26 days ago, Ethereum transitioned from a proof-of-work (PoW) network to a proof-of-stake (PoS) blockchain and after the change, the network’s fees remained low. This week, however, Ethereum’s gas fees have increased as data from October 10 shows the average fee tapped a high of $4.75 per transaction.
Ethereum’s gas fees have ticked upwards, jumping 84% higher from $2.58 per transaction on October 8, to $4.75 per transfer on October 10. Ethereum fees have not breached $4 since August 11, 2022, or roughly 61 days ago.
Statistics from bitinfocharts.com indicates that the median transfer fee on October 10 is $2.2 per transfer. Etherscan.io’s gas tracker also shows an increase as today’s high priority fee is around 27 gwei or $0.62 per transfer.
44 days ago or on August 28, 2022, etherscan.io’s gas tracker shows that fees were lower prior to The Merge as a high priority fee was around 11 gwei or $0.34 per transfer. While fees are around $0.62 for a high-priority transfer, swapping and moving an ERC20 token can cost more.
An Opensea sale is $2.13 per transaction today, when it was $1.17 per transaction on August 28. A Uniswap trade has an estimated cost of around $5.49 and 44 days ago, it was around $3.03.
Sending an ERC20 token like USDT or USDC will cost $1.61 today and on August 18, it was around $0.89 per transaction. Layer two (L2) fees are still much cheaper than Ethereum’s onchain transfer statistics.
Metis Network is around $0.01 to transfer ETH, while Loopring will cost $0.02. Both Zksync and Arbitrum will cost around $0.03 to transfer ETH and Optimism is a bit more expensive today, at $0.10 per transfer.
Boba network is around $0.15 per transaction and the Aztec network is around $0.25 per transfer. The cost to swap an ERC20 using an L2 protocol can cost between $0.05 to $0.32, depending on which L2 is chosen.
Since The Merge on September 15, while ETH fees increased, block times have been faster than they were prior to the transition, but only by milliseconds. Pre-Merge block times show 0.244 minutes while post-Merge block intervals are 0.201 minutes or 17% faster than before September 15.
While many people assumed gas fees would be cheaper after The Merge, the Ethereum Foundation stressed well before the transition that The Merge upgrade would not affect gas fees and throughput.
“The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput,” the Ethereum Foundation said on August 16.
What do you think about Ethereum’s gas fees rising? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: viktoryabov / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
26 days ago, Ethereum transitioned from a proof-of-work (PoW) network to a proof-of-stake (PoS) blockchain and after the change, the network’s fees remained low. This week, however, Ethereum’s gas fees have increased as data from October 10 shows the average fee tapped a high of $4.75 per transaction.
Ethereum’s gas fees have ticked upwards, jumping 84% higher from $2.58 per transaction on October 8, to $4.75 per transfer on October 10. Ethereum fees have not breached $4 since August 11, 2022, or roughly 61 days ago.
Statistics from bitinfocharts.com indicates that the median transfer fee on October 10 is $2.2 per transfer. Etherscan.io’s gas tracker also shows an increase as today’s high priority fee is around 27 gwei or $0.62 per transfer.
44 days ago or on August 28, 2022, etherscan.io’s gas tracker shows that fees were lower prior to The Merge as a high priority fee was around 11 gwei or $0.34 per transfer. While fees are around $0.62 for a high-priority transfer, swapping and moving an ERC20 token can cost more.
An Opensea sale is $2.13 per transaction today, when it was $1.17 per transaction on August 28. A Uniswap trade has an estimated cost of around $5.49 and 44 days ago, it was around $3.03.
Sending an ERC20 token like USDT or USDC will cost $1.61 today and on August 18, it was around $0.89 per transaction. Layer two (L2) fees are still much cheaper than Ethereum’s onchain transfer statistics.
Metis Network is around $0.01 to transfer ETH, while Loopring will cost $0.02. Both Zksync and Arbitrum will cost around $0.03 to transfer ETH and Optimism is a bit more expensive today, at $0.10 per transfer.
Boba network is around $0.15 per transaction and the Aztec network is around $0.25 per transfer. The cost to swap an ERC20 using an L2 protocol can cost between $0.05 to $0.32, depending on which L2 is chosen.
