Ethereum Gas Fees Skyrocket 10x Amid On-Chain Panic – Here’s What You Need to Know
Source: Ethereum.org Ethereum network fees skyrocketed tenfold to as much as 318 Gwei on November 8 with a simple transaction nearing the level of $10 at one point. This, paired with the ongoing crypto market crash, has triggered a decrease in the coin’s price to below the level of $1,200. The prices of other tokens have also dropped sharply over the past 24 hours. As a result of the latest spike, transactions carried out via decentralized crypto exchange Uniswap transactions reached the cost of $76, according to data collected by industry site Trustnodes.com. Industry observers note that the latest spike has been fueled by a wave of panic selling started after major crypto exchange Binance announced it will take over rival FTX. Binance CEO Changpeng 'CZ' Zhao said that the move would allow to relieve pressure on FTX’s liquidity. “This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-bi...