Decentralized Finance Frenzy Drives Ethereum Transaction Fees to All-Time Highs
Average and median Ethereum transaction fees since July 2015
The average fee per transaction on Ethereum reached $6.04 Wednesday night, according to Blockchair, the highest fees since 2015.
- Median transaction fees, which have stayed just below historic highs of $3.03, currently sit at $3.00.
- Fees hovered below $1 until mid July when transaction fees started to soar.
- Fee increases coincide with surging activity on popular decentralized financial protocols like Uniswap.
- At least three similar decentralized finance applications are included on a list of protocols with the highest levels of network utilization, curated by Etherscan.
- While Ethereum developers have toyed with numerous technical options to reduce fees by scaling the network’s transaction capacity, a possible fix remains months away.
Disclosure
The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.
