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Ethereum gas fees have soared to an eight-month high as the ERC-404 token craze sweeps the crypto community.
The surge in transaction costs on the Ethereum network is attributed to the growing popularity of ERC-404 tokens, which has led to increased network congestion.
ERC-404 is an experimental and unofficial Ethereum token standard that has recently caught the attention of the crypto community.
This standard is designed to combine the features of both fungible (ERC-20) and non-fungible tokens (ERC-721), creating what is referred to as semi-fungible tokens.
Last week, Pandora, the first of the ERC-404 experiment, rose 12,000% in just one week, surpassing the US$32,000 mark.
Meanwhile, the Ethereum network’s validator queue, which is a measure of how many investors are waiting to stake their Ether, has surged to 7,045 earlier today, its highest mark since October, according to Web3 media site Cryptonews.
Data from ValidatorQueue shows that the validator queue is currently at 5,571, which has an estimated wait time of almost two days.