Ethereum Receives Highest Transaction Fees In a Week

Priyanka Kulkarni
Priyanka Kulkarni, post-graduated in Business Administration holds worthy experience in market research and investment banking. She is passionate to flaunt her perception towards cryptocurrencies.

 

  • 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.

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.

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