3 ms·
Care to explain what's insane looking to you?
by tiborsaas 5y ago
Care to explain what's insane looking to you?
- sva_ 5y agoTo make a transaction, you have to spend a certain amount of gas. This will then be multiplied by the constant cost of the transaction. But gas fluctuates based on demand. If many people want to make a quick transaction, gas will go up as the amount of transactions per block is limited. Avg gas was around 70 gwei yesterday. Currently there's tons of blocks averaging between 1000 - 1500 gwei, which is a lot.
- mikejarema 5y agoI think the amount of fees per block is what's "insane" here. Going back a day shows that the fees were on the order of ~3 eth per block (https://etherscan.io/blocks?p=300 https://etherscan.io/blocks?p=300) whereas now they're averaging around ~20eth per block. In other words ETH holders are very motivated to move their tokens right now, and the amount they're paying to do so reflects this.
- 52-6F-62 5y agoI imagine much of the traffic is likely out of China? It sounds like the CCP is moving to ban clearance and trading institutions in the space, stopping short of banning personal holdings. (something in the name of protecting people? https://www.reuters.com/technology/chinese-financial-payment-bodies-barred-cryptocurrency-business-2021-05-18/ https://www.reuters.com/technology/chinese-financial-payment...) A lot of people probably trying to sell off now or moving their holdings to exchanges located outside of China.
- rawtxapp 5y agoThe fees, on a good day, you can pay somewhere around 50-100gwei for a transaction on eth, right now we are seeing 1500+gwei transactions. For example, to deposit into a maker vault, a 50 gwei transaction would cost somewhere around 100$, it now costs like 2-3k$ just to execute a single transaction.