What might be tagged as one of the single-highest cryptocurrency transaction of all time just happened today as someone transferred 74.6 million Synthetix Network Tokens (SNX) worth over $1 billion on the Ethereum network.
Based on stats on block explorer and analytics platform for Ethereum Etherscan, the transaction which happened around 4:31 AM UTC costs only $7.54.
The token was transferred from a contract called “Synthetix: Reward Escrow.”
According to a payment and cryptocurrency platform crypto.com, SNX is a cryptocurrency that powers the Synthetix protocol. Synthetix protocol enables trading synthetic assets on Ethereum.
The current price of Bitcoin is $37,497.20, dropping by 3.11% in the last 24 hours. The current market cap of Bitcoin in the last 24 hours is $697.46B. The volume is $57.36B in the last 24 hours. In the last 24 hours, Bitcoin has dropped to $37,187.14, and has experienced $40,066.32 high. The current number of Bitcoin in circulation is 18,601,075.
Stats and Image Coin Desk
Reacting to the impressive transaction, the Institutional Sales Manager at Coinbase Nick de Bontin said on his twitter page that if this volume of transaction can be carried out with speed ‘on a completely public trustless network’, Ethereum will do more in coming years.
“$7 fee to transfer $1 Billion, in less than a minute, on a completely public trustless network. Just imagine what #Ethereum will be capable of in 10 years,” he tweeted.
However, many people on twitter reacted to the $7 transaction fee, stating that while it might seem cheap for a huge transaction, it is pretty expensive for low volume transactions.
One twitter user Anthony Gourraud, while commenting on the cost of transaction fee said ‘Ethereum is sadly awesome for ETH-rich people only.’
The average transaction charges on Ethereum according to an investment research platform YCharts is $ 6.791. Ethereum transaction fee increases when more people are making transactions like trading tokens, sending and depositing tokens, etc.