Upbit, South Korea’s leading global digital asset exchange, announced a reduction in withdrawal fees for 22 cryptocurrencies today. These include prominent tokens like Ethereum (ETH) and Shiba Inu (SHIB). This adjustment will be effective from August 23, 2024, at 2:00 p.m. KST or 1 a.m. ET.
Upbit Cuts Down Withdrawal Fee For Major Tokens
Upbit’s latest move comes in response to the recent decrease in Ethereum network costs, which have a direct impact on transaction fees for various tokens. The withdrawal fee for Ethereum, the second-largest crypto by market capitalization, will be reduced from 0.009 ETH to 0.007 ETH. Moreover, Shiba Inu, a highly popular meme coin, will see its withdrawal fee drop significantly from 560,000 SHIB to 101,331 SHIB.
In addition to these well-known tokens, the fee adjustment will affect a broad range of other cryptocurrencies on the crypto exchange. Cartesi fees will decrease from 13.05 CTSI to 3.20 CTSI, and Aave from 0.04 AAVE to 0.01 AAVE. Other notable changes include 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 include reductions for Function X from 15.9 FX to 7.6 TX, Yield Guild Games from 5.85 YGG to 2.89 YGG. In addition, Upbit reduced withdrawal fee for Quiztok from 1195.9 QTCON to 680.7 QTCON and Bancor from 3.8 BNT to 2.2 BNT. Other cryptocurrencies like Audius saw fee reduced from 17.2 AUDIO to 10.20 AUDIO.
Details On Other Crypto & NFT Fees
Whilst, Golem’s fee was slashed from 7.56 GNT to 4.56 GNT and Hunt from 5.58 HUNT to 3.63 HUNT. Additional assets affected are Stargate Finance with fees dropping from 9.0 SGT to 6.0 SGT, 1inch from 3.65 1INCH to 3.07 1INCH, Orchid from 20.18 OXT to 17.05 OXT, Orbs from 58.45 ORBS to 50.12 ORBS, and Curve DAO from 3.9 CRV to 3.4 CRV.
Furthermore, Upbit slashed withdrawal fee for Basic Attention Token from 6.9 BAT to 6.1 BAT, and Pundi X from 3.93 PUNDIX to 3.48 PUNDIX. Additionally, this comprehensive fee reduction will also extend to Ethereum-based NFTs. The crypto exchange lowered Ethereum NFT withdrawal fees from 0.009 ETH to 0.007 ETH.
In the latest notice by Upbit, the exchange advised users o check the applicable withdrawal fees at the time of their transaction. The existing fees will remain in place until the adjustments are fully implemented. With lower withdrawal fees, the South Korean exchange is moving forward to strengthen its position in the local as well as global markets.
Meanwhile, Upbit’s biggest local rival Bithumb secured a legal victory in a 130 million won corporate tax lawsuit. While this feat strengthens Bithumb’s position, the XENT lawsuit has led to increased scrutiny for the exchange.
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