The Ethereum network congestion on Thursday – perhaps unsurprisingly – led to a significant increase in the number of extremely high fees in the 24-hour period.
According to data collected by The Block, about $ 564,000 ETH was paid by traders during March 12. A transaction fee was paid to prioritize transactions for users on the network; The higher your fee, the more likely it is to put in the next block.
Thursday saw a spike in Gas charges to over 100 Gwei from about 12 days ago, as previously reported. This fee spikeed along with a significant liquidation of ETH amid a declining cryptocurrency market.
March 12 saw most of the fees paid in a day for 2020 and is the highest day of its kind since February 2019.
The amount of Ethereum transaction fees paid overshadowed the amount that Bitcoin users paid, with $ 298,000. However, bitcoin fees have shown a steady upward trend over the past few days.
The data shows that the amount of liquidation on Compound reached the highest level ever, with the majority of those liquidations in the form of ETH. At the time of data collection, 4.19 million ETH and about 120,000 USDC were liquidated in a 24-hour period.
Market maker Defi MakerDAO is putting up a $ 4 million debt auction for failing to keep up mortgage loans. A few hours earlier, developers had to consider the possibility of a shutdown in case the ETH price dropped below $ 80 to save the system. If this happens, this is unprecedented in precedent.
According to The Block
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