Since The Merge on September 15, while ETH fees increased, block times have been faster than they were prior to the transition, but only by milliseconds. Pre-Merge block times show 0.244 minutes while post-Merge block intervals are 0.201 minutes or 17% faster than before September 15.
While many people assumed gas fees would be cheaper after The Merge, the Ethereum Foundation stressed well before the transition that The Merge upgrade would not affect gas fees and throughput.
“The Merge deprecates the use of proof-of-work, transitioning to proof-of-stake for consensus, but does not significantly change any parameters that directly influence network capacity or throughput,” the Ethereum Foundation said on August 16.
What do you think about Ethereum’s gas fees rising? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Editorial photo credit: viktoryabov / Shutterstock.com
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Central Bank of Brazil Confirms It Will Run a Pilot Test for Its CBDC This Year
The Central Bank of Brazil has confirmed that the institution will run a pilot test regarding the implementation of its proposed central bank digital currency (CBDC), the digital real. Roberto Campos Neto, president of the bank, also stated that this ... read more.
Ethereum classic remained close to a three-month low in today’s session, as the token continued to extend recent declines. The token is now trading almost 15% lower in the last seven days. Near protocol was also lower, with it also falling to its lowest point since July.
Ethereum classic (ETC) continued to trade close to a three-month low on Tuesday, after hitting this mark to start the week.
Yesterday, the token hit a three-month low of $23.10, and 24 hours later, prices remain near this point.
Following a move to a high of $24.31 earlier today, ETC/USD once again moved lower, dropping to a bottom of $23.73 in the process.
This week’s low saw ETC move below a key floor of $23.20, which has been in place since mid-July.
In addition to price, the 14-day relative strength index (RSI) has also hit a multi-month low following the bear run.
For traders looking to buy the dip, this is potentially a positive sign, as we are firmly in bearish territory, and could eventually see bulls choose to reenter the market at this point.
Near protocol (NEAR) was another notable mover on Tuesday, as the token also hit a three-month low.
Following a high of $3.54 to start the week, NEAR/USD slipped, dropping to an intraday low of $3.12 earlier today.
This sell-off pushed the token to its lowest point since July 13, which is the last time prices were trading at a support of $3.00.
Looking at the chart, the RSI is now also oversold, and is currently tracking at 31.15 as of writing.
Historically, at current levels, bulls typically begin to circle, looking for an opportune moment to buy.
We’ve seen some signs of this already, with NEAR now moving away from earlier lows, and trading at $3.19 as of writing.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see near protocol extend its bear run this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse
United Arab Emirates (UAE) airliner, Emirates, has announced plans to launch non-fungible tokens (NFT) and experiences in the metaverse for its workers and customers. The launch aligns with UAE's digital economy and virtual assets initiatives. First Projects Already Underway The ... read more.
Ethereum classic remained close to a three-month low in today’s session, as the token continued to extend recent declines. The token is now trading almost 15% lower in the last seven days. Near protocol was also lower, with it also falling to its lowest point since July.
Ethereum classic (ETC) continued to trade close to a three-month low on Tuesday, after hitting this mark to start the week.
Yesterday, the token hit a three-month low of $23.10, and 24 hours later, prices remain near this point.
Following a move to a high of $24.31 earlier today, ETC/USD once again moved lower, dropping to a bottom of $23.73 in the process.
This week’s low saw ETC move below a key floor of $23.20, which has been in place since mid-July.
In addition to price, the 14-day relative strength index (RSI) has also hit a multi-month low following the bear run.
For traders looking to buy the dip, this is potentially a positive sign, as we are firmly in bearish territory, and could eventually see bulls choose to reenter the market at this point.
Near protocol (NEAR) was another notable mover on Tuesday, as the token also hit a three-month low.
Following a high of $3.54 to start the week, NEAR/USD slipped, dropping to an intraday low of $3.12 earlier today.
This sell-off pushed the token to its lowest point since July 13, which is the last time prices were trading at a support of $3.00.
Looking at the chart, the RSI is now also oversold, and is currently tracking at 31.15 as of writing.
