{"id":4560,"date":"2020-09-18T12:44:26","date_gmt":"2020-09-18T12:44:26","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=438858"},"modified":"2020-09-18T12:44:26","modified_gmt":"2020-09-18T12:44:26","slug":"uniswap-activity-sends-ethereum-gas-fees-sky-high","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/uniswap-activity-sends-ethereum-gas-fees-sky-high\/","title":{"rendered":"Uniswap Activity Sends Ethereum Gas Fees Sky High"},"content":{"rendered":"

The issue of high Ethereum gas prices<\/a> isn’t going away anytime soon. Just last month, total daily fees on the Ethereum network managed to reach an all-time high of $8.6 million.<\/p>\n

Following a brief respite from high charges, the latest data from coinmetrics.io, for August 31, 2020, shows an alarming trend back towards that all-time high. Total daily fees for the end of last month reached $8.2 million.<\/p>\n

Considering the activity that has taken place since then, it would be no surprise if the all-time high gets topped in the near future.<\/p>\n

\"Ethereum<\/p>\n

Ethereum daily gas fees. (Source: coinmetrics.io<\/a>)<\/pre>\n
In line with expectations, this is a pattern repeated for average transaction fees. This time, the latest data shows average transaction fees hit $11.61 yesterday. While some way away from the all-time high of $14.58, set on September 2, 2020, it’s still an unacceptable part of the ERC-20 ecosystem.<\/p>\n
More pressing than that, the situation poses serious questions about the sustainability of the Ethereum network.<\/p>\n
\"Average<\/p>\n
Source: bitinfocharts.com<\/a><\/pre>\n
Uniswap Airdrop Seen as a Kind Act of Generosity<\/h2>\n
Many blamed the mania surrounding DeFi for the high charges<\/a>. In particular, the network activity that arose from the glut of newly launched tokens during that period.<\/p>\n
With that in mind, things took a turn for the worse on Wednesday when decentralized exchange Uniswap surprised the community with the launch of their new $UNI governance token<\/a>.<\/p>\n
The firm has allocated 150 million tokens for distribution by airdrop. Each address that interacted with the Uniswap V1 & V2 protocol, before September 1, is eligible to claim 400 $UNI.<\/p>\n
\n
“Uniswap owes its success to the thousands of community members that have joined its journey over the past two years. These early community members will naturally serve as responsible stewards of Uniswap.”<\/p>\n<\/blockquote>\n
The move was widely seen as a generous act on the part of Uniswap. Many praised the team for sharing their financial success with early adopters.<\/p>\n
\n
Amazon never gave you AMZN for buying books<\/p>\n
Google never gave you GOOG for doing searches<\/p>\n
Facebook never gave you FB for setting up a profile<\/p>\n
Uniswap is giving you UNI for contributing liquidity<\/p>\n
That's the difference<\/p>\n
— Ryan Sean Adams – rsa.eth ? (@RyanSAdams) September 17, 2020<\/a><\/p>\n<\/blockquote>\n