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Ethereum fees tripled in last week

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Transaction fees on the Ethereum network continue to skyrocket. On Tuesday, Aug 11, the median hit $1.57, hitting the highest since early 2018.

Commissions are up 140% over the week and up 550% over the month, according to Bitinfocharts.

The screenshot below shows the gas prices recommended by the ETH Gas Station service in Gwei for Ethereum transactions:

More than 42% of Ethereum miners’ income currently comes from transaction fees, according to Glassnode.

The daily volume of transactions also continues to grow. The figure exceeded 1.25 million, an increase of 35% since the beginning of summer.

ETH’s active offer has renewed at least 11 months in advance. The decline is taking place against the backdrop of the growing popularity of the DeFi sector, in whose smart contracts applications a cryptocurrency worth $ 4.5 billion is blocked, according to DeFi Pulse.

In addition to well-known DeFi applications, projects with signs of financial pyramids continue to put a load on the network. The top three in terms of commissions paid per month are Forsage and Lion Share, which together accounted for $614,000.

On Tuesday, August 11, Ethereum co-founder Vitalik Buterin accused the Forsage project of fraud.

At the beginning of the month, cryptocurrency pioneer and CEO of Blockstream Adam Back put Ethereum on a par with the Onecoin and Bitconnect scams.

In July, Ethereum’s fees rose 280%, while Bitcoin’s rose 750%. By early August, BTC fees began to decline, dropping 50% in four days.

Lena S.
Lena is an adventurous soul searching the world for truth and balance. She is a mother of 2 beautiful daughters and a full time writer for Financial News where she covers various topics from finance, government, politics, current events, crypto and technology.

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