As a seasoned crypto investor with a knack for navigating the ever-evolving landscape of digital assets, I must say that Upbit’s decision to reduce withdrawal fees for several popular cryptocurrencies is a strategic move that resonates well with me. Having witnessed the impact of transaction fees on my portfolio over the years, this reduction will undeniably make it easier for investors like myself to manage our holdings without incurring unnecessary costs.
Today, Upbit, South Korea’s top global digital asset trading platform, has unveiled a decrease in withdrawal fees for 22 different cryptocurrencies starting from August 23, 2024 at 2:00 p.m. KST or 1:00 a.m. ET. Notable among these are Ethereum (ETH) and Shiba Inu (SHIB). This change will take place on the specified date.
Upbit Cuts Down Withdrawal Fee For Major Tokens
Upbit’s recent action is a response to the lower Ethereum network costs that affect token transaction fees. Specifically, the Ethereum withdrawal fee will decrease from 0.009 ETH to 0.007 ETH, which is the second-largest cryptocurrency by market capitalization. Additionally, the cost to withdraw Shiba Inu, a well-liked meme coin, will see a substantial reduction from 560,000 SHIB down to 101,331 SHIB.
Beyond the popular currencies, let me clarify that this fee adjustment will influence a wide variety of other digital currencies listed on our cryptocurrency platform. For instance, Cartesi’s fees will drop significantly from 13.05 CTSI to 3.20 CTSI, and Aave’s fees will decrease from 0.04 AAVE to 0.01 AAVE. Other significant alterations involve Telcoin (T), which will decrease from 84.24 T to 28.90 T; Dai (DAI) will go down from 3.15 DAI to 1.31 DAI; Loom Network (LOOM) will see a reduction from 51.03 LOOM to 23.24 LOOM, and Ethereum Name Service (ENS) will be cut in half, from 0.18 ENS to 0.08 ENS.
Changes continue with the following modifications: Function X’s rate decreases from 15.9 FX to 7.6 TX, Yield Guild Games is now at 2.89 YGG instead of 5.85 YGG. Furthermore, Upbit has lowered the withdrawal fee for Quiztok from 1195.9 QTCON to 680.7 QTCON and Bancor from 3.8 BNT to 2.2 BNT. Lastly, Audius’s fee reduction takes it from 17.2 AUDIO down to 10.20 AUDIO.
Details On Other Crypto & NFT Fees
As an analyst, I’m noting some changes in the fees across various platforms:
In summary, Upbit has reduced the withdrawal fees for Basic Attention Token (BAT) and Pundi X. BAT’s fee has been decreased from 6.9 to 6.1 tokens, while Pundi X’s fee has been lowered from 3.93 to 3.48 tokens. This reduction in fees also applies to Ethereum-based NFTs, with the withdrawal fee for these reduced from 0.009 ETH to 0.007 ETH.
According to the most recent announcement from Upbit, they recommend users verify the current withdrawal charges associated with their transaction. These existing fees will stay in effect until all necessary adjustments are complete. By reducing withdrawal fees, Upbit aims to bolster its influence not only domestically but also internationally.
Simultaneously, in a significant development, Bithumb – Upbit’s main local competitor – emerged victorious in a 130 million won corporate tax dispute. This victory bolsters Bithumb’s standing, but it also faces intensified examination due to the ongoing XENT lawsuit.
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2024-08-22 18:04