ETH’s Transaction Fees On The Network Skyrocket To $30

ETH’s transaction fees on the Ethereum network experienced a huge increase in price, reaching $30 despite still being congested. In our Ethereum news today, we see why this happened in the first place.

ETH’s transaction fees for sending one coin increased to $30 on separate anomalous blocks according to the users’ reports. The increase in fees was very much random and rare with the current fees returning below the $0.10. The latest events revealed that the Ethereum network is still carrying inherently an economy of competition for the resources which becomes clear during a period of high activity.

There are a lot of reasons as well that can lead to a high-fee condition which will make almost impossible for all the regular users to send coins or tokens. One of the reasons was there was a slowdown in the mining activities, as the difficulty crept gradually because of the mining slow period that will be delayed again. While the expectations are still hovering that the mining ice age will be delayed again, the production of ETH coins may become slower with block delays as well.

The other reason was the recent launch of the ERC-271 non-fungible tokens based on the Gods Unchained collectibles marketplace. The crypto collectibles have clogged the network many times in the past, mainly during days of initial enthusiasm. However, the most active smart contract right now is once again Tether and the other reason for the sudden spike in activity is the firing of smart contracts that is related to decentralized finance. As the price of ETH reached the new low of $145, the liquidation rules were triggered as well as another protection mechanism for crypto lending and these smart contracts may be willing to pay higher fees to complete the activity in time.

In general, the daily network utilization of Ethereum dropped from the peak in May where more than 94 percent of all transactional capacity was filled. The current usage is about 84 percent on average but there is also a situation where a next-block transaction is necessary. Similar congestions for Ethereum have happened during the 2019 ICO boom and on the days where there was prominent ICO distribution, the regular transaction time took hours.
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For now, Ethereum has not seen another FOMO game which is one of the most serious gas consumers and the distributed apps and projects are getting to other networks to avoid uncertain gas payments.