Ethereum Gas Fees Eclipses Bitcoin’s for Second Month in a Row
Ethereum (ETH) gas charges have surpassed that of Bitcoin (BTC) network for the second consecutive month. Cryptocurrency market data gatherer Messari, through a tweet dated October 8, highlighted that Ethereum is going through the longest duration of higher transaction charges than Bitcoin in the history of cryptocurrencies.
Ethereum fees surged to fresh record highs during August as the decentralized finance (DeFi) rage gained further momentum. The smart contract underlying DeFi covenants basically necessitate the processing of multiple Ethereum trades, aggravating network jams.
Currently, average Ethereum gas fee is about $2, a decrease from September’s historical high level of $14. The steep rise in gas fees has brought forth aggressive discussions with the Ethereum community about the manner in which the network should remodel in the short-term before the end of ETH 2.0’s launch, which is currently anticipated some time in 2022.
ETH fees vs BTC https://t.co/fktG1V31eM
— Messari (@MessariCrypto) October 8, 2020
Nevertheless, routinely uttered concerns about EIP-1559 included the likely effect on miners’ revenue, worries encircling its implementation and dearth of standard parameters.
Without any surprise, eight out of nine mining companies emphasized they would brush away EIP-1559 if it was rolled out as a hard fork.