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- Ethereum gas taxes have recently dropped by 71 % from their mid-January average of $52.46. According to Etherechain.org, the gas price for a regular transfer is around 40 GWei ($2.62) at the time of writing, with quick transfers costing around 90 GWei ($6.19).
- Since September 2021, when the fees were approximately $15, the fees have not been this low.According to data from l2fees.info, the fees for L2 protocols are substantially cheaper, at roughly $0.19 per transaction.
- Although Ethereum is evolving toward a Proof of Stake architecture and L2 protocols are expected to mature to the point where gas fees are no longer an issue, users must still be wary of price swings when sending transactions. Prices can vary dramatically in a week.
Ethereum wallets have now been added to Twitter’s tipping jars feature on creator profiles. Users responded with scepticism and jokes, pointing out that sending tips over a network that can charge you considerably larger gas prices than the money you wish to contribute is not realistic.
What Are Some Twitter Pointers?
Tips is a feature that enables you post links to select third-party payment services to your Twitter profile, the company informs. That is, as a content provider with a community, you can either get paid tips or send tips to anyone who uses the feature
You may tip anyone – from young creators and journalists to Twitter Spaces presenters and more – to express support, admiration, assist out, or reward them. Because tipping is done through third-party payment systems, you must ensure that your gratuities are compliant with those services’ terms and standards. The first digital coin to be included in the feature was Bitcoin. Venmo, Cash App, GoFundMe, Patreon, and Wealthsimple are among the classic third-party payment providers.
You’ll be able to copy someone’s Bitcoin or Ethereum address and paste it into any wallet you use using Tips, the app states. According to Twitter, users keep 100% of the tips they receive. This does not account for any fees charged by third-party payment systems. Anyone over the age of 18 who agrees to their General Tipping Policy is eligible to request, receive, or send tips. The feature is currently only available on iOS and Android phones.
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Gas Prices As Well As The Most Costly Tips You’ve Ever Seen
Some Twitter users joked that Jack Dorsey is currently pounding the air. Former Twitter CEO Jack Dorsey is a bitcoin maximalist who has openly criticised competing digital currencies. Many feel that if Dorsey had still been in charge, the latest Ethereum-related features on Twitter would not have been implemented.
Other jokes addressed a well-known issue with the Ethereum network: gas fees. Who in their right mind is going to tip you in $ETH when the gas expenses are the same as taking out a loan? said one user. Can’t wait to pay $40 in #ETH gas fees to tip $2 on Twitter, said another.
Ethereum has a scalability issue, which has rendered the gas payments required to complete transactions prohibitive in some cases. The EIPs (Ethereum Internet Proposals) are intended to aid, and layer 2 scaling solutions like as ZKSync and Polygon (MATIC) have already shown improvements, as seen below. Ethereum gas taxes have recently dropped by 71 % from their mid-January average of $52.46. According to Etherechain.org, the gas price for a regular transfer is around 40 GWei ($2.62) at the time of writing, with quick transfers costing around 90 GWei ($6.19). Since September 2021, when the fees were approximately $15, the fees have not been this low.
According to data from l2fees.info, the fees for L2 protocols are substantially cheaper, at roughly $0.19 per transaction. Although Ethereum is evolving toward a Proof of Stake architecture and L2 protocols are expected to mature to the point where gas fees are no longer an issue, users must still be wary of price swings when sending transactions. Prices can vary dramatically in a week. When ETH gas fees are low, there are several strategies and calculators that can assist make a transaction easier, but do consumers want to go through all of that just to pay a tip? They can also tip using Bitcoin by using Strike, a Lightning Network-based payment network that charges a few cents or less per transaction.
So, rather than promoting Ethereum, did Twitter succeed to draw attention to the network’s flaws?
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
