How Coinbase handled ETH network congestion on August 1, 2020

Coinbase

Background

All transactions on Ethereum are required to pay a fee in order to be processed by the network. This network fee is determined by the variable demand for fixed processing capacity on the Ethereum network — when many users are attempting to send transactions at the same time, fees will rise, and they will fall when fewer users are using the network.

August 1, 2020 Fee Spikes

On August 1st, at around 9:45pm PST, we observed a spike in transaction fees on the decentralized network.

Looking Ahead

Fee spikes are a common occurrence and are often observed when the network is congested due to price volatility or large network activity. At Coinbase we have implemented transaction replacement which allows us to adjust fees for transactions that we submit to the network after the submission.

The post appeared first on The Coinbase Blog

Buy Bitcoin with Credit Card

BitMex Leverage Trading

Automated Trading Bot

Related Posts

Leave a Reply

Bitcoin (BTC) $ 98,999.52 1.85%
Ethereum (ETH) $ 3,386.95 8.94%
Tether (USDT) $ 1.00 0.10%
Solana (SOL) $ 260.74 9.28%
BNB (BNB) $ 633.18 3.84%
XRP (XRP) $ 1.40 26.54%
Dogecoin (DOGE) $ 0.396069 3.49%
USDC (USDC) $ 1.00 0.03%
Lido Staked Ether (STETH) $ 3,389.42 8.99%
Cardano (ADA) $ 0.885156 12.84%