With ETH Price Over $1650, Gas Fees Go Ballistic. What's the Solution?
Today, Feb. 4, 2021, the Ethereum (ETH) price routinely printed a new all-time high over $1,688. Ether added 26 percent in three days, and the "world's computer" is paralyzed by insane fees yet again.
Median Ethereum (ETH) transaction fee is at all-time high
According to Bitinfocharts.info, a multi-platform explorer of network metrics, the median USD-denominated network fee for transactions on the Ethereum (ETH) network printed a new all-time high at $8,867 today. It managed to surpass the levels witnessed amidst a massive panic-driven sell-off in early September.
The average Ethereum (ETH) network transaction fee also smashed its September highs. At press time, explorer services have registered it above $20 for the first time in Ethereum's six-year-long history.
Meanwhile, the services typically include even the smallest in-app micropayments in their statistics. That is why the average commission for sending Ethereum transactions to ordinary users is significantly higher.
Crypto investor Ran Neuner, the CEO and founder of Onchain Capital, shared a screenshot of fees data for one Ethereum transaction. With the gas price at 278 Gwei, an Ethereum (ETH) user is charged with almost $100 in network fees.
Is there any hope?
As covered by U.Today previously, Ethereum (ETH) network fees demonstrate a breathtaking rally every time the Ether price spikes. The previous upsurge clogged the Ethereum (ETH) network in early January 2021.
Alex DovbnyaTron Foundation CEO Justin Sun invited renowned Ethereum developer Andre Cronje, inventor of Yearn.Finance DeFi, to build its next protocol on top of Tron (TRX).
Also, this situation provides Ethereum's competitors with a plethora of opportunities to attract new customers. As U.Today recently reported, "Chinese Ethereum" NEO inches closer to the release of Neo 3.0.
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Alex Dovbnya
Dan Burgin