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Ethereum surpasses Bitcoin and becomes the largest settlement network. It recently surpassed Bitcoin to become the largest cash settlement network, according to a metric that tracks the cost of transmission on the blockchain network.
The data shows that the Ethereum blockchain is now providing more value in its own cryptocurrency, Ether (ETH), than the Bitcoin in Bitcoin (BTC) blockchain.
Transactions on the Ethereum network continued to grow.
To date, the average transaction fee has been $ 21,505. This is slightly below the $ 25 that was Feb 5.
And while users performing transactions on the network frequently complained about this, it was profitable for Ethereum miners to profit from constantly high fees.
The report showed that the total revenue of miners on the Ethereum network to date is over $ 48 million.
Ethereum has plans to implement EIP-1559, which is an Ethereum Improvement proposal that will reform the Ethereum fees market.
In essence, this will channel excess commission income from miners towards the ETH holders.
Once these proposals are implemented, the network is likely to gain even more user acceptance. The second largest cryptocurrency by market capitalization today hit a new all-time high of $ 1,820.
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