A dramatic surge in gas fees for Ethereum and Bitcoin users has reignited the long-standing scalability debate in the crypto community. Transaction fees have skyrocketed, with some high-priority transactions reportedly exceeding $200.
The surge has occurred over the past 24 hours, with users sharing screenshots of double and even triple-digit transaction fees. While Bitcoin users reported fees around $10 for high-priority transactions, this is a significant increase from the average cost of $1 over the past three months.
Meanwhile, Ethereum users saw fees as high as $220 for high-priority transactions, with many reporting fees around the $100 mark. The sudden spike in fees has prompted proponents of Solana and other blockchains to highlight the cost-effectiveness of transactions on their chains.
Social media users like “Bobby Apelrod” noted that Solana charges only $55-60 per minute for all users, while Ethereum users are paying that much per single transaction. Other users, like “KaisaCrypto,” highlighted that PulseChain gas fees are significantly cheaper than Ethereum and Bitcoin.
The price of network fees is dynamic, largely based on demand and network congestion. However, the surge in fees could have a significant impact on lower income users, raising questions about the accessibility of these platforms.
Before the recent surge, Ethereum transaction costs averaged $11.35 on November 8, with a significant drop to $1.40 on October 14. Bitcoin and Ethereum developers have prioritized decentralization and security, using layer 2s to make transactions cheaper. However, this approach to scalability continues to draw criticism.
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