Upbit Digital Exchange Slashes Withdrawal Fees for Shiba Inu, Ether, and 20 Other Cryptos
Upbit, one of South Korea’s leading global digital asset exchanges, has announced a reduction in withdrawal fees for 22 cryptocurrencies, including major tokens such as Ethereum (ETH) and Shiba Inu (SHIB). The adjustments, effective from August 23, 2024, 2:00 p.m. KST, are in response to the recent decrease in Ethereum network costs, impacting transaction fees for various tokens.
The withdrawal fee for Ethereum will be reduced from 0.009 ETH to 0.007 ETH, reflecting the lower network costs. Similarly, the withdrawal fee for Shiba Inu will see a significant drop from 560,000 SHIB to 101,331 SHIB.
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Upbit Slash withdrawal Fee
In addition to these well-known tokens, the fee adjustment will impact a wide range of other cryptocurrencies on the exchange. Notable changes include reduced fees for Cartesi from 13.05 CTSI to 3.20 CTSI, Aave from 0.04 AAVE to 0.01 AAVE, Telcoin from 84.24 T to 28.90 T, Dai from 3.15 DAI to 1.31 DAI, Loom Network from 51.03 LOOM to 23.24 LOOM, and Ethereum Name Service from 0.18 ENS to 0.08 ENS.
Further adjustments cover reductions for Function X from 15.9 FX to 7.6 TX, Yield Guild Games from 5.85 YGG to 2.89 YGG, Quiztok from 1195.9 QTCON to 680.7 QTCON, Bancor from 3.8 BNT to 2.2 BNT, and Audius from 17.2 AUDIO to 10.20 AUDIO. The fee reductions also extend to other assets such as Golem, Hunt, Stargate Finance, 1inch, Orchid, Orbs, and Curve DAO.
Other Cryptos and NFT Price
Furthermore, Upbit has lowered withdrawal fees for Basic Attention Token from 6.9 BAT to 6.1 BAT and Pundi X from 3.93 PUNDIX to 3.48 PUNDIX. This comprehensive fee reduction will also apply to Ethereum-based NFTs, with the withdrawal fees being reduced from 0.009 ETH to 0.007 ETH.
It’s important to note that Upbit advises users to check the applicable withdrawal fees at the time of their transaction, as the existing fees will remain in place until the adjustments are fully implemented. This move by Upbit aims to strengthen its position in both local and global markets by providing users with lower withdrawal fees. Meanwhile, its local rival Bithumb has secured a legal victory in a corporate tax lawsuit, enhancing its position despite increased scrutiny due to the XENT lawsuit.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
