During the weekend, Ethereum Topped Bitcoin in Daily Network Fees

Day by day Ethereum network fees have outperformed those of the Bitcoin network and the gap is developing, ongoing data recommends. Every day Ethereum network fees outperformed those of the Bitcoin (BTC) network for two back to back days on June 6 and June 7, data acquired by on-chain market analysis firm Glassnode appears. As per Glassnode, on June 6, the aggregate sum in fees spent on the Ethereum network meant $498,000, contrasted with Bitcoin’s $308,000. The gap kept on enlarging the following day, totalling $540,000 and $258,000 represectively.

The “feepening”

This is the second time Ethereum arrange network have topped Bitcoin’s this year. On March 12, there was an unexpected spike in Ethereum network fees, which totalled nearly $800,000, greatly exceeding the sum paid by Bitcoin users around the same time. The Ethereum network was encountering significant congestion at that point, which likely incited users to pay more fees for their transactions.

This time around, the reasons for what Twitter reporters are calling the “feepeninig” appear to be similar.

To begin with, Bitcoin’s mempool has as of late been cleared because of the most recent difficulty, which occurred on Thursday. The absence of pending transactions has enormously decreased transaction fees on the network, which have dropped to the $1 mark. On May 20, a average Bitcoin transaction could cost up to $6.6 because of the post-halving condition of the network.

Ethereum’s mempool is presently stopped up, with more than 103,000 transactions pending, which partly explains the most recent network fees numbers. Also, stablecoin transfer value has been hitting new records this year, recommending that stablecoins — the vast majority of which, similar to Tether (USDT), Paxos (PAX) and USD Coin (USDC), work on the Ethereum organize — have incredibly added to the network added.

Ethereum 2.0 will address adaptability issues

Ethereum developers intend to address the adaptability issue in the upcoming Ethereum 2.0 overhaul, planned for at some point in July. In particular, the network will proceed onward to a Proof-of-Stake, or PoS, agreement — meaning that asset holders, called stakers, will be answerable for network approval rather than miners. Inquisitively, a week ago, an unknown user dropped an ETH 2.0 scaling solution on Medium.