Ethereum fees hit a new high above $ 20. According to Blockchair service, the average commission today climbed to $ 23.43, and the median – to $ 11.77.
The previous record was set almost a month ago, on January 11. Then the average value reached $ 19. The current values are double those seen during the hype around the decentralized finance (DeFi) space last summer.
The value of commissions in gwei, the smallest unit of ETH used to calculate the cost of processing transactions, is still significantly lower than the August and September peaks. However, since then, the value of the cryptocurrency has increased by 325% to a new high of around $ 1,700, which has also increased the cost of processing transactions when converted to fiat currency.
In the latter case, the increase in network load is also associated with a renewed interest in the DeFi space, which is reflected in an increase in the volume of assets under the control of such protocols and the price highs of many projects that are updated on a regular basis. In addition, there is growing activity on decentralized exchanges such as Uniswap and Sushiswap, which are among the main consumers of the resources of the Ethereum network.
For example, at the time of publication, a simple exchange of ETH for USDT through Uniswap costs $ 91.88, and when performing more complex operations with several steps on DeFi platforms, fees can increase many times.
The Bitcoin blockchain has also been under increased pressure in recent days. The average cost of sending a Bitcoin transaction today is $ 17.
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