Ethereum (ETH) users are paying higher than normal fees for transactions on the network, per a new report – to the extent that some token holders are holding fire on making ETH dealings. According to the latest CoinMetrics-produced State of the Network report, the past week has seen a drop in the amount of “unique active ETH addresses” – despite the fact that there has actually been a seven-day average increase in the number of transactions carried out on the Ethereum network. Ethereum has the lion’s share of the blockchain gaming and collectibles-associated decentralized app (dapp) market. However, the authors suggested that the users of another type of dapp may be responsible for the change. They claimed that higher fees spells good news for ETH miners, and added that rising fees prove that the network is in rude health. According to BitInfoCharts data, the median transaction fee for the Ethereum network has climbed from well under USD 0.10 in late April to their current rate of around USD 0.50. The number is still much lower than Bitcoin (BTC) network transaction fees, though. In late June, BTC transactions cost about USD 0.50 – the same price one might pay now for an ETH transaction. However, BitInfoCharts data also shows that in recent weeks BTC transaction median prices have also climbed steeply – and now stand at over USD 1.
All data is taken from the source: http://cryptonews.com
Article Link: https://cryptonews.com/news/prohibitively-expensive-ethereum-network-fees-are-healthy-7187.htm
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