Not too many people will be surprised to learn about changes made to Coinbase Pro. Network fees will no longer be paid by the company, but rather directed to the customers. It is evident that a lot of networks are sometimes far too expensive to use during times of congestion.
Coinbase Pro Introduces Unpopular Changes
- Given the current issues regarding network fees in crypto land, this decision was merely a matter of time.
- Some networks currently require double-digit dollar fees to move funds from address A to B.
- Under normal circumstances, companies such as Coinbase Pro would either pay the fee themselves, or charge a much lower “standard” cost to move funds.
- Starting today, that will no longer be the case for users of the Coinbase Pro platform.
- Miner fees can differ greatly from network to network, thus users of the exchange will be in for a surprise every time.
- Especially where Ethereum or ERC20 tokens are concerned, things are not looking too great right now.
- Transferring funds on this network currently costs between $3.25 and $4.02, assuming one has the patience to wait for transactions to complete.
- Yesterday’s UNI token airdrop and associated trading activity have triggered another increase in gas fees.
- Less than 24 hours ago, it would cost between $15 and $35 to move funds on Ethereum.
- Things have improved a bit ever since, but the overall concerns remain in place.
- It will be unclear how this will affect Coinbase Pro in the near future.
- Moreover, it is possible other platforms will follow this example and pass on network fees to their customers.
- Assuming the latter comes true, there is no reason not to use DEXes in the future.