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Home BUSINESS

Gas Fees on Ethereum Reached an 8-Month High Following the ERC-404 Hype

Matoy by Matoy
February 12, 2024
in BUSINESS, CRYPTO, FINANCE, INVESTING
Reading Time: 2 mins read
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  • Ethereum gas fees spiked to 8-month highs as interest surged in ERC-404 tokens, a new NFT standard allowing fractionalized ownership.
  • The rise of ERC-404 tokens coincided with the gas fee increases, with prices peaking at 70 gwei on February 9 amid heavy trading.
  • Despite high fees, ERC-404 developers are working to optimize gas usage through solutions like transaction batching to facilitate wider adoption.

The Ethereum network saw a spike in gas fees as interest in ERC-404 tokens surged. Gas prices reached levels not seen since last May, indicating heightened network activity.

The Rise of ERC-404 Tokens

The gas fee surge coincided with growing hype around ERC-404 tokens. ERC-404 aims to combine NFTs with fungible tokens, allowing for fractionalized NFT ownership. The new token standard gained traction after the launch of Pandora on February 5.

ERC404 – token standard not found.

This new "standard" has opened up a Pandora's box on crypto twitter over the last couple of days.

Is it an NFT, a fungible token, or both?

Here's a simple explanation of what ERC404 tokens really are 🧵: pic.twitter.com/tl48QrIx8k

— cygaar (@0xCygaar) February 8, 2024

Record High Gas Prices

On February 9, average Ethereum gas prices peaked at 70 gwei, with the maximum reaching 377 gwei. These rates represent the highest since mid-2022. Much of the activity stemmed from trading on Uniswap DEX.

Developers Work to Optimize Gas

Despite the standard’s unofficial name, ERC-404 developers are focused on reducing gas costs. Methods like batching transactions show promise for drastically lowering fees. Adoption depends on optimizing gas usage.

The Verdict

While increased network congestion caused record gas prices, developers are responding with solutions. As ERC-404 receives more attention, infrastructure improvements can facilitate adoption. But for now, traders pay a premium to get in early on the latest NFT trend.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: cryptogas fees
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Matoy

Matoy

If Matoy is not busy looking at the latest Web3 news, he's always in the kitchen cooking delicious meals for his family. He's also a competitive fighting game player and a car enthusiast

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