Amid the rally in the price of ETH, the average transaction fee on the Ethereum network broke previous records and for the first time exceeded $ 23.
According to Blockchair, on the morning of February 4, the average and median transaction fees on the Ethereum network reached $ 23.43 and $ 11.77, respectively.
Last time, the record size of the commission on the Ethereum network was recorded on January 11 – $ 19 per transaction. Current values are double the maximum transaction fees during the DeFi boom in summer 2020.
The current rise in fees correlates with the rally in the ETH price Since the beginning of the year, the price of ether has more than doubled, and now the cryptocurrency is trading at $ 1,631. The situation with fees also reflects the growing demand for ERC-20 tokens, especially for stablecoins and cryptoassets of the DeFi protocols.
This week, the dollar value of cryptoassets locked in DeFi protocols has surpassed $ 32.4 billion. According to Messari, thanks to the tokens of the largest DeFi protocols such as UNI and AAVE, the total DeFi market capitalization has grown by 16.37% in 24 hours.
ETH miners have benefited from rising fees back in January. They generated $ 800 million in revenue last month, which exceeds 2018 highs. More than $ 311 million – almost 40% – came from online transaction fees.