<img src="https://crypto.news/app/uploads/2023/06/crypto-news-Vitalik-Buterin-front-side-portrait-ethereum-background-day-light-low-poly-sty-v5.1.jpg” />
The Buterin Cards nft collection caused a 13% increase in the gas fee on the ethereum (eth) network. In the last 24 hours, transactions linked to the charge generated fees totaling 318.31 eth, equivalent to $665,670.
Buterin-themed nft
At 3:00 pm ET on December 1, transactions linked to a new non-fungible token (nft) project known as Buterin cards It reportedly accounted for more than 13% of the ethereum network's total gas fees in three hours, surpassing the fees for the Uniswap universal router address and Tether's public address, according to Etherscan data.
The increase in fees was a consequence of increased demand for processing transactions associated with the Buterin Cards nft collection.
The Buterin Cards project seeks to release 2,015 NFTs as a tribute to Vitalik Buterin, the co-founder of the ethereum blockchain. Using a unique nft minting process called JPEG In mining, the project distinguishes itself by storing image data on-chain, unlike conventional NFTs that only store metadata on-chain.
To ensure the integrity of the uploaded data and avoid arbitrary uploads, the smart contract verifies the correctness of the data by calculating its hash. The project website explains that thanks to progressive JPEG technology, the nft image is gradually revealed as it goes through the mining process.
In exchange for their contributions, miners are rewarded with a card with an image of Vitalik Buterin in various quality levels, according to the project website.
The evolution of ethereum
In recent times, ethereum has seen significant advancements, notably the move to a proof-of-stake (PoS) consensus mechanism, known as ethereum 2.0. This transition replaced the energy-intensive proof-of-work (PoW) model by introducing staking, where validators stake 32 Ether (~$50,000) and are randomly selected to add blocks. This change has led to a notable 99.9% reduction in ethereum's energy consumption.
The broader ethereum 2.0 update, consisting of phases such as Beacon Chain, Merge, and Shard Chains, aims to improve scalability and security. These adjustments address ethereum's limitations, including scalability and power consumption.
In terms of market performance, ethereum price has recovered, surpassing the $2,000 level and approaching new 52-week highs, reflecting strong performance in 2023.
Furthermore, ethereum bitcoin-and-crypto-guide/demystifying-ethereum-gas-fees-a-comprehensive-guide/” target=”_blank” rel=”noopener”>gas rates have experienced fluctuations, reaching their lowest levels since November 2022.
The decrease in gas fees has been attributed to a reduction in activity on the network, resulting in more manageable fees for ethereum users. Factors influencing these changes include network congestion, ethereum upgrades, and market speculation.
However, the main goal has been to improve scalability and reduce fees. Although the immediate effects of these improvements may not be evident, they have also contributed to fluctuations in gas rates.
