According to Cointelegraph, Ethereum network gas fees reached an eight-month high amid a frenzy of interest for ERC-404, a new, unofficial experimental token standard.
Sources revealed that the causes of the gas price surge can be attributed to many factors. It is believed that the spike arrived when the hype around the ERC-404 token standard began to pick up steam throughout the crypto sector.
“We’re trying to optimise for gas because that’s a big part of adoption and protocols wanting to integrate […] So in certain cases, we’re able to potentially reduce gas fees by like 300% to 400%,” Cointelegraph explained.
Much of this activity is expected to be traced back to the trading volumes generated by Pandora, DeFrogs and a roster of other ERC-404 projects. With insights from Birdeye, a crypto aggregator, the projects tout a combined trading volume of over $600 million in the last week, Cointelegraph concluded.
(With insights from Cointelegraph)