Data extracted from the Ethereum network shows that the daily transaction fees of this network have surpassed Bitcoin and the gap is growing. Is a “subversion” approaching?
Daily transaction fees on the Ethereum network surpassed Bitcoin (BTC) for two consecutive days on June 6 and June 7, data obtained from market analysis firm Glassnode.
According to Glassnode, on June 6, the total transaction fees spent on the Ethereum network reached $ 498,000, compared with Bitcoin’s $ 308,000. This gap widened the next day, with the number of 540,000 USD and 258,000 USD.
Daily #Ethereum network fees surpassed #Bitcoin fees yesterday.
Ethereum fees: $ 498k
Bitcoin fees: $ 308k
So far, this has only happened on 141 days (8%).
Compare here: https://t.co/Dm72hMAPT8 pic.twitter.com/TsPd6rLQWj
– glassnode (@glassnode) June 7, 2020
Ethereum toppled Bitcoin, but not the way we envision it
This is the second time transaction fees on the Ethereum network have surpassed Bitcoin Bitcoin this year. On March 12, fees on the Ethereum network increased dramatically, with a total value of nearly $ 800,000, far exceeding what Bitcoin users had to pay on the same day. The Ethereum network had a serious bottleneck at the time, analysts say, which could be the main reason why users pay exorbitant fees to execute transactions.
This time, the reasons behind what Twitter commentators are calling “Feepeninig” seem similar.
First, the Bitcoin mempool (queue of transactions pending confirmation) was recently cleared due to the latest mining difficulty correction, which took place this past Thursday. The reduction in the number of pending transactions has significantly reduced transaction fees on the network, even below $ 1. For comparison, on May 20, an average Bitcoin transaction could cost as much as $ 6.6 because of the latest halving event.
Mempool Ethereum, by contrast, is currently congested, with more than 103,000 transactions pending, which partly explains the soaring transaction fees on the network. Furthermore, the transaction volume of stablecoins has hit new records this year, showing that stablecoins – most, like Tether (USDT), Paxos (PAX) and USD Coin (USDC), are all active on the Ethereum network – also contributes significantly to the large traffic on the Ethereum network at the moment.
Ethereum 2.0 will solve scalability problems
Ethereum developers are aiming to solve the scalability problem in the upcoming Ethereum 2.0 upgrade, which is expected to take place around July.
According to Cointelegraph
#weekend #Ethereums #transaction #fees #surpassed #Bitcoins