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Reading: Ethereum Gas Fees Skyrocket Amid Memecoin Frenzy: Network Usability Debate Ensues
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HOME > News > CRYPTOPEDIA > ETHEREUM NEWS > Ethereum Gas Fees Skyrocket Amid Memecoin Frenzy: Network Usability Debate Ensues
CRYPTOPEDIAETHEREUM NEWSNews

Ethereum Gas Fees Skyrocket Amid Memecoin Frenzy: Network Usability Debate Ensues

NFT Studio 24
Posted NFT Studio 24 April 21, 2023 96 Views 3 Min Read
Updated 2023/04/21 at 1:36 PM
Ethereum Gas Fees Skyrocket Amid Memecoin Frenzy Network Usability Debate Ensues
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Ethereum gas fees has soared to a new multi-month high due to a growing memecoin frenzy. The increase in transaction fees has led to a multifold growth in Ethereum’s daily revenue compared to Bitcoin. While Ethereum proponents celebrated the growth in revenue, others have pointed out the network’s growing congestion and difficulties in processing transactions.

Contents
Shift in Top 10 Gas-Burning AltcoinsEthereum Revenue GrowthNetwork Usability DebateMEV Trading Bot CongestionConclusion

Shift in Top 10 Gas-Burning Altcoins

There has been an unusual shift in the top 10 gas-burning altcoins, with memecoins like TROLL, APED, and BOBO replacing Ethereum. As of April 20, the average gas price for Ethereum transactions was 81.94 gwei, up from 60.82 gwei on April 19 and 44.42 gwei last year, representing an increase of 34.74% from April 19 and 84.46% from April 20, 2022.

⛽️ A highly unusual shift in top 10 gas burning #altcoins has emerged today. Instead of $ETH, $WETH, and $USDT being at the top of the fee distribution list, we're seeing new assets like $TROLL, $APED, and $BOBO among them. Read our latest deep dive. 👇 https://t.co/7SlmJ59k2m pic.twitter.com/Y2kaLKZTrL

— Santiment (@santimentfeed) April 19, 2023

Ethereum Revenue Growth

Independent Ethereum educator, Anthony Sassano, shared the surge in daily fee revenue of the Ethereum network, stating that the second-largest blockchain had brought in 28 times the revenue of Bitcoin. He also cited Ethereum layer-2 platforms like Arbitrum One that have outperformed the BTC network in terms of daily revenue due to the ongoing meme frenzy.

ETH Gas fees
Source: Twitter

Network Usability Debate

Ethereum proponents argue that the high gas fee and subsequent higher revenue highlight the network’s growing usability. However, many on Crypto Twitter argue that the extensive usage they are referring to is just a few thousand users gambling on memecoins. Some users reportedly paid gas fees as high as a few hundred dollars, while others complained about having to pay a higher gas fee than the actual transaction.

MEV Trading Bot Congestion

Another prominent reason for soaring gas fees has been blamed on a Maximal Extractable Value (MEV) trading bot, jaredfromsubway.eth. This bot has been front-running memecoin trades on a massive scale and has been the top gas spender in the last 24 hours, spending 455 ETH ($950,000) and using 7% of the total gas of the network. In the last two months, it spent more than 3,720 ETH ($7 million) in gas fees and performed more than 180,000 transactions. The Subway-themed bot is using the sandwich trading technique to pocket millions of dollars while congesting the network.

Conclusion

The Ethereum network’s gas fee has seen a sharp increase due to the memecoin frenzy, leading to mixed comments on the network’s usability. While some see this as a sign of growth and revenue generation, others are concerned about the network’s congestion and difficulty in processing transactions. With the MEV trading bot also contributing to the congestion, it remains to be seen how the network will respond to these challenges.

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