- Fantiom reached 2.945 million transactions, bringing gas fees to unprecedented highs.
- Fantom recently introduced the gas-heavy FRC-20 Protocol.
- Gwei values soar, yet actual costs remain low.
Most recently, Fantom has seen a dramatic rise in transaction volume, leading to unprecedented highs in gas fees. This development came after an ordinal-like inscription protocol went live on the Fantom network.
Fantom Gas Fees Rise After FRC-20 Protocol Goes Live
On Thursday, November 22, Fantom’s blockchain witnessed a record-breaking number of transactions, reaching approximately 2.945 million. As a result, gas fees on the network surged to 11,000 gwei, far above the normal amount.
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This surge in activity coincides with the introduction of the Fantom Inscription FRC-20 protocol, similar to Bitcoin ordinals. The FRC-20 protocol has sparked significant interest in crypto, offering new possibilities for token inscription and NFT creation.
The current Fantom Gas charges have soared to over 6,500 gwei, which may be related to the Fantom Inscription FRC-20. On November 22, the number of transactions on the Fantom reached 2.945 million. Driven by the Inscription ASC-20, the number of transactions on the Avalanche…
— Wu Blockchain (@WuBlockchain) November 23, 2023
Despite the high gwei values, the actual gas fee cost on Fantom remains relatively low. This is considering that 1 Gwei equals 0.000000001 Fantom and that the current Fantom price is around $0.30. Therefore, the current gas fees on the Fantom blockchain, ranging from 11,000 to 12,000 Gwei, translate to approximately $0.0033 to $0.0036.
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