Ethereum (ETH) witnesses an unmatched surge in inactivity. The blockchain has remained active, from rising traction to institutional adoption. The surging demand saw gas fees in the ETH network spiking to $2.48 billion, higher than $1.7 billion a year ago.
ETH’s bullish outlook throughout 2022 led to a lucrative surge in transactions and trading volumes, plus massive inflows from crypto investors. The leading altcoin saw intensified accumulation trend that had Ether miners enjoying a profitable month. For instance, ETH miners’ revenue touched an all-time high.
What triggered this uptick? ApeCoin holders got Otherdeed non-fungible tokens (NFTs), which led to the burning of more ETH tokens. Such development signaled demand. APE investors send their crypto through the ETH blockchain to relevant ‘smart’ contracts, and the platform witnessed a massive load during the hours.
While market players targeted the Otherdeed NFT, they launched a gas fee war. That saw transaction costs skyrocketing, earning Ether miners over $87 million within an hour. The $87,664,337 revenue within an hour made miners happy. However, that means about $172 million in extra transaction costs paid amid the gas war. While publishing this blog, Ethereum’s average gas fees were 51.55 GWEL.
One War Triggering Another?
Gas hikes anger members of the crypto community. Remember, the latest developments saw Ethereum users paying a $4,830 median fee per transaction within the 1hr window. Various Ether enthusiasts showed their dissatisfaction amid such conditions.
For example, a user blamed Yuga Labs for the gas war. He added that Yuga Labs hid eligible wallets while lying about the dutch auction. Also, a fellow user called Ethereum a Ponzi scheme in a May 1 tweet. Remember, Ethereum has repelled many investors due to its massive transaction fees.
Meanwhile, the broad crypto market attempted to recover following the recent downtime. Ethereum gained 3% within the past day, changing hands near $2,855 at this publication. Also, Bitcoin surged 2.64% over the previous 24 hours to stand at $38,970. The market capitalization of all cryptocurrencies stands at $1.74 trillion, following a 2.24% surge in one day.
What are your thoughts about ETH’s gas fees? Feel free to comment in the section below.