The transaction costs on the Ethereum Blockhain have risen sharply again.
The fees Ethereum network have according to data from YCharts on Sunday an average of 10.20 US dollars per transaction reached
The network’s fees rose only twice in 2020, averaging $ 12.54 for a short time in early September. Towards the middle of the month they rose again to $ 11.69.
Ethereum network transactions have consistently seen high fees over the past year . This was partly due to the DeFi boom in which the block chain for various credit and return activities used . At times, the high fees have made it difficult for contributors to participate in DeFi activities.
“#Ethereum gas fees are rising sharply again. This means that #DeFi is practically unusable,” said crypto YouTuber Lark Davis on Twitter on Monday
The network’s traffic tolerance has been a problem for years. Transactors faced major delays and fees just before the climax of the last major crypto bull run. Back then, a blockchain game called CryptoKitties was gaining popularity.
Ethereum has recently introduced its long-awaited network upgrade initiated , the Ethereum is called 2.0. The network is to be converted to a proof-of-stake mining algorithm. The upgrade is expected to bring better scaling for Ethereum . However, the process will likely take years to complete.
In the past 24 hours, Ether ( ETH ) has grown from just under $ 830 to $ 1,161 .