Historically, at current levels, bulls typically begin to circle, looking for an opportune moment to buy.
We’ve seen some signs of this already, with NEAR now moving away from earlier lows, and trading at $3.19 as of writing.
Register your email here to get weekly price analysis updates sent to your inbox:
Could we see near protocol extend its bear run this week? Let us know your thoughts in the comments.
Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
UAE Airliner Emirates to Launch NFTs and Experiences in the Metaverse
United Arab Emirates (UAE) airliner, Emirates, has announced plans to launch non-fungible tokens (NFT) and experiences in the metaverse for its workers and customers. The launch aligns with UAE's digital economy and virtual assets initiatives. First Projects Already Underway The ... read more.
PRESS RELEASE. Today, Signal is the most popular private messaging app, and yet users can’t use it without entering a personally-identifying piece of information: their phone number. This makes it so that anyone with access to Signal’s database gets full information about who the user messaging and when. Additionally, because Signal is a centralized service, it has been blocked in major countries like China.
Imagine if creating a Bitcoin wallet required users to give up their phone numbers. Why can’t users have the same level of privacy and censorship resistance that they have with Bitcoin but applied to their communications?
Today, the DeSo blockchain brings Bitcoin’s pseudonymity and censorship resistance to messaging with the launch of decentralized end-to-end encrypted on-chain direct messages and group chats.
Thanks to a recent integration with MetaMask, users of DeSo apps like Diamond can sign up without entering any personal information. Additionally, because DeSo is a decentralized layer-1 blockchain, all messages are censorship resistant, meaning that nothing can stop the users recipient from getting their message, even if they’re in a country with limited free speech.
“DeSo is the only blockchain that could support something like this today,” says Nader Al-Naji, the creator of DeSo. “It costs about $75 to store a 200-character message on Ethereum, and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like iMessage, WhatsApp, and Signal,” Al-Naji adds.
This is the latest in a recent string of successes for DeSo. The platform listed on Coinbase earlier this year announced a groundbreaking MetaMask integration last week that caused a significant price surge. Many new social apps like Diamond, a web3 social network built on DeSo, have launched and are growing rapidly with a recent surge in user numbers. Recently, the platform announced a USDC integration that has attracted many new builders to the ecosystem.
With the launch of decentralized messaging, DeSo’s true disruptive power becomes apparent. It is a platform that can not only disrupt social media but a platform that can ensure open communication and free speech for all citizens of the world.
About DeSo Foundation
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera, and others.
$DESO, the native currency of the DeSo blockchain, is listed on Coinbase.
Check out the full roadmap and claim your username on deso.com.
Contact
Growth Marketing Lead
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
PRESS RELEASE. Today, Signal is the most popular private messaging app, and yet users can’t use it without entering a personally-identifying piece of information: their phone number. This makes it so that anyone with access to Signal’s database gets full information about who the user messaging and when. Additionally, because Signal is a centralized service, it has been blocked in major countries like China.
Imagine if creating a Bitcoin wallet required users to give up their phone numbers. Why can’t users have the same level of privacy and censorship resistance that they have with Bitcoin but applied to their communications?
Today, the DeSo blockchain brings Bitcoin’s pseudonymity and censorship resistance to messaging with the launch of decentralized end-to-end encrypted on-chain direct messages and group chats.
Thanks to a recent integration with MetaMask, users of DeSo apps like Diamond can sign up without entering any personal information. Additionally, because DeSo is a decentralized layer-1 blockchain, all messages are censorship resistant, meaning that nothing can stop the users recipient from getting their message, even if they’re in a country with limited free speech.
“DeSo is the only blockchain that could support something like this today,” says Nader Al-Naji, the creator of DeSo. “It costs about $75 to store a 200-character message on Ethereum, and about fifteen cents to store it on Solana, Avalanche, or Polygon. In contrast, DeSo is one ten-thousandth of a cent, making it the first blockchain capable of disrupting storage-heavy applications like iMessage, WhatsApp, and Signal,” Al-Naji adds.
