Over 5 Million ETH Locked In Ethereum 2.0 Contract; Ethereum Miners Earn Over $2 Billion for the First Time
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According to blockchain explorer, Etherscan, someone just paid $7.54 for transferring 74.6 million Synthetix Network Tokens (SNX), worth relatively $1 billion on the Ethereum network.

According to the report, the funds were transferred from a contract known as “Synthetix: Reward Escrow.”

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Someone Just Paid $7 to Move $1,000,000,000 on Ethereum in Single Crypto Transaction
74.6 million SNX moved for just $7.54. Image: Etherscan

Synthetix is a decentralized finance (DeFi) protocol for trading asset-pegged synthetic tokens on the Ethereum network.

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It’s worth noting that this is one of the largest single cryptocurrency transactions in history. Last summer, a Bitcoin wallet came close to moving $1 billion after moving 101,857 BTC worth relatively $933 million at the time.

On the other hand, such a transaction would amount to roughly $4 billion if was initiated at current prices.

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While the SNX transaction is impressive by itself, Twitter users quickly pointed out that Ethereum transaction fees, nonetheless, are still a bit high for everyday use. A $7 fee becomes significantly move expensive if you only want to move a few dollars’ worth of tokens.

As reported back in May 2020, more than half of all Ethereum transactions were for less than $20, and 80% of transactions made were under $90. According to data scientist Alex Svanevik, co-founder of D5, this reflected how people use Ethereum in general.

He explained that Ethereum is the network of choice for many DeFi projects that are focused on micro-transactions. Additionally, it is a popular hub for mining pools, gambling apps and exchanges.

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However, since DeFi came to limelight around September 2020, Ethereum transaction fees skyrocketed. Just recently, they have surged by almost 400%, reigniting debates on whether Ethereum is suitable for mainstream adoption.

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Solomon Odunayo

By Solomon Odunayo

Solomon Odunayo is an accomplished blockchain and cryptocurrency expert at Herald Sheets, known for his in-depth analysis and engaging articles that cater to both beginners and experienced readers. With a degree in Computer Science from the University of Lagos, Solomon leverages his technical background and keen understanding of the crypto space to provide readers with valuable insights and up-to-date news. His passion for innovation and commitment to staying current with industry developments make him a trusted voice in the digital currency community.