Ethereum (ETH) gas fee has quadrupled over the past two days as stablecoin transactions surged.
According to data from blockchain researcher Etherscan, Ethereum gas fee increased by about 4 profits in two days.
The biggest reason for the increase was due to the fact that USDT and USDC addresses were very active. Especially USDT transactions have increased considerably over Uniswap and 1inch.
As the value of Ethereum fell below $2000, although the gas fee decreased in dollar terms, the increase in activity on the network caused the fees in USD to rise. To give an example, the transfer cost of 1 USDT was more than $20. It should be underlined that a lot of USDT is transferred at the moment.
Only yesterday, 22 billion USDT was transferred on Ethereum.
Terra’s stablecoin UST’s massive decline has caused investors to worry about stablecoins. USDT was also affected by this crisis and fell below one dollar for a short time. Tether CTO Paolo Ardoino suggested that some investors are selling off assets because they mixed USDT with UST.
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