Ethereum transaction fees raised reaching their peak

by in Ethereum News

Ethereum

The fees of transactions on the Ethereum platform have achieved an unprecedented hourly record lately. The increase in fee prices started in summer as a result of the extension in activities on decentralized exchanges (DEXs) and different structures that cover the DeFi space. At the moment, average fees hit $11.75 and medial transaction fees $6.34.

During some periods in August, more bitcoin was wrapped onto Ethereum than was created by bitcoin miners. Median gas prices for transferring assets or creating smart contracts also went up. Now the prices in ETH GAS Station are 479 gwei for a "fast" performance and 400 for a "safe low" performance.

Stablecoin executive Tether (USDT) and liquidity protocol Uniswap have been the biggest gas spender on the chain.

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Ethereum is continuously facing problems like high fees and obstruction. While the fee problem isn't essential for large transactions, it becomes unendurable in case of minor amounts.

Ethereum is trying to come up with answers. One way can be Ethereum Improvement Proposal, EIP 1559, which is currently being examined in Filecoin, decentralized data distribution and refund protocol. Besides, the users are waiting for the forthcoming Ethereum 2.0. upgrades. Ethereum transaction fees raised reaching a peak