Decentralized finance takes Ethereum’s transaction fees to an all-time high

The average Ethereum transaction fee reached $ 6.04 last night, Wednesday (according to Blockchair), the highest fee since 2015.

  • The average transaction fee, which was just below the all-time high of $ 3.03, is currently $ 3.00.
  • Fees stayed below $ 1 until mid-July when transaction fees started to rise.
  • The rise in fees coincides with increased activity on popular decentralized finance protocols such as Uniswap.
  • At least three similar decentralized finance applications are included in the list of protocols with the highest usage of the network, edited by Etherscan.
  • While Ethereum developers have tried many technical options to reduce fees by expanding the network’s transaction capacity, a viable solution could be months away.

Ethereum average and average transaction fees since July 2015
Source: Blockchair