Ethereum transaction fees are higher than Bitcoin for the second month in a row

Ethereum transaction fees are higher than Bitcoin for the second month in a row

According to cryptocurrency data aggregator Messari, over the past two months, Ethereum network fees have been higher than Bitcoin, which is the longest period of dominance ever.

A significant increase in ETH transaction fees occurred in August amid growing popularity of DeFi. Smart contracts for projects in the field of decentralized finance require the execution of several operations on the Ethereum platform, which has led to network congestion. Fees peaked in September when transaction fees climbed to $ 16.

Although this situation played into the hands of miners, the crypto community began to actively discuss ways to solve the problem. On October 8, ConsenSys developer Tim Beiko published the results of a survey of dozens of teams of exchanges, wallets, apps and miners regarding the Ethereum Improvement Proposal (EIP) -1559. It provides for the introduction of a fixed network fee rate for each new block with the possibility of including small surcharges for miners.

60% of those polled supported this idea, 13% were categorically against it, and the remaining 27% adopted a neutral position. At the same time, almost all miners said that they would not support the changes if they were integrated as a hard fork.

, WSJ, graphic: Messari

Ethereum transaction fees are higher than Bitcoin for the second month in a row

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