- Uniswap’s UNI token launch has caused Ethereum’s transaction fees to reach new highs.
- The total amount spent on miner fees reached $900,000 in less than an hour, with the median transaction fee increasing over 152%.
- Uniswap accounted for 35% of the total gas consumption in the past 24 hours, pushing gas prices to as high as 700 gwei.
Share this article
After announcing the launch of its new governance token, Uniswap became the most valuable DeFi projects within hours. The decentralized exchange launched its token last night, catching the entire DeFi community off-guard—a move that resulted in major problems for the Ethereum network.
Uniswap Launch Clogs Up Ethereum
The rush to claim the Uniswap tokens allocated to users caused massive congestion on the Ethereum network. When the anomalous transaction fees that have occurred throughout the year were excluded from the calculation, last night’s spike represented a new record high for transaction fees on Ethereum. According to data from cryptocurrency analytics company Glassnode, the total amount spent on miner fees jumped from $100,000 to $900,000 in less than an hour.
Data from BitInfoCharts showed that the median transaction fee on Ethereum increased over 152%, jumping from $2.13 on Sep. 16 to $5.37 at press time.
Eye-Popping Interest Pushes Gas Fees to Yearly High
And it’s not only the transaction fees that have skyrocketed during last night’s UNI craze. Glassnode reported that the median gas price on Ethereum saw an equally dramatic spike last night. The company’s data showed that gas prices reached levels as high as 700 gwei at one point during the night. According to Etherscan’s gas tracker, the average gas price runs around 490 gwei, while prices above 540 gwei are considered to be high.
The UNI craze has also made Uniswap by far the largest gas consumer on the Ethereum network. Uniswap’s three addresses, the token distributor, the router, and the UNI token address, accounted for around 35% of the total gas consumed on the network, on-chain data from Etherscan showed.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Source: Read Full Article