The average transaction fee on the Ethereum network rose to a new historical high, reaching $7.40. Data from Blockchair show this.
The previous peak in transaction costs at $5.40 was recorded on July 2, 2018.
Since the start of August, the average fee has risen more than fivefold, and since the summer began, nearly 17 times.
Against this backdrop, the recommended gas price for processing transactions, according to EthGasStation, has nearly doubled over the past 24 hours.
Uniswap led in gas usage. The total fees paid in its network over the month reached $3.38 million. The stablecoin USDT slipped to second place with $2.95 million. Third place is held by Forsage, a project that bears pyramid‑scheme traits.
Users report fees that are excessively high, in some cases amounting to half the value of the transfer.
Right pic.twitter.com/aPO6lY1oV1
— Prince (@13Prince31) August 13, 2020
In late July, when network fees had reached the levels seen two years ago, Ethereum co‑founder Vitalik Buterin acknowledged the problem and proposed implementing EIP-1599.
It envisages raising the network’s total throughput from 12.5 million Gwei to 16 million Gwei. The base fees will rise or fall depending on whether this metric sits above or below the 10 million Gwei threshold. Miner rewards will consist of fees for prioritising transactions, while the base fee will be burned.
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