Bitcoin Network Fees Reach $40 in Surge; Polkadot & Borroe Finance Eye Massive Growth
Bitcoin network activity increase has triggered a significant spike in transaction fees, soaring to as high as $40.00. In the face of market fluctuations, Polkadot is dominated by new proposals. Meanwhile, Borroe Finance ($ROE), one of the new DeFi projects, introduces an AI and NFT-powered funding marketplace grabbing Web3 investors’ attention.
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By figures available recently, a high-priority Bitcoin transaction cost $40.00 as of Saturday. This surge overtook the previous May 2023 record.
Miners are not missing their opportunity amidst higher fees as high-priority transactions cost up to 674 satoshis per virtual byte (sat/vB).
Some single transfers were worth more than $50.00. At the moment, there are eight unmined blocks of high-priority transactions. Meanwhile, 311 blocks are waiting to be processed which together makes a backlog of 383607 unconfirmed Bitcoin transactions in the memepool.
This increase can be traced to increased network activity, catalyzed by the rise in popularity of BRC-20 tokens and bitcoin ordinal inscriptions. This surge produced a jam-up, and there were 470 thousand pending transactions forming queues in the mempool.
The noticeable increase in on-chain BTC fees gave rise to heated discussions across social media platforms. Nikita Zhavoronkov, a critic of the situation described it as being beyond absurd and usable.
However, some welcomed the high fees to fund all costs addressing issues regarding Bitcoin money security funds. The discussion also touched on the role of Layer-2 solutions, pointing out that given the current fee, Bitcoin Layer-2 solutions are increasingly important.
Recently Borroe Finance ($ROE) has drawn attention with its invoice NFT funding marketplace based
