Today, crypto exchangeBitfinexpaid USD 23.5m (ETH 7,676.61) in transaction fees for a transfer of close to USD 100,000 in tether (USDT) via theEthereum (ETH)network, according to public transactiondataon Etherscan.
The transfer was made at 11:10 UTC on Monday, and appears to have been sent from a wallet controlled by Bitfinex to a wallet belonging toDeversiFi, a non-custodial exchange spun off from Bitfinex in 2019.
“In transactions such as these, the fees are shouldered by third-party integrations with Bitfinex. This has also been confirmed by DeversiFi in their recent statement. We look forward to DeversiFi’s investigation and to their having this matter sorted on their side,” a spokesperson for Bitfinex toldCryptonews.com.
DeversiFiconfirmedthat “a deposit transaction was made using a hardware wallet from the main DeversiFi user interface with an erroneously high gas fee.” Per the company, they are “investigating the cause to determine how this occurred […] ,” while adding that no customer funds are at risk.
Judging from transaction data on Etherscan, the USDT transfer was made using the newEIP-1559standard, which – among other things – is intended to improve the estimation of transaction fees on the network.
The transaction was made with what is possibly the largest transaction fee ever to be paid in crypto. Other incidents in the past include aUSD 5.3m transaction feepaid on Ethereum by the small Korean P2P exchangeGood Cycle.
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Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization.Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
FAQs
Ethereum gas fees can be high due to network congestion during periods of high demand, especially for complex transactions involving smart contracts or decentralized applications. Additionally, Ethereum's fee structure, which includes a dynamically adjusting base fee, contributes to fluctuating gas costs.
What is Ethereum highest fees? ›
The highest price paid for Ethereum (ETH) is $4,878.26, which was recorded on Nov 10, 2021 (almost 3 years). Comparatively, the current price is 53.35% lower than the all-time high price.
What is the Ethereum transaction fee right now? ›
Ethereum Average Transaction Fee is at a current level of 0.0003, down from 0.0004 yesterday and down from 0.0006 one year ago. This is a change of -25.00% from yesterday and -50.00% from one year ago.
How to avoid Ethereum transaction fees? ›
7 Tips To Avoid Ethereum Gas Fees
- Optimize the transaction timing. ...
- Take advantage of rebate offers. ...
- Choose transaction type carefully. ...
- Monitor network congestion to avoid delays. ...
- Benefit from gas tokens. ...
- Calculate payable gas fees beforehand. ...
- Switch to Ethereum 2.0.
Setting a max fee for gas is a way of telling the Ethereum blockchain that X gwei is the most you are willing to spend by sending X gwei as your total gas fee. Once the transaction is completed, the Ethereum network will refund the remainder of the max fee that wasn't used as part of your total gas fee.
Are Ethereum fees higher than Bitcoin? ›
Every cryptocurrency has transaction fees built into their basic operating structure. Bitcoin (BTC 4.38%) calls it a network fee, Ethereum (ETH 2.65%) transactions result in gas fees, and the Solana (SOL 3.92%) platform simply refers to processing costs as transaction fees.
What is the highest price Ethereum has been? ›
The all-time high of Ethereum is $4,721.07.
What is the highest selling ETH? ›
How long does an Ethereum transaction take? ›
An Ethereum network confirmation completes in 16 seconds and depending on the required confirmations, transactions can take between 1 to 5 minutes. Thus, transactions are reliant on the imposed security features of each wallet.
How much is a bitcoin transaction fee for $100? ›
Bitcoin Pricing
| Total Exchange Amount | Percentage Fee |
|---|
| $10 - $100 | 2.25% |
| $100.01 - $200 | 2% |
| $200.01 - $1000 | 1.75% |
| $1000.01 - $2000 | 1.5% |
4 more rowsOct 20, 2023
Enjoy selling Ethereum with transaction fees as low as 1% for bank transfers and 4.5% for cards. MoonPay customers can buy Ethereum and store it in any supported wallet, and later cash out ETH for fiat directly to their bank account.
What is the average gas price on Ethereum? ›
Basic Info. Ethereum Average Gas Price is at a current level of 5.724, down from 6.614 yesterday and down from 22.54 one year ago. This is a change of -13.46% from yesterday and -74.60% from one year ago.
What is the problem with Ethereum transactions? ›
If your transaction has been pending for a few minutes and has not progressed, it is likely that you are submitting it during a period of high network demand. This usually indicates that you have not included a sufficient gas fee to process your transaction promptly.
Can you buy ETH without fees? ›
There are several options to buy ETH such as cryptocurrency exchanges, Peer-to-peer marketplaces, Ethereum brokers, etc. However, cryptocurrency exchanges are among the most popular ways to buy Ethereum for beginners. You can easily buy Ethereum without any buying fees from our exchange.
Can you cancel an ETH transaction? ›
How do I cancel or speed up my pending ETH/ERC-20 transaction on Crypto.com DeFi Wallet with replace-by-fee? Your transaction was successfully mined and is confirmed on the blockchain. Please pull down to refresh your wallet to dismiss the pending transaction. You cannot cancel or replace this transaction.
Will Ethereum fees ever go down? ›
For Ethereum L2, although it is inevitable that gas fees will decrease after the upgrade, considering the intensified competition for Blob space by L2 project parties after the upgrade and the expected surge in overall L2 activity, we believe that the positive impact of the Dencun upgrade on its gas fee reduction may ...
How do I get around high ETH fees? ›
To reduce Ethereum gas fees, choose off-peak hours for transactions, batch similar transactions, use gas tokens and estimation tools, and explore Layer 2 solutions like Optimism. Whether you're an avid DeFi user, a DApp developer, or simply a casual Ethereum enthusiast, high gas fees are equally frustrating for us all.
How to buy ETH with less fees? ›
You can use Blocktrade as a cheap, secure, and global exchange to buy ETH. You don't need to pay any trading fee while using Blocktrade exchange. Sign up for free, create an account, and purchase ETH with a few clicks.
Why are Ethereum fees so high on trust wallet? ›
Your ETH gas fee is high because of several factors, including network congestion, high block rewards, and Ethereum's TPS being 14 compared to BTC, which has 40 TPS.
