U.S. markets close in 4 hours 5 minutes
  • S&P 500

    4,231.44
    -52.30 (-1.22%)
     
  • Dow 30

    33,723.67
    -275.37 (-0.81%)
     
  • Nasdaq

    12,715.35
    -249.99 (-1.93%)
     
  • Russell 2000

    1,956.39
    -44.34 (-2.22%)
     
  • Crude Oil

    91.55
    +1.05 (+1.16%)
     
  • Gold

    1,763.30
    -7.90 (-0.45%)
     
  • Silver

    19.03
    -0.43 (-2.20%)
     
  • EUR/USD

    1.0045
    -0.0047 (-0.46%)
     
  • 10-Yr Bond

    2.9850
    +0.1050 (+3.65%)
     
  • GBP/USD

    1.1815
    -0.0118 (-0.99%)
     
  • USD/JPY

    137.0400
    +1.1780 (+0.87%)
     
  • BTC-USD

    21,449.41
    -2,031.68 (-8.65%)
     
  • CMC Crypto 200

    509.15
    -32.45 (-5.99%)
     
  • FTSE 100

    7,550.37
    +8.52 (+0.11%)
     
  • Nikkei 225

    28,930.33
    -11.77 (-0.04%)
     

Ethereum Transaction Fees Hit Record Highs as Ether, DeFi Coins Soar

  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Fees for transacting on the Ethereum network breached previous records, passing above $20 for the first time Thursday.

  • As of 05:45 UTC (12:45 a.m. ET), the average and median transaction fee on Ethereum reached as high as $23.43 and $11.77, respectively, data from Blockchair indicates.

  • Ethereum last broke its transaction fee record a month ago on Jan. 11, hitting an average $19 per transaction. Current values double the peak transaction fees recorded during the “DeFi summer” of 2020.

  • The increase in fees correlates with the general price run ether has enjoyed since the New Year. The CoinDesk 20 places year-to-date returns on the digital asset at 130%.

  • The increase in the cost of transacting on the Ethereum network also reflects growing demand for ERC-20 based tokens, particularly stablecoins and the red-hot decentralized finance (DeFi) sector.

  • Led by tokens like uniswap (UNI) and aave (AAVE), DeFi’s total market capitalization is up 16.37% in 24 hours, according to Messari.

  • Ethereum miners have been a primary beneficiary of the fee spike. The industry earned some $830 million in ether last month with 40% attributed from fees alone.

Read more: Ethereum Miners Earned Record $830M in January

Related Stories