Daily Ethereum fees in the amount of $ 50 million, as the Gas reached a new high

The amount of fees generated by the Ethereum network is approaching its peak level as gas prices continue to skyrocket. The income of miners in the Ethereum ecosystem is also growing rapidly.

Crazy Fees on Gas ETH are getting out of control

The frenzy over Ethereum Gas fees has not abated, despite a 22% correction in ETH prices. Given the new record high level of gas charges, the network’s 24-hour “revenue” is very close to $ 50 million.

According to Cryptofees.info, the number of daily commissions generated by Ethereum is a monumental $ 49.55 million at the time of writing, and is likely to exceed $ 50 million in the next few hours.

Bitcoin, by comparison, has brought in just $ 8.9 million in daily fees. The two leading decentralized exchanges based on Ethereum, Uniswap and SushiSwap, rank third and fourth on the list of fees with $ 5.3 million and $ 3.7 million.  accordingly.

The EIP-1559 update will partially reduce the gas price frenzy, although miners are unhappy with this, as it will affect their incredible revenue stream.

Ethereum miners are currently earning record revenues, and they could be in danger of commission cuts when EIP-1559 comes out in July, if all goes according to plan. The offer will adjust the current auction system for transaction bids and allow for the dynamic generation of in-chain commissions, which should reduce them for the average user.

In addition, these fees will be burned, which means that miners will earn less, but this is better news for ETH holders, as this reduces supply and output over time.

Speaking on Chinese social media, Ethereum co-founder Vitalik Buterin suggested that the move to proof-of-ownership will happen faster if miners decide to threaten the network.

He doesn’t care about the opinion of Chinese miners. He expressed his opinion in the Chinese community: “If some miners leave, new ones may appear. If the miners want to conduct a 51% attack, we will all switch to POS as soon as possible”.

Vitalik often speaks Chinese in Chinese communities, and as a rule, the community listens to his opinion.

Crazy gas price-a deal for $37K

According to the data Bitinfocharts.com, gas prices currently average $ 38, an increase of more than a thousand percent since the beginning of 2021. Fees for basic ERC-20 transactions, Uniswap actions, and complex smart contract calls can cost hundreds of dollars.

Etherscan reports about $ 18 for a basic transaction, $ 47 for a Uniswap swap, and as much as $ 70 for adding or removing liquidity from one of its pools.

One unfortunate DeFi user received about $ 37,000 in commission, or almost 25 ETH, when he twice mistakenly entered the gwei price for a Uniswap transaction. 500 or 801 gwei turned into 500 801 for a user who, without a doubt, is now experiencing regret due to paying for one of the most expensive transactions in history.

Meanwhile, the price of Ethereum rose slightly, by 1.6% on the day, returning them more than $ 1,800 at the time of publication.