Network fees for Ethereum continue to rise and the median reaches $ 17.43 per transactionAccording to YCharts data. As previously reported by Cointelegraph, the Average fees on Monday were $ 10.20.
The $ 17.43 per transaction represents an all-time high in average ether fees, beating the previous record of $ 12.54 in September during DeFi’s heyday.. At the time of going to press, ETH’s transaction fees have fallen significantly. The average fee is $ 1.63 based on data from Etherscan, the ETH gas station, and Gas Now.
DeFi’s pursuit of returns on multiple platforms increased the transaction load for stable coin transfers, making the Ethereum network even more active than in earlier times. As a result, the average fees often increased to the detriment of some participants in the DeFi market.
Actually, The interest rate hike by ETH on Monday meant that the DeFi NFT Aavegotchi project postponed its start on the mainnet. The project also stated that it could likely consider an “L2 first” release on the Matic Network.
The release of Ethereum 2.0 – the network upgrade to a proof-of-stake consensus – aims to improve the scalability of the blockchain and reduce average transaction costs.. While the process has already begun, some expect it will take years for the update to reach its full potential. Some commentators claim that Layer 2 scaling solutions are a better choice to counter rising transaction costs.
Monday’s rate hike also coincided with the fact that Ether set a new 24-hour trading volume of over $ 53 billion. according to data from CoinMarketCap.
The surge in ether transaction rates and trading volume predates CME’s launch of Ether futures later this year. When CME announced its Bitcoin (BTC) futures in 2017, the price of BTC and transaction fees rose due to growing investor interest.
Ether is still around $ 300 below its all-time high of $ 1,430, which it hit on January 8, 2018. The secondary cryptocurrency by market capitalization is up more than 660% in the past year.
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