Ethereum (ETH) is seeing an unmatched spike in inactivity. From institutional adoption to rising traction, and whatnot. Given the demand, Ethereum (ETH) network participants raised $2.48 billion in fees compared to $1.7 billion one year ago.
Are you happy now?
The bullish trend of Ethereum throughout 2022 has resulted in a good increase in trading and transaction volumes, as well as high inflows of investors. The accumulation trend was at its peak and this also led to a profitable month for Ethereum miners. In fact, Ethereum miner revenue has hit an ATH, as seen in the chart below.
What led to this hike? Apecoin owners got Otherdeed NFTs, which likewise led to more ETH getting burned. This signified more demand. APE owners had to send their cryptocurrency via the Ethereum (ETH) network to the relevant smart contract and the network experienced a huge load during those hours.
While the contestants were eager to get their hands on an Otherdeed NFT, they found themselves in a gas war. This drove up transaction costs, earning Ethereum miners over $87 million in just one hour.
Consider this – They made $87,664,337 within a single hour. Indeed, they were happy with this revenue.
For context, a total of $172 million in additional transaction costs would have been paid during the gas war. At press time, the average gas price of ETH stood at 52.55 GWEI.
One war to another?
The hike in the gas fee, obviously, would anger a certain chunk of the crowd. Following this event, ETH users paid a median fee of $4,830 per transaction over a one-hour window.
Different ETH users have shared their dissatisfaction with the same. For example, another user criticized Yuga Labs for starting a gas war.
In addition, another fellow ETH enthusiast called ETH a “Ponzi scheme” in a 1 May tweet.
