{"id":85331,"date":"2020-10-09T08:54:21","date_gmt":"2020-10-09T05:54:21","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ethereums-fees-higher-than-bitcoins-for-a-record-two-straight-months\/"},"modified":"2020-10-09T08:54:21","modified_gmt":"2020-10-09T05:54:21","slug":"ethereums-fees-higher-than-bitcoins-for-a-record-two-straight-months","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ethereums-fees-higher-than-bitcoins-for-a-record-two-straight-months\/","title":{"rendered":"# Ethereum\u2019s fees higher than Bitcoin\u2019s for a record two straight months"},"content":{"rendered":"

“# Ethereum\u2019s fees higher than Bitcoin\u2019s for a record two straight months <\/strong>”
\n<\/p>\n

Ethereum (ETH) transaction fees have exceeded those on the Bitcoin (BTC) network for two months straight.<\/p>\n

Crypto market data aggregator Messari tweeted about the streak on October 8, noting it is the longest period that Ethereum\u2019s transaction fee revenue has exceeded Bitcoin\u2019s in the crypto asset\u2019s history. <\/p>\n

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Ethereum fees have been higher than Bitcoin fees for 2 months straight. It’s longest streak ever pic.twitter.com\/2KgnNBcrrT<\/a><\/p>\n

\u2014 Messari (@MessariCrypto) October 8, 2020<\/a><\/p><\/blockquote>\n

Ethereum fees skyrocketed into new all-time highs during August as the decentralized finance (DeFi) bubble began to shift into high-gear. The smart contracts underpinning DeFi protocols typically require the execution of multiple Ethereum transactions, exacerbating network congestion.<\/p>\n

Average Ethereum fees currently sit at roughly $2, down from September\u2019s record high above $14.<\/p>\n

The surge in transaction costs has reignited vigorous debate within the Ethereum community as to how the network should adapt in the interim before the completion of ETH 2.0\u2019s roll-out, which is currently expected some time in 2022.<\/p>\n

On Oct. 8, ConsenSys developer Tim Beiko published<\/a> the findings from a survey gauging the sentiment of 25 teams building on Ethereum regarding what is known as the Ethereum Improvement Proposal (EIP)-1559.<\/p>\n

EIP-1559<\/a> proposes reforming Ethereum\u2019s fee market to adopt a fixed rate network fee for each block including a small tip for miners. A share of the fees would be burned according to congestion levels at the time of the block\u2019s creation. <\/p>\n

Of those surveyed, 60% responded in favor of EIP-1559, with roughly 13% expressing negative sentiment, and 27% offering a neutral opinion. The teams included exchanges, wallets, on-chain app<\/a>lications, and miners. Developers responded favorably to EIP-1559\u2019s gas price predictability and burn mechanism. Beiko reported:<\/p>\n

\u201cThe main benefits that projects see with EIP-1559 are the predictability of gas prices, especially for projects who set them for their users, and the fact that ETH is burnt in each transaction.\u201d<\/p><\/blockquote>\n

However, frequently expressed qualms regarding EIP-1559 included the possible impact on miners\u2019 revenue, concerns surrounding its implementation, and the lack of formal specifications surrounding the proposal.\u00a0<\/p>\n

Unsurprisingly, eight of the nine mining firms queried asserted they would reject EIP-1559 if it was introduced as a hard fork.<\/p>\n<\/div>\n