The average transaction fee on the Ethereum network has risen to $3.98, nearly five times the value at the beginning of September when it fell to $0.85.
The recovery in transaction costs on the blockchain of the second-largest cryptocurrency by market capitalization has led to an increase in the rate of burning. On September 1, 80.27 ETH was removed from circulation, while on September 21, the figure was 1360 coins.
Uniswap tops the list of the most gas-consuming applications, followed by cryptocurrency transfers on the network. The list also includes trading bots Maestro and Banana Gun.
Despite the sharp rise in fees and burning rates, the average number of active addresses has fallen by 14% since the beginning of the month—from 435,340 to 373,770.
Amid criticism of Ethereum due to negative price dynamics, CIO of Bitwise, Matt Hougan, supported the second cryptocurrency, highlighting its potential.
Previously, he advocated for the launch of an ETF on meme coins.