Transactions fees on the network of the second largest crypto by market cap reached a new all-time high yesterday, according to data provided by the resource Blockchair.
It looks like the fees on the Ethereum (gas) network have reached a new peak driven mainly by the DeFi sector, which is experiencing an increase in activity in recent weeks/months.
As a result, according to data published by Blockchair, the average fee on the ETH network yesterday reached $11.75, while the median fee jumped to $6.34.
This rebound, which started in early summer, seems to be directly related to the increase in activity in the DeFi sector. Thus, the trading volume of decentralized exchanges (DEXs) exceeded $11B in August, which coincides with the recent rise in fees in the Ethereum network.
Gas is the fee the users of the Ethereum network must pay for sending transactions to the blockchain of the second largest crypto by market cap.
Median gas prices, denominated in gwei, also reflect how much Ethereum's fees have grown.
The resource ETH Gas Station, which tracks fees on the Ethereum network as well as the amount of gas that must be paid depending on the desired transaction speed, currently suggests 479 gwei for a "fast" transaction and 400 gwei for a "safe low" transaction.
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