The US cryptocurrency exchange Coinbase Pro announced in a tweet today that from today, users will have to bear network fees (sometimes called “Gas fees” on the Ethereum blockchain).
The fee is paid directly to the cryptocurrency miners who process transactions and protect the blockchain network.
Previously, the exchange had borne these costs on behalf of clients. However, as encryption technology began to be more widely used in DeFi, payment, and other projects, the network became busier and congestion events became more frequent.
As users compete with each other to confirm transactions faster, resulting in longer wait times and higher fees.
In addition, the on-chain platform Glassnode revealed that the launch of UniSwap (UNI) tokens has caused serious congestion on the Ethereum network, ETH miners’ fees have soared, and miners received $1 million within an hour.
According to Coinbase Pro, the move is to make their fees transparent, and Coinbase Pro will charge fees based on their estimated network transaction fees for each transaction.
In their tweet, they also pointed out:
“In some cases, the fees paid by Coinbase Pro may be different from the estimated fees. All fees we charge will be disclosed when you trade.”