This is the latest in a recent string of successes for DeSo. The platform listed on Coinbase earlier this year announced a groundbreaking MetaMask integration last week that caused a significant price surge. Many new social apps like Diamond, a web3 social network built on DeSo, have launched and are growing rapidly with a recent surge in user numbers. Recently, the platform announced a USDC integration that has attracted many new builders to the ecosystem.
With the launch of decentralized messaging, DeSo’s true disruptive power becomes apparent. It is a platform that can not only disrupt social media but a platform that can ensure open communication and free speech for all citizens of the world.
About DeSo Foundation
DeSo is a new layer-1 blockchain built from the ground up to decentralize social media and scale storage-heavy applications to billions of users. They raised $200 million and are backed by Sequoia, Andreessen Horowitz, Coinbase Ventures, Social Capital, Polychain Capital, Winkelvoss Capital, Pantera, and others.
$DESO, the native currency of the DeSo blockchain, is listed on Coinbase.
Check out the full roadmap and claim your username on deso.com.
Contact
Growth Marketing Lead
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days
Transaction fees on the Ethereum network are dropping again after average fees saw a brief spike on April 5 jumping to $43 per transfer. 12 days later, average ether fees are close to dropping below $10 per transaction and median-sized ... read more.
PRESS RELEASE. Have a blockchain dApp ready to integrate the most state-of-the-art Oracle? Sign up for Supra’s Network Activation Program (SNAP) for the opportunity to receive free oracle and VRF/RNG credits before the list is full.
Continuing to unveil their growing technology stack, today SupraOracles announces the official launch of its Alpha Testnet. SupraOracles elevates a new standard for the Oracle industry, deploying fully auditable and accurate streaming data feeds with 2-5 second finality. In preparation of this Alpha Testnet, SupraOracles has graciously received gas subsidies and support from seven leading chains. SupraOracles Alpha Testnet is now publishing Oracle data to seven different major blockchains’ testing environments, including various Layer 1s and Layer 2s each minute.
Following their Oracle service will be their Confidential VRF (Verifiable Random Function) service, which utilizes novel cryptography to ensure unbiased, privacy-preserving, fair randomness generation to power NFTs, GameFi, and more. Node operators interested in participating in the Incentivized Beta Testnet should reach out on Discord.
To utilize SupraOracles today, developers can review deployments on seven prominent blockchains: Aptos, Arbitrum, Avalanche, Binance, Ethereum, Optimism, and Polygon. Additional ecosystems will be serviced in the months to come; including, but not limited to: Algorand, Fantom, Harmony, ImmutableX, Moonbeam, Solana, StarkWare, and Sui.
SupraOracles welcomes developers from any of these ecosystems to dive into the latest documentation in order to start integrating today. Bug bounties await the most eager participants.
The road to Supra Mainnet is upon us. SupraOracles is working with accelerators such as Brinc and Plug and Play to award cutting-edge blockchain projects its exclusive SNAP (Supra Network Activation Program) credits. SNAP Partners will receive up to two years’ worth of oracle and VRF/RNG expenses complimentarily once SupraOracles goes live on Mainnet.
SNAP aims to help promising Web3 projects more easily achieve scale. There are also other beneficial incentive packages following the initial discount window. As SNAP is in high demand, apply here before all the slots are booked (acceptance into the program is not guaranteed).
To get the latest updates first, and to speak directly with the team, join Supra’s Discord today to watch for new drops coming frequently — as the build-up to the Mainnet’s crescendo continues.
About SupraOracles
SupraOracles is supercharging oracles for a better, decentralized future. Blockchains need better, faster, accurate, and more secure off-chain data. SupraOracles provides a next-generation cross-chain oracle solution so smart contracts and blockchain apps work better.
After 5+ years of research, and thousands of hours of R&D and simulations, SupraOracles’ revolutionary technical breakthrough helps solve the Oracle Dilemma while improving performance across the board. The team’s academic mindset forms the bedrock of the organization and reinforces their commitment to deep research and a rigorous scientific process in everything they design and build.
Mr
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
Bitcoin.com is the premier source for everything crypto-related. Contact the Media team on ads@bitcoin.com to talk about press releases, sponsored posts, podcasts and other options.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Source From : News