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Ethereum Records High Transaction Fees of $89M in ETH

Ethereum Records High Transaction Fees of $89M in ETH
  • Ethereum network recorded a new record high in daily transaction fees of $89 million.
  • Ethereum Improvement Proposal (EIP) 1559 will go live in July.
  • The upcoming EIP-1559 could burn approximately 70% of transactions.

Ethereum network recorded a new daily transaction fees high of $89 million in ETH. The news was reported by Ryan Berckmans in a tweet that got over hundreds of reactions.

Moreover, Ethereum developer Berckmans explained that the Ethereum Improvement Proposal  (EIP) 1559 will go live in July. At the same time, the London Hard Fork will go live, which is a big deal for the Ethereum ecosystem.

Moreover, the upcoming EIP- 1559 could burn approximately 70% of transactions. Meaning, this would burn over $62 million of the exorbitant ETH fees recorded. In a tweet, Berckmans mentioned the EIP-1559 benefits that holders could experience when it is rolled out.

In another recent tweet, Ryan Berckmans noted,

“With EIP-1559, each transaction no longer picks a gas price. Instead, each transaction picks two new numbers, the “fee cap” and “tip”. Here’s a concept for how a wallet might auto-calc the fee cap and tip, and then show the user a fee choice of Slow, Average, or Fast, like today.”

Even more, Ethereum community members anticipated the implementation of the EIP-1559, due to the major benefit it could offer to the network. Furthermore, the EIP-1559 implementation promises a drastic reduction in transaction fees. Notably, this is the major challenge ravaging the ecosystem of the current leading smart contracts platform, Ethereum.

According to CoinGecko, the ETH price is $4,300.71 with a 24-hour trading volume of over $63.83 million, at the time of writing.

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Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.