Blockchain Fees | ForkLog

ForkLog 13 14.05.2024

Vitalik Buterin Proposes New Gas Type for Ethereum Transactions

Ethereum co-founder Vitalik Buterin has released EIP-7706, introducing a new type of gas for certain transactions. The primary vectors are the functions max_basefee and Priority_fee, which calculate gas costs for execution operations, calldata, and BLOB. To implement these changes, amendments to EIP-1559 are necessary to apply the same calculation mechanism across all three transaction types. […]

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ForkLog 22 13.05.2024

Decline in Activity on Runes Protocol Observed

User activity on the Bitcoin protocol Runes has decreased, along with its share in transaction fees, compared to the first week of trading. According to a dashboard on Dune, fee amounts have been steadily declining, with only two days in May surpassing $1 million. Source: Dune. Since its launch on April 20, coinciding with the […]

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ForkLog 11 11.05.2024

Ethereum Gas Fees Plummet to Four-Year Low

On May 11, gas fees on the Ethereum blockchain dropped to 6 Gwei, a level last seen in January 2020. Average gas fee in Ethereum. Source: Etherscan. At these rates, swapping coins costs an average of $6.2, selling an NFT around $10.5, borrowing $5.7, and cross-chain transfers $2. The reduction in network fees began following […]

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ForkLog 19 09.05.2024

Vitalik Buterin Explores ‘Multidimensional’ Gas Pricing for Ethereum

To address the limitations of the current fee system, Ethereum co-founder Vitalik Buterin proposed a ‘multidimensional’ gas pricing structure. He noted that the network currently employs a peer-to-peer model where all computational processes, including storage, data transfer, and encryption operations, are evaluated using a single metric—gas. Vitalik pointed out a significant drawback: this approach treats […]

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ForkLog 11 29.04.2024

Ethereum’s Transaction Fee Drop Signals Potential Altcoin Season

The reduction of transaction fees on the Ethereum network to a six-month low of $1.12 may indicate the onset of an altcoin season, according to Santiment. ? #Ethereum‘s average fee level has dipped to just $1.12 per network transaction, the lowest average cost in a day since October 18th. Traders historically move between sentimental cycles […]

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ForkLog 13 26.04.2024

TeraWulf CEO Describes Runes as a ‘Lifeline’ for Bitcoin Miners

The launch of the Runes protocol has significantly bolstered miners’ revenues post-halving through increased fees, according to TeraWulf co-founder and CEO Nazar Khan in an interview with Cointelegraph. On the day of the fourth block reward halving on April 20, the average transaction fee surged to a record $128.45. According to BitInfoCharts, this figure has […]

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ForkLog 42 25.04.2024

Runes Tokens Dominate Bitcoin Transactions

On April 24, tokens on the Runes protocol accounted for 51.5% of daily transactions on the Bitcoin blockchain. Traditional BTC operations comprised 46.9%, according to a dashboard on Dune. Source: Dune. The previous day, these figures reached 81% and 18.8%, respectively. The combined share of Ordinals and BRC-20 did not exceed 2%. The excitement surrounding […]

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ForkLog 35 24.04.2024

Transaction Fees on TON Network Reduced by 2.5 Times

Developers of The Open Network (TON) blockchain announced a 2.5-fold reduction in transaction fees within the network, a decision approved by validators. The transaction costs will vary depending on the native token’s value in US dollars. At a price of $7 per TON, the fee for the first transaction with Jettons will be approximately $0.06, […]

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ForkLog 11 23.04.2024

Bernstein Predicts Bitcoin’s “DeFi Summer” Amid Record Fees

Bitcoin is entering a “DeFi summer” similar to Ethereum in 2020 due to record fees. Network activity is largely driven by the launch of the Runes protocol. Bitcoin is experiencing a “DeFi summer” moment amid a record surge in fees earned by miners thanks to Runes. This conclusion was reached by Bernstein, reports The Block. […]

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ForkLog 13 22.04.2024

Peter Schiff Criticizes Bitcoin for High Transaction Costs

A sharp increase in transaction fees on the day of the halving prompted Euro Pacific Capital President Peter Schiff to once again declare the failure of the first cryptocurrency. The cost to complete a #Bitcoin transaction is now $128 and it takes a half hour to process. This is another reason why Bitcoin can’t function […]

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ForkLog 20 22.04.2024

Bitcoin Transaction Fees Hit Record High on Halving Day

The average transaction fee in the Bitcoin network fell to $34.86 after reaching a record high of $128.45 on the day of the halving, April 20. Source: YCharts. The rise in transaction fees began ahead of the block reward reduction. Experts attributed the trend to user activity in anticipation of the launch of the Runes […]

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ForkLog 15 20.04.2024

Bitcoin Block #840,000 Sees Users Pay $2.4 Million in Fees

Users paid 37.6256 BTC (approximately $2.4 million at the time of writing) in fees to include 3,050 transactions in Bitcoin’s halving block #840,000. Following the halving, fees on the network of the first cryptocurrency soared to an average of $203. Data: mempool.space. Screenshot: bitcoin.com. An unknown user paid a fee of 6.7 BTC (~$430,500). This […]

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