“Following UniswapProtocol's announcement of the $UNI token today, #Ethereum saw a massive surge in miner fees. Almost $1M USD in fees were spent in a single hour!” the firm tweeted, adding, “This is a new record high (anomalous tx fees earlier this year excluded).”
As the current DeFi and the yield farming craze are continuously kicking into ever-higher gears, experts and users alike are worrying about Ethereum’s usability.
“I know [markets] are up and whatnot, but ethereum usability is absolutely atrocious today,” tweeted Su Zhu, CEO at Three Arrows Capital.
This is because miners are financially incentivized to choose only the transactions with the highest fees to confirm. At the same time, transactions with lower fees are being pushed down the low priority track, inflating a huge backlog of unconfirmed operations.
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only took 2 hours for my transaction to fail, score!
Additionally, there is a limit to how much Gas—the unit used to measure transaction fees—can be included in one block, further clogging the blockchain.