Black_background_logo_BitcoinWorld-removebg-preview
Latest News

Ethereum Transaction Fee Reaches Record High Since 2015

Ethereum
Ethereum (Courtesy: Investopedia)

Ethereum has been stagnant in the recent period but has definitely been an major attraction for investors. This period has seen the demand for Ethereum increase every single day. It is primarily due to decentralized finance — or “DeFi.

Newsbtc.com reported that coins and protocols pertaining to this space are largely based on Ethereum, meaning that the network has racked up countless transactions attempting to satisfy DeFi users.

According to Etherscan data, transaction fees are reaching highs not seen since the summer of 2015. It is a clear indication that for the developers that some sort of solution is required or else users seeking low-cost transactions and smart contract interactions will be squeezed out.

Economist Alex Kruger shared a data which said that the transaction fees are reaching highs not seen since the summer of 2015.

“High demand is driving Ethereum gas prices up. The 30 day average gas price has recently reached levels only seen in the summer of 2015, right after Ethereum launched.”

However, a few analyst have claimed that a quick fix is required to the issue. It could otherwise lead to smart contract focused blockchains such as Tezos or Cardano are expected to chip away at the market share that the network has carved out for itself.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.