{"id":438818,"date":"2020-09-18T03:00:54","date_gmt":"2020-09-18T03:00:54","guid":{"rendered":"https:\/\/ktsl888.com\/?p=438818"},"modified":"2020-09-17T23:26:37","modified_gmt":"2020-09-17T23:26:37","slug":"ethereum-transaction-fees-surge-to-all-time-highs-after-uniswap-launch","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/ethereum\/ethereum-transaction-fees-surge-to-all-time-highs-after-uniswap-launch\/","title":{"rendered":"Ethereum Transaction Fees Surge to All-Time Highs After Uniswap Launch"},"content":{"rendered":"

The Ethereum blockchain has become congested after multiple days of low activity. According to GasNow<\/a>, an ETH transaction fee tracker, the average gas price users of the network are paying has spiked over 500 Gwei.<\/p>\n

This means that it costs in excess of $50 to trade on Uniswap and it will cost much more if you want to complete more complex DeFi transactions.<\/p>\n

Here’s what’s going on with Ethereum’s transaction fees and what this may mean for the rest of the crypto market.<\/p>\n

Related Reading:\u00a0 This European Crypto Exchange Was Just Hacked for $5 Million<\/a><\/h6>\n
Why Are Ethereum Transaction Fees Shooting Higher?<\/strong><\/h2>\n
Ethereum’s transaction fees are spiking due to the launch of Uniswap’s native coin, UNI.<\/p>\n
The coin’s launch was predicated on making the coin community-owned. That meant that tens of thousands of users were required to make a handful of transactions \u2014 upward of three or more \u2014 just to claim, sell, or transact their coins from address to address.<\/p>\n
Related Reading:\u00a0 Here\u2019s Why This Crypto CEO Thinks BTC Soon Hits $15,000<\/a><\/h6>\n
Could Hurt the DeFi Bull Market<\/strong><\/h2>\n
Ryan Watkins of Messari fears that this high fee situation could be dangerous for the long-term growth in the space:<\/p>\n
Ethereum is damn near unusable right now. I can only imagine what retail will think if they eventually come into this market and face $50+ gas fees and 10+ minutes transaction confirmations. This has been my biggest anxiety about this bull market. The protocols are ready, the infrastructure is not.<\/p><\/blockquote>\n
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Ethereum is damn near unusable right now.<\/p>\n
I can only imagine what retail will think if they eventually come into this market and face $50+ gas fees and 10+ minutes transaction confirmations.<\/p>\n
— Ryan Watkins (@RyanWatkins_) September 17, 2020<\/a><\/p><\/blockquote>\n