I really can't afford Ethereum gas anymore
Author | Qin Xiaofeng
Produced | Odaily
Author | Qin Xiaofeng
Produced | Odaily
Recently, DeFi (decentralized finance) liquidity mining has become very popular.
A series of popular projects such as YFI, YFII, YAM and Curve have successfully mobilized the enthusiasm of the currency circle with their super high returns. All of a sudden, everyone is vying to be a "farmer uncle" mining, after digging corn and sweet potatoes...
Since June, the transaction volume on the chain has more than doubled, and the average daily transaction volume has remained at around 900,000. This also dealt a fatal blow to Ethereum, which is not spacious at all, and the real network became blocked.
Hundreds of thousands of unconfirmed transactions are lined up every day, holding love number plates, waiting to be packaged. That picture is probably similar to the highway on holidays.
However, the rewards of this grinding goblin wait for no one. The first mine is a car to get rich, but it was too late, and there was no soup left.
So in order to eat hot food, our "Uncle Farmer" began to speed up his own transactions and increase the gas fee to jump in the queue. The end result was that everyone jumped in line, but the line was still lined up without seeing where it was going.
But it also caused a bad result. DeFi transactions directly pushed up the Gas fee of the Ethereum network.
How high is the Gas fee?
Previously, the Gas Price was basically maintained at 10 -20 Gwei, and occasionally reached 20 Gwei; but currently it is basically maintained at more than 200, and even broke through the 300 Gwei mark on August 13, reaching as high as 309.44 Gwei, continuing to hit a record high.
Shenyu posted on Weibo that he would give a maximum handling fee of 2.98 ETH.
The effect presented is that when each "uncle farmer" is mining, the single transfer fee is more than 0.1 ETH (40 US dollars); during the peak period, even 0.3 ETH or even higher handling fee is required.
Shenyu posted on Weibo that he would give a maximum handling fee of 2.98 ETH.
Of course, behind the high pay is the potential high return. But such a high handling fee is destined not to be fun for ordinary retail investors, so they will be persuaded to quit directly.
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(GAS fee PK my income)
Of course, another happy group is probably the miners on Ethereum.
At present, the transaction fee received by Ethereum miners has exceeded the block reward. The block reward is 2 ETH, while the transaction fee reaches 3 ETH.
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(Mining revenue)Since the DeFi boom in June, miners' income has tripled. Regardless of whether you make money as a DeFi farmer or not, Ethereum miners will definitely earn blood, and many people are also starting to enter the mining circle.
