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Ethereum's daily transaction fee reaches $ 564,000 amid a network congestion

Vitalik Buterin proposes to impose an additional fee to use the Ethereum wallet

The congestion of the Ethereum network on Thursday – which has happened many times before, has caused the total 24-hour transaction fee of the network to skyrocket.

According to data collected by The Block, about 564,000 USD worth of ETH was paid for transaction fees throughout March 12. When a transaction is made, users will have to pay a fee for that transaction to be verified online, the higher the fee, the higher the probability that the transaction will be confirmed in advance.

On Thursday witnessed the number of gas charges (unit fees on the ETH network) soared to over 100 Gwei from about 12 Gwei the day before. This fee spiked with a significant liquidation of ETH amid a declining cryptocurrency market.

March 12 also recorded the most paid per day in 2020 and is the highest day of its kind since February 2019.

Daily transaction fee of Ethereum and Bitcoin network. Source: The Block
Daily transaction fee of Ethereum and Bitcoin network. Source: The Block

The amount paid for Ethereum transaction fees has eclipsed the fees in Bitcoin transactions, when BTC stood at just $ 298,000. However, Bitcoin fees have shown a steady upward trend over the past few days.

The data compiled by The Block shows that the amount of liquidation on the Compound platform has reached the highest level ever, with the majority of the liquidation being in the form of ETH. At the time of data collection, there was 4.19 million USD ETH and about 120,000 USD worth of USDC stablecoin was liquidated during that 24-hour period.

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According to The Block
Translated by ToiYeuBitcoin

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