share your thoughts with us in the comments and join the discussion in our Telegram channel.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles

  • Annual amount of online commissions…

    Annual fees on the Ethereum network bypassed bitcoin CONTENT Ethereum surpassed bitcoin for the first time in terms of fees paid for transactions in…

  • Ethereum fees skyrocket by 70%

    Ethereum fees skyrocket by 70% CONTENT Ethereum transaction fees jump to $ 4.5510 September Average fees exceed…

  • Tether is ready to overtake Bitcoin…

    Tether is ready to overtake Bitcoin in the average daily transaction value CONTENTS Tether has already overtaken Bitcoin in the cost of daily transactions several times….

  • Unknown Tether Kit is shorting…

    Unknown Tether whale is shorting bitcoin as before the March crash CONTENTS Unidentified large trader who foresaw the March dump started again…

  • Tether founder tried to sell…

    Tether founder tried to sell the stablecoin idea to a large bank in 2015 CONTENTS Tether creator wanted to sell the idea to American Goldman Sachs…