Have fees on the Ethereum network reached an average of $ 10.20 per trade as of Sunday, according to data from YCharts. The network’s rates are up just twice as high in 2020, with a short-lived average of $ 12.54 in early September. They rose again to $ 11.69 in the middle of the same month.
Ethereum Network Transactors faced with high fees last year on and off as a partial result of the decentralized funding, or DeFi, boom, that used the blockchain for various lending and agricultural activities. Sometimes the fees are high made it difficult for contributors to participate in DeFi activities.
“# Ethereum gas costs are on the rise again, effectively rendering #defi useless,” Crypto YouTuber Lark Davis tweeted on Monday.
Network traffic tolerance has been a problem for years. Transactors sustained significant delays and fees at the height of the last major crypto bull run when a cat-centric blockchain game called CryptoKitties rose in popularity.
Ethereum has recently started the long-awaited network upgrade journey, called Ethereum 2.0, where the network is moved to a proof-of-stake mining algorithm. The upgrade is expected bring massive scaling to Ethereum, although the process will likely be take years to play out fully.