Ethereum’s gas fees spiked due to Binance’s Proof-of-Reserves endeavors Activity on the network increased, however, sentiment against Ethereum declined Over the last few days, there was a massive spike in Ethereum’s [ETH] gas fees and gas spent. This massive spike was caused by Binance moving large amounts of Ethereum for their Proof-of-Reserves endeavors. Read Ethereum’s […]
Ethereum propels ahead
As can be seen from the image below, Ethereum’s gas fees reached new highs, soaring to 222 gwei. According to Wu Blockchain, this occurred because: “Binance consolidated funds from countless deposit addresses to the Binance14 hot wallet in preparation for the next stage of POR check.”in a bid to validate its PThe Ethereum Gas fee once soared to 222 Gwei, as binance consolidated funds from countless deposit addresses to the Binance14 hot wallet in preparation for the next stage of POR check. Binance has completed its BTC reserve and is starting an ETH check.
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