This transaction was initiated on the wallet of one of the most well-known memecoin and NFT fans known as Jared from Subway.eth. The transfer was made to the MEV Bot wallet, where all MEV fees are sent for processing. Why these costs seem so strange is due to the low amount paid for a transfer of only 0.000012 Ethereum, that is, $0.05.
Understanding MEV Boats and Gas Fees
First of all, Miner Extractable Value (MEV) bots are artificial intelligence programs that run on the Ethereum cryptocurrency network. These bots modify, exclude or add some transactions within a block, thus seizing opportunities where they can make more profits. This explains the high gas fees charged by the Ethereum network. Ethereum gas fees have been frequently criticized on social media platforms since 2023.
Factors such as limited block space, network congestion, and overuse of dApps contribute to the high prices of these tokens. For example, customers may be forced to spend significantly more during times of peak network usage, such as the creation of popular NFTs or price fluctuations.
This May Interest You: Bitcoin Continues Steady After PCE Inflation
Even if Ethereum moves from proof-of-work consensus mechanism to proof-of-stake consensus mechanism, the problem of high transaction fees will remain. The Ethereum community has focused on this important issue, with various fixes such as EIP-1559 designed to mitigate this issue.
Once Ethereum moves to proof-of-stake consensus and integrates EIP-1559, the issue of high transaction fees may persist and persist even after other improvements and recommendations have been made to address this issue. Customers have always demanded technologies that are affordable and preferably easily scalable.
Therefore, the high fees paid by Jared from Subway are a warning in the crypto world that such issues need to be resolved and come with painfully long wait times.
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I EXPLAIN IN DETAIL.
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