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Decentralized Finance Frenzy Drives Ethereum Transaction Fees to All-Time Highs
Average transaction fees broke all-time highs as median fees hover just below its high.
The average fee per transaction on Ethereum reached $6.04 Wednesday night, according to Blockchair, the highest fees since 2015.
STORY CONTINUES BELOW
- 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.
Zack Voell
Zack Voell is a financial writer with extensive experience in cryptocurrency research and technical writing. He has previously worked with leading cryptocurrency data and technology firms, including Messari and Blockstream. His work (and tweets) has appeared in The New York Times, Financial Times, The Independent and more. He owns bitcoin.
William Foxley
Will Foxley is the host of The Mining Pod and publisher at Blockspace Media. A former co-host of CoinDesk's The Hash, Will was the director of content at Compass Mining and a tech reporter at CoinDesk.
