The average cost of transaction fees on the Ethereum network set a new record today, surpassing the $ 16 level. The skyrocketing fees are due to the hype around decentralized finance protocols.
According to analyst website Blockchair, the average transaction fee is $ 16.16 as of September 2. Over the past day, this indicator has grown by more than a third, since yesterday the fees were at $ 11.7.
The significant increase in the cost of fees is due to the increased activity in the ecosystem of DeFi projects and decentralized exchanges. The sharp jump in commission also affects the operation of smart contracts. For example, now the recommended gas price for fast transactions (less than 2 minutes) is 480 Gwei, and for the level «safe minimum» – 440 Gwei.
Over the past month, in terms of the amount of paid commission, the leader is the decentralized exchange Uniswap and the stablecoin operator Tether, which cost $ 12.7 million and $ 10.5 million to process transactions, respectively..
While the rise in network fees negatively affects users, it also indicates an increase in network usage and increases the interest of miners..
text: Ivan Malichenko, photo: dreamstime, graphic: Blockchair