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Ethereum transaction fees hit another all-time high amid DEX volume boom

Michael McSweeney

Fees for transactions on the Ethereum network hit a new all-time high on Tuesday, a development that comes as activity in the decentralized finance (DeFi) ecosystem continues to grow.

According to data published by Blockchair, average fees hit $11.75 on September 1, with median transaction fees rising to $6.34.

As previously reported, transaction costs began to rise precipitously earlier this summer — corresponding with the growth in trading on decentralized exchange (DEXs) and other protocols that comprise the DeFi space. August, for example, saw more than $11 billion in trade volume across the DEX landscape. 

 

[caption id="attachment_76665" align="aligncenter" width="1375"]Source: Blockchair, The Block Research[/caption]

Median gas prices, denominated in gwei, also showcase the extent to which costs for transacting on Ethereum — from sending coins to constructing smart contracts — has shot up.

ETH Gas Station, which tracks such costs and offers estimates for how much should be spent depending on the desired transaction speed, currently suggests 479 gwei for a "fast" transaction and 400 for a "safe low" transaction. 

According to the site, decentralized exchange Uniswap and stablecoin operator Tether have spent the most on fees in the past 30 days, paying $12.7 million and $10.5 million, respectively.

[caption id="attachment_76671" align="aligncenter" width="1379"] Source: Blockchair, The Block Research[/caption]

© 2020 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.