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$1,129,145,280 Moved Over Ethereum (ETH) Network in Single Transaction. See the Fees

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Fri, 01/15/2021 - 15:42
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Vladislav Sopov
High Ethereum (ETH) fees are the holy grail of its critics. However, in some cases, breathtaking amounts of money can be transferred for only a couple of dollars
$1,129,145,280 Moved Over Ethereum (ETH) Network in Single Transaction. See the Fees
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Seasoned Ethereum (ETH) developer Kain Warwick, founder of Synthetix Networka 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.

Synthetix moves $1.1 bln
Image via Twitter

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.

Related
Defi Is So Hot Ethereum Fees Just Surpassed Levels Unseen Since 2017

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.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)