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.
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.