Key Points:
- Transaction purportedly costs more than $39,000, or 24.225 ETH, suggesting that Ethereum’s (ETH) gas wars are going parabolic.
- ETH network still has to go in order to avoid gas wars and the possibility of users paying extremely high transaction fees, even though it is still unclear what the transaction Williams was referring to was.
- ETH has previously done a lot of damage to the protocol’s reputation, and if this high transaction charge is back, it could increase the popularity of the so-called Ethereum killers.
A transaction purportedly costs more than $39,000, or 24.225 ETH, suggesting that Ethereum’s (ETH) gas wars are going parabolic.
Crypto investor and analyst Jason Williams tweeted the screenshot of the transaction cost on Twitter and humorously teased that ETH is “functioning beautifully” despite the fictitious amount being paid as gas fees.
Williams’ tweet highlights how far the ETH network still has to go in order to avoid gas wars and the possibility of users paying extremely high transaction fees, even though it is still unclear what the transaction Williams was referring to was.
Prior to The Merge, one of the main worries of ETH users was that transaction fees were skyrocketing. Users would frequently pay a considerably higher sum than the actual value of their transaction at the time. Although the switch to proof of stake (PoS) helped increase network bandwidth, a major decrease in gas prices might not be felt until further upgrades of the new PoS network are turned on.
Vitalik Buterin has reaffirmed his commitment to assisting in the development of rollup technologies for Layer 2 networks as part of the efforts to make the Ethereum protocol more usable.
Ethereum killers will profit
The high gas cost of Ethereum has previously done a lot of damage to the protocol’s reputation, and if this high transaction charge is back, it could increase the popularity of the so-called Ethereum killers.
Cardano, Avalanche, Solana, and BNB Chain are just a few of the newer blockchain protocols that offer customers lower transaction costs, leading many protocols to reconsider using Ethereum. In fact, owing of the exorbitant gas costs that were tearing apart the community at the moment, the Yuga Labs team was forced to shift its native token, ApeCoin (APE), from Ethereum to Polygon. The so-called Ethereum assassins may gain more in the near future if the gas wars recur.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your research before investing.
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