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Someone Just Paid $7 to Move $1,000,000,000 on Ethereum in a Single Crypto Transaction

Solomon Odunayo January 15, 2021 3 min read
Over 5 Million ETH Locked In Ethereum 2.0 Contract; Ethereum Miners Earn Over $2 Billion for the First Time

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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Read Also: Vitalik Buterin: Increasing Gas Limit Is the Only Way for Scaling In Short-Term

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.

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.

Read Also: Ethereum Foundation Set To Sponsor Projects within ETH 2.0 Staking Sphere

$7 fee to transfer $1 Billion, in less than a minute, on a completely public trustless network. Just imagine what #Ethereum will be capable of in 10 years. https://t.co/5R8OiQujbD

— Nick de Bontin (@Ndebontin) January 15, 2021

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.

The best part ethereum not fit for daily transactions right now.

Same fees for 1$ in transaction.

So u have to pay 7x for your orignal transfer amount.

— FLUX (@freemaicrypto) January 15, 2021

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.

55% of all ETH transactions are smaller than 0.1 ETH.

(not including internal transactions)

cc @tayvano_ pic.twitter.com/IvrZlRWsA0

— Alex Svanevik 🧭 (@ASvanevik) May 6, 2020

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.

Read Also: Galaxy Digital CEO Mike Novogratz Reveals Percentage of BTC and ETH in His Portfolio

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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