Decentralized Finance Frenzy Drives Ethereum Transaction Fees to All-Time Highs
Average transaction fees broke all-time highs as median fees hover just below its high.
Aug 13, 2020 at 1:21 a.m. UTCUpdated Mar 2, 2023 at 10:36 p.m. UTC
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The average fee per transaction on Ethereum reached $6.04 Wednesday night, according to Blockchair, the highest fees since 2015.
STORY CONTINUES BELOW
- Median transaction fees, which have stayed just below historic highs of $3.03, currently sit at $3.00.
- Fees hovered below $1 until mid-July when transaction fees started to soar.
- Fee increases coincide with surging activity on popular decentralized financial protocols like Uniswap.
- At least three similar decentralized finance applications are included on a list of protocols with the highest levels of network utilization, curated by Etherscan.
- While Ethereum developers have toyed with numerous technical options to reduce fees by scaling the network's transaction capacity, a possible fix remains months away.
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