ETH’s increasing price is not the only Ethereum-related featured that has been skyrocketing lately. The transaction costs paid on the network (gas fees), prompted by DeFi and stablecoins, have surged to new average highs of over $20.
Gas Fees Through The Roof
It’s no secret within the community that arguably the most utilized blockchain, the Ethereum network, has struggled with scaling issues for a while.
Until the long-anticipated ETH 2.0 arrives, numerous projects have offered Layer-2 solutions to reduce the load and ultimately decrease the transaction costs. However, to no avail so far as the gas fees have skyrocketed lately again.
According to data from BitInfoCharts, the average transaction fees on the Ethereum network have reached all-time highs of above $22. This is a whopping increase by more than 10x since earlier this month when they were below $2.
Ethereum Transaction Fees. Source: BitInfoChartsWhile the average fees may be “only” $22, the community has exemplified on Twitter numerous situations of “absurd” gas costs per transaction. Others have presented even more compelling cases with up to $5,000 (3.09 ETH).
Almost 5k is the price to accept a bid on @rariblecom now!!