Upbit announced a reduction in withdrawal fees for 22 cryptocurrencies, including ETH and SHIB effective August 23, 2024.
Upbit, the premier global digital asset exchange in South Korea, has today announced a decrease in withdrawal fees for 22 cryptocurrencies. These include notable tokens such as Shiba Inu (SHIB) and Ethereum (ETH).
Upbit Cuts Down Withdrawal Fee For Major Tokens
This modification will take effect on August 23, 2024, at 2:00 p.m. KST or 1 a.m. ET. Upbit has recently responded to the recent reduction in Ethereum network costs, which directly impacts the transaction fees of various tokens.
Ethereum, the second largest cryptocurrency by market capitalization, will see a reduction in its withdrawal fee from 0.009 ETH to 0.007 ETH. Furthermore, the withdrawal fee for Shiba Inu, a popular meme coin, will decrease significantly from 560,000 SHIB to 101,331 SHIB.
The fee adjustment will impact a wide variety of other cryptocurrencies on the crypto exchange, in addition to these well-known tokens. The Cartesi fees will decrease from 13.05 CTSI to 3.20 CTSI, and the AAVE will increase from 0.04 AAVE to 0.01 AAVE.
The following are additional noteworthy modifications: Telcoin has decreased from 84.24 T to 28.90 T; Dai has increased from 3.15 DAI to 1.31 DAI; Loom Network has decreased from 51.03 LOOM to 23.24 LOOM; and Ethereum Name Service has decreased from 0.18 ENS to 0.08 ENS.
Additional modifications include a decrease in Function X from 15.9 FX to 7.6 TX and a decrease in Yield Guild Games from 5.85 YGG to 2.89 YGG. Furthermore, Upbit decreased the withdrawal charge for Quiztok from 1195.9 QTCON to 680.7 QTCON and Bancor from 3.8 BNT to 2.2 BNT, respectively.
Details On Other Crypto & NFT Fees
Audius, among other cryptocurrencies, experienced a commission reduction from 17.2% to 10.20%. Furthermore, they reduced the price for Golem from 7.56 GNT to 4.56 GNT and the fee for Hunt from 5.58 HUNT to 3.63 HUNT.
Stargate Finance has experienced a decrease in fees from 9.0 SGT to 6.0 SGT, 1inch has increased from 3.65 1INCH to 3.07 1INCH, Orchid has decreased from 20.18 OXT to 17.05 OXT, Orbs has decreased from 58.45 ORBS to 50.12 ORBS, and Curve DAO has decreased from 3.9 CRV to 3.4 CRV.
Additionally, Upbit reduced the withdrawal charge for Basic Attention Token from 6.9 BAT to 6.1 BAT and Pundi X from 3.93 PUNDIX to 3.48 PUNDIX. Furthermore, Ethereum-based NFTs will also be subject to this comprehensive fee reduction.
The crypto exchange reduced Ethereum NFT withdrawal fees from 0.009 ETH to 0.007 ETH. We advise users to check the most recent Upbit notification for the applicable withdrawal fees during the transaction process.
Upbit will maintain the current fees until the complete implementation of the modifications. The South Korean exchange is advancing in its efforts to fortify its position in both the domestic and global markets by reducing withdrawal fees.
In the interim, Bithumb, Upbit’s most significant local competitor, achieved a legal victory in a corporate tax litigation worth 130 million won. Although this accomplishment fortifies Bithumb’s position, the XENT lawsuit has resulted in heightened scrutiny of the exchange.
