Ethereum is on a roll. The blockchain network just attained a new all-time high for daily transactions, while gas fees have been skyrocketing in the interim.
Ethereum’s daily transaction flow was fueled by a frenzy in the decentralized finance (DeFi) space that has thrown the market into a tizzy. According to the Ethereum Daily Transactions Chart, the record high was reached on Sept. 17, when the number of daily transactions registered at 1,406,016. The last time it even came close to these levels was in January 2018, when the ICO craze was at its height.
Soaring Gas Fees
Gas fees, meanwhile, have skyrocketed of late, with the average ether transaction fee hovering at more than $11 on Sept. 17 before easing a bit to $7.60 on Sept. 18. Part of the charm of sending cryptocurrency transactions is suppose to be the low fees that are below the market rate, so rising gas fees are another hurdle to overcome. It is a trend that prompted Coinbase Pro to stop shouldering the expense, choosing instead to pass along Ethereum gas fees to its users
Another record for #Ethereum this week – all time high in number of Transactions. Yes, gas fees were insane but let's celebrate all victories pic.twitter.com/vcsYSzqmST
— Coin Bureau (guy.eth)