Seasoned Ethereum (ETH) developer Kain Warwick, founder of Synthetix Network—a top-tier decentralized financial protocol (DeFi)—announced "probably the biggest transaction of the day on Ethereum." Here are the details.
$1,129,145,279.89 transferred in 30 seconds
Mr. Warwick shared a tweet from SNX Whale Watch, an automated service that tracks the activity of "fat cats" on Synthetix protocol. The message reports the massive transaction sent on Jan. 15, 2021, from Synthetix Reward Escrow.
The details of the transaction are displayed by leading Ethereum (ETH) network explorer Etherscan. According to its information, a transfer of 74,580,269 SNX, or $1,129,145,279, was included in Ethereum's block 11657482 at 4:31 a.m. UTC.
It was confirmed within 30 seconds and charged with 0.0061254 Ether ($7.36) in transaction fees. The sender set the gas price at 60 Gwei.
The Ethereum (ETH) community is excited by this "unstoppable" transaction confirmed for 0.00000065 percent of its value. Another outstanding Ethereum (ETH) contributor, Compound (COMP) CEO Robert Leshner, gave his kudos:
This is epic.
Are Ethereum (ETH) fees really high?
However, during the last few months, Ethereum (ETH) network fees used to rocket insanely due to severe network overload. For instance, during the most overhyped days of DeFi mania in August, Ethereum (ETH) fees printed three-year highs over $15 for a median fee.
Ten days ago, amidst a breathtaking Ethereum (ETH) run over $1,000, the second blockchain congested again. Normal daily gas cost spiked to 569 Gwei.
It is also worth noting that, in 2020, Ethereum (ETH) surpassed Bitcoin (BTC) by aggregated network fees for the first time in its history.
According to Glassnode's on-chain analysts, Ethereum (ETH) fees surged 1,700 percent year-to-year.