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Home»BLOCKCHAIN NEWS»Vitalik Buterin NFTs Cause Ethereum Gas Fees to Surge
BLOCKCHAIN NEWS

Vitalik Buterin NFTs Cause Ethereum Gas Fees to Surge

By Crypto FlexsDecember 2, 20233 Mins Read
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Vitalik Buterin NFTs Cause Ethereum Gas Fees to Surge
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Buterin Card NFT collections resulted in a 13% increase in gas fees on the Ethereum (ETH) network. Over the past 24 hours, transactions related to collections have resulted in fees totaling 318.31 ETH, or $665,670.

Buterin-themed NFT

As of 3 PM ET on December 1, transactions linked to a new non-fungible token (NFT) project known as Buterin Cards accounted for more than 13% of all Ethereum network gas fees in less than three hours. It is known. Uniswap universal router address and Tether’s public address according to Etherscan data.

The surge in fees is a result of increased demand for processing transactions related to the Buterin Card NFT collection.

The Buterin Cards project intends to release 2,015 NFTs in honor of Vitalik Buterin, co-founder of the Ethereum blockchain. Utilizing a unique NFT creation process called JPEG mining, this project differentiates itself by storing image data on chain, breaking away from traditional NFTs that only store metadata on chain.

To ensure the integrity of uploaded data and prevent arbitrary uploads, smart contracts calculate hashes to verify data accuracy. The project website explains that thanks to advanced JPEG technology, NFT images are gradually revealed as they go through the mining process.

In return for their contributions, miners will receive cards with Vitalik Buterin images of varying quality levels, according to the project website.

Evolution of Ethereum

Ethereum has undergone significant developments in recent years, most notably the transition to a Proof-of-Stake (PoS) consensus mechanism, known as Ethereum 2.0. This transition replaced the energy-intensive proof-of-work (PoW) model by introducing staking, where validators stake 32 Ether (~$50,000) and are randomly selected to add blocks. This change reduced Ethereum’s energy consumption by 99.9%.

The extensive Ethereum 2.0 upgrade, consisting of steps such as beacon chain, merge, and shard chain, aims to improve scalability and security. These adjustments address Ethereum’s limitations, including scalability and energy consumption.

In terms of market performance, the price of Ethereum has rebounded, surpassing the $2,000 level and nearing a new 52-week record, reflecting a strong 2023 performance.

Ethereum gas rates have also been volatile, reaching their lowest level since November 2022.

The reduction in gas fees is due to reduced activity on the network, which makes it easier for Ethereum users to manage their fees. Factors influencing these changes include network congestion, Ethereum upgrades, and market speculation.

However, the primary goal was to increase scalability and lower fees. The immediate effects of these upgrades may not be obvious, but they have also had an impact on gas bill fluctuations.

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