The average cost of the Commission for transactions in the Ethereum network has established a new record today, exceeding the level of $ 16. The rapid increase in fees is associated with the hype around the protocols of decentralized financing.
According to the Blockchair analytical site, at the time of publication on September 2, the average transaction commission is $ 16,16. In the last day, this figure rose by more than a third, since yesterday fees were at $ 11.7.
A significant increase in the cost of fees is due to an increase in activity in the Ecosystem of DEFI projects and decentralized stock exchanges. The sharp jump to the Commission also affects the work of smart contracts. For example, now the recommended price of gas for rapid transactions (less than 2 minutes) is 480 GWEI, and for the level of «safe minimum» — 440 GWEI.
Over the past month, a decentralized Uniswap Exchange and Tether Steel Operator, which handling transactions cost $ 12.7 million and $ 10.5 million, is leading a decentralized Commission.
Although the growth of network fees negatively affects users, it also indicates an increase in network usage and increases miners’ interest.
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