Average Ethereum transaction fee tops $20

Against the backdrop a rise in Ethereum price to new highs and a surge in on-chain activity, the average cost of a transaction in the network of the second-largest cryptocurrency exceeded $20.

\n

The previous record high of $19.24 was logged on January 11.

\n

Data: Blockchair.

\n

Below are approximate gas costs for various transaction types at a median gas price of 198 Gwei.

\n

Data: Dune Analytics.

\n

At the time of writing, the transaction fee for an exchange trade on Uniswap stands at $39.52, while the deposit on Compound is $58.95.

\n

The number of transactions on the Ethereum network has nearly reached the peak levels seen at the start of January 2018, when ICO mania was in full swing.

\n

Data: Glassnode.

\n

Increased load on the Ethereum blockchain amid an unresolved scaling issue is one of the main reasons for the rise in gas prices and, consequently, fees.

\n

Earlier, DeFi project Synthetix launched an Ethereum Layer-2 solution, Optimism.

\n

Reddit announced a partnership with the Ethereum Foundation to develop scaling solutions for the Ethereum blockchain.

\n

Subscribe to ForkLog’s channel on YouTube!