Even as prices settle after a massive crash at the beginning of the month, Ethereum fees have remained elevated for a record-breaking stretch.
Ethereum transaction fees, paid to broadcast ETH transfers or interact with smart contracts on the Ethereum network, have remained above two dollars on average for a full month, starting August 10—longer than any previous run above that level, according to data from BitInfoCharts.
During that time, average transaction fees rose as high as $14.58 on September 2, before falling back to $2.67 on September 9. Now fees are rising again, a sign that activity on the network is picking up again, and DeFi-mania is far from over.
Fees for Ethereum (and also Bitcoin and other cryptocurrencies) are determined by network activity. Blockchain transactions are processed by miners with limited capacity. When transactions are being broadcast then miners can comfortably manage, transaction fees rise.