Average Transaction Fee for ETH Hits May 2022 Levels
Main page News, Blockchain, Ethereum

The rising cost of gas has resulted in the average fee per transaction on the Ethereum network topping $15.

At the moment, the minimum gas cost for ETH transactions exceeds 100 gwei.

The situation is similar for Bitcoin, whose average fee per transaction exceeded $7 on May 2, values not seen since July 2021.

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In this case, the main reason is the hype surrounding Ordinals and the related experimental token standard BRC-20, which was introduced in early March.

Last May 3, the total amount of fees paid to miners per day exceeded $3.5 million.

A researcher at venture capital firm Dragonfly under the pseudonym Hildobby has said he expects the current situation with Ethereum fees is largely due to the hype surrounding meme tokens.

The latter are hurting the Ethereum network due to the fact that they are traded primarily on decentralized DEX exchanges.

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