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.
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The previous record high of $19.24 was logged on January 11.
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Data: Blockchair.
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Below are approximate gas costs for various transaction types at a median gas price of 198 Gwei.
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Data: Dune Analytics.
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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.
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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.
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Data: Glassnode.
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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.
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Earlier, DeFi project Synthetix launched an Ethereum Layer-2 solution, Optimism.
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Reddit announced a partnership with the Ethereum Foundation to develop scaling solutions for the Ethereum blockchain.
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