Gas fees on Ethereum surged to their highest level in over two years, hitting $193 million in revenue this week due to increased memecoin trading activity. The rise in fees benefits ETH holders through the EIP-1559 mechanism, which has burned over 148,735 ETH (worth $580 million) in the past month. Layer-2 solutions are also experiencing fee spikes, but a planned upgrade aims to reduce costs. Despite hopes for Ethereum ETF support, the SEC's delays are dampening prospects.
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Gas fees on Ethereum surged to their highest level in over two years, hitting $193 million in revenue this week due to increased memecoin trading activity. The rise in fees benefits ETH holders through the EIP-1559 mechanism, which has burned over 148,735 ETH (worth $580 million) in the past month. Layer-2 solutions are also experiencing fee spikes, but a planned upgrade aims to reduce costs. Despite hopes for Ethereum ETF support, the SEC's delays are dampening prospects.
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