- A recent report revealed that the second leading coin, Ethereum (ETH), had made a record this week in terms of fees paid on Ethereum blockchain.
- On June 10, 2020, 10,668 Ethereum was paid as transaction fees for sending 0.55 ETH that counts around $2.6 million for a transaction.
- Furthermore, pointing out the first transaction, Buterin notified that it is a mistake.
A recent report revealed that the second leading coin, Ethereum (ETH), had made a record this week in terms of fees paid on Ethereum blockchain. However, at the beginning of this week, Ethereum recorded a transaction of $2.6M fee on its blockchain. Further, a second transaction also recorded from the same address of $2.6M in Eth fees.
Additionally, the third transaction of $540,000 to send 3, 2221 ETH from a separate address seen in the same week.
A brief on the series of transactions
On June 10, 2020, 10,668 ETH paid as transaction fees for sending 0.55 ETH. That counts around $2.6 million for a transaction. Initially, the transaction believed as a mistake. But, the same address sent 350 ETH and paid 10, 668 ETH in the transaction fees on the following day.
Moreover, a third transaction also made but with a separate ETH user. That sent a transaction fee of $539,269 equivalent of $750,000 ETH.
Ethereum co-founder, Vitalik Buterin indicates it’s a mistake
However, with a response to the first transaction, the Co-Founder of Ethereum, Vitalik Buterin, addressed the crypto community on Twitter. Detailing about an Ethereum Improvement Proposal EIP 1559. That decreases the frequency of such types of transactions.
Definitely a mistake.
I'm expecting EIP 1559 to greatly reduce the rate of things like this happening by reducing the need for users to try to set fees manually.
— vitalik.eth (@VitalikButerin) June 10, 2020
Furthermore, pointing out the first transaction, Buterin notified that it is a mistake. The EIP 1559 is greatly reducing the rate of things.
The Ethereum Improvement Proposal (EIP 1559) is designed to substitute the present fee model with a mechanism. This mechanism adjusts the base network fee as per the network need.