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Ethereum Transaction Fee Reach New Record Average Of Over $7.50 USD.
2020-08-13 | Robin Williams
In line with blockchain data platform Blockchair, the typical transaction fees paid by Ethereum [ETH] users have touched new record average of over $7.50 USD.
Within a similarly ongoing congested period from June - July 2020, Ethereum co-founder Vitalik Buterin called for reform to the cryptocurrency’s fee system, suggesting fees this high could undermine the safety of the network.
As per Buterin, miners’ increasing reliance on transaction fees may incentivize selfish mining practices. This, in turn, could disrupt how transactions are processed.
As a possible solution, Buterin suggests Ethereum improvement proposal 1599. This proposal would end in the blockchain burning base transaction fees to scale back the miner’s reliance on them as a source of income.
Moreover, Coinbase researcher Max Bronstein said at the time that the high fees were caused by increased interaction with stablecoins on the Ethereum [ETH] network.
