{"id":563886,"date":"2020-09-17T20:36:48","date_gmt":"2020-09-17T17:36:48","guid":{"rendered":"https:\/\/en.ethereumworldnews.com\/?p=563886"},"modified":"2020-09-17T20:39:08","modified_gmt":"2020-09-17T17:39:08","slug":"coinbase-pro-to-pass-ethereum-network-fees-directly-to-customers","status":"publish","type":"post","link":"https:\/\/en.ethereumworldnews.com\/coinbase-pro-to-pass-ethereum-network-fees-directly-to-customers\/","title":{"rendered":"Coinbase Pro to Pass Ethereum Network Fees Directly to Customers"},"content":{"rendered":"
Quick take:<\/strong><\/p>\n In a blanket announcement, the crypto exchange of Coinbase Pro has stated that it will immediately begin passing network fees directly to its users. This sudden change in policy is a result of the Ethereum network<\/a> continually getting congested due to DeFi<\/a> with the most recent congestion caused by users claiming UniSwap (UNI) tokens.<\/p>\n Below is the full announcement by the team at Coinbase Pro via their Twitter page<\/a>.<\/p>\n Starting today, Coinbase Pro will pass along network fees directly to our customers. These fees (sometimes referred to as \u201cgas fees\u201d on the Eth blockchain) are paid directly to crypto miners that process transactions and secure the respective network.<\/p>\n Historically, Coinbase Pro has absorbed these fees on behalf of our customers. However, as crypto has begun to gain broader adoption in applications like DeFi, payments and other projects, networks have gotten busier.<\/p><\/blockquote>\n According to the team at Glassnode, the aforementioned distribution of the UniSwap (UNI) token to all addresses that have used the platform before September 1st, caused major congestion on the Ethereum network. The rise in activity to claim UNI tokens caused a surge in ETH fees to the point of miners pocketing $1 Million in a single hour.<\/p>\n Additionally, the median ETH gas fee reached as high as 700 Gwei. Below are the two tweets by the team at Glassnode highlighting today’s high ETH gas fees<\/a> on the Ethereum network.<\/p>\n Meanwhile, the median #Ethereum<\/a> gas price has massively spiked as well \u2013 reaching levels as high as 700 Gwei!<\/p>\n Chart: https:\/\/t.co\/XFxGsbPLdE<\/a> pic.twitter.com\/5aDfNqF1WS<\/a><\/p>\n — glassnode (@glassnode) September 17, 2020<\/a><\/p><\/blockquote>\n\n
$1 Million in ETH Miner Fees Paid Per Hour Due to the UNI Airdrop<\/h2>\n
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