Average Ethereum transaction fee exceeds $6

The average transaction fee in the network of the second-largest cryptocurrency by market capitalization has again surpassed the $6 mark.

The metric last reached a similar high in mid-August. For comparison, the average transaction fee on the Bitcoin network is currently $2.85.

Data: Blockchair.

According to EthGasStation, to perform fast transactions (<2 min) it is recommended to set the gas price at 300 Gwei. For standard and slow transfers these figures are 250 and 162 respectively.

The largest gas users are the non-custodial exchange Uniswap, the stablecoin Tether (USDT) and the project SmartWay Forsage, bearing signs of a pyramid scheme.

According to Glassnode, the number of transactions in the Ethereum network exceeds Bitcoin’s by 3.6 times — 1,074,630 vs 292,637 respectively (as of August 29).

Such significant on-chain activity is likely largely driven by the ongoing growth of the decentralized finance sector. The value locked in DeFi protocols is approaching $9 billion.

Data: DeFi Pulse.

Also the decentralized exchange (DEX) segment is growing rapidly. The total trading volume on non-custodial trading venues over the last 30 days rose by 143%, and over the last day — by 27%.

Daily trading volume on DEXs stands at $636 million. Data: Dune Analytics.

As previously reported, Tether activated the OMG Network sidechain to improve the performance of the USDT stablecoin network, reduce costs and ease pressure on the Ethereum network.

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