- Gas price paid per transaction bounced to levels last seen during the memecoin frenzy of May 2023.
- ETH witnessed a minor retracement in the last 24 hours, dropping below $2,800.
Transaction costs on Ethereum [ETH] rose to a 9-month high, spurred largely by the hype in the experimental token standard ERC-404.
Users make a beeline for ERC-404 transactions
As per on-chain analytics firm IntoTheBlock, the network collected a total of $84 million in gas fees the past week, marking a 61.5% jump from the week before.
In fact, average gas price paid per transaction bounced to 71 Gwei on the 9th of February, according to AMBCrypto’s analysis of Glassnode’s data. Such levels were last seen during the May 2o23 memecoin frenzy that saw the emergence of Pepe [PEPE] token.
Source: Glassnode
The spike came in the days following the launch of the first functional ERC-404 project, Pandora, which has seen extensive demand lately. As of this writing, the Pandora token was up 270% since its launch, according to CoinMarketCap.
For the curious, ERC-404 is a unique token standard, which combines the properties of ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens). As a result, tokens under this standard are both fungible and non-fungible at the same time.
A special use case of this not-yet official token standard is that it can be broken down into fractions, effectively allowing multiple users to collectively own a single NFT.
An X user with a pseudonym PopPunk, who also happens to be a co-founder of gas auditing firm, stated that an average ERC-404 transaction required three times the gas required for an average NFT transaction. It was evidently clear that ERC-404 tokens were costing users a bomb.
Meanwhile, AMBCrypto also observed a spike in daily on-chain transactions over the week, to the tune of 17%. In fact, about 1.15 million transactions were settled on the 16th of February, the highest for the month.
Source: Glassnode
Is your portfolio green? Check out the ETH Profit Calculator
ETH pulls back but market appetite grows strong
As of this writing, the second-largest crypto was exchanging hands at $2,790, according to CoinMarketCap. ETH witnessed a minor retracement in the last 24 hours, dropping below $2,800.
The broader market sentiment was one of “extreme greed”, as per the reading from Ethereum Fear and Greed Index, suggesting substantial FOMO among market participants.
- Gas price paid per transaction bounced to levels last seen during the memecoin frenzy of May 2023.
- ETH witnessed a minor retracement in the last 24 hours, dropping below $2,800.
Transaction costs on Ethereum [ETH] rose to a 9-month high, spurred largely by the hype in the experimental token standard ERC-404.
Users make a beeline for ERC-404 transactions
As per on-chain analytics firm IntoTheBlock, the network collected a total of $84 million in gas fees the past week, marking a 61.5% jump from the week before.
In fact, average gas price paid per transaction bounced to 71 Gwei on the 9th of February, according to AMBCrypto’s analysis of Glassnode’s data. Such levels were last seen during the May 2o23 memecoin frenzy that saw the emergence of Pepe [PEPE] token.
Source: Glassnode
The spike came in the days following the launch of the first functional ERC-404 project, Pandora, which has seen extensive demand lately. As of this writing, the Pandora token was up 270% since its launch, according to CoinMarketCap.
For the curious, ERC-404 is a unique token standard, which combines the properties of ERC-20 (fungible tokens) and ERC-721 (non-fungible tokens). As a result, tokens under this standard are both fungible and non-fungible at the same time.
A special use case of this not-yet official token standard is that it can be broken down into fractions, effectively allowing multiple users to collectively own a single NFT.
An X user with a pseudonym PopPunk, who also happens to be a co-founder of gas auditing firm, stated that an average ERC-404 transaction required three times the gas required for an average NFT transaction. It was evidently clear that ERC-404 tokens were costing users a bomb.
Meanwhile, AMBCrypto also observed a spike in daily on-chain transactions over the week, to the tune of 17%. In fact, about 1.15 million transactions were settled on the 16th of February, the highest for the month.
Source: Glassnode
Is your portfolio green? Check out the ETH Profit Calculator
ETH pulls back but market appetite grows strong
As of this writing, the second-largest crypto was exchanging hands at $2,790, according to CoinMarketCap. ETH witnessed a minor retracement in the last 24 hours, dropping below $2,800.
The broader market sentiment was one of “extreme greed”, as per the reading from Ethereum Fear and Greed Index, suggesting substantial FOMO among market participants.
clomiphene sale average cost of clomiphene clomiphene at clicks buy generic clomiphene pill can i order cheap clomiphene online buy clomid price where buy generic clomid tablets
Thanks recompense sharing. It’s outstrip quality.
This website exceedingly has all of the bumf and facts I needed about this subject and didn’t positive who to ask.
purchase azithromycin generic – ofloxacin 200mg pill buy generic flagyl online
order rybelsus 14 mg sale – cost rybelsus 14 mg periactin 4 mg without prescription
domperidone over the counter – buy motilium generic buy cyclobenzaprine 15mg pills
inderal 10mg sale – methotrexate 5mg ca order methotrexate 5mg sale
amoxicillin price – buy ipratropium 100 mcg buy ipratropium 100 mcg without prescription
zithromax oral – order nebivolol 20mg online buy generic bystolic over the counter
order augmentin 375mg online – https://atbioinfo.com/ how to get acillin without a prescription
order esomeprazole 40mg pill – https://anexamate.com/ purchase nexium online
warfarin 2mg drug – cou mamide buy generic losartan 50mg
meloxicam 15mg cheap – mobo sin meloxicam 7.5mg us
buy cheap prednisone – https://apreplson.com/ deltasone 40mg drug
buy ed pills uk – pills erectile dysfunction cheap ed drugs
amoxil for sale – comba moxi amoxil online order
purchase fluconazole pill – where can i buy forcan buy generic forcan
order cenforce 100mg generic – https://cenforcers.com/ cenforce 50mg without prescription