Ethereum [ETH] fees spike thanks to this mysterious project

July 8, 2023

By Victor Olanrewaju

How much are 1,10,100 ETHs worth today?

• VMPX, a new project was largely responsible for the increase in ETH fees.

• Market participants are concerned about the real utility of the token.

Fees generated by the Ethereum [ETH] blockchain increased by 57.8% between 3 July and the time of writing. The data, which was shared by IntoTheBlock, showed that the second-largest blockchain made $47 million within the said period. 

When Ethereum fees increase, it means that the network had experienced high volatility and a high level of traffic. Additionally, it implies that smart contracts have consumed gas due to consistent execution. 

And this is usually because some smart contracts can be very complex and require a lot of computation. However, the main driver of this demand in ETH-related transactions was rather surprising.

Stunned at the newbie

The blockchain insight platform mentioned that VMPX [VMPX] contributed a whooping 18% to the fees. 

VMPX is a newly-launched cryptocurrency that operates as an ERC-20 and BRC-20 token. According to its official website, VMPX notes that it serves as a bridge liquidity token connecting the Bitcoin [BTC] and Ethereum [ETH] blockchain. The project noted,

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