The cost of the transactions inflated once again for the most actively used blockchain.
Ethereum fees averaged $10.20 per transaction on Sunday, according to YCharts data. Network fees increased on only two occasions in 2020, with a brief average of $12.54 in early September. They rose again to $11.69 near the middle of the same month.
Ethereum’s transactors faced high rates last year as a partial result of decentralized financing, or DeFi, boom, which used blockchain for several loans and income farming activities. Sometimes the high rates made it difficult for contributors to participate in DeFi activities.
„The #Ethereum fuel rates are rising again, basically making #defi unusable,“ YouTuber Lark Davis reported Monday.
Network traffic tolerance has been a problem for years. Transactors have suffered major delays and rates near the peak of the last major cryptomor race, when a cat-centered blockchain game called Bitcoin News Trader review gained popularity.
Ethereum recently began its long-awaited network upgrade journey, called Ethereum 2.0, by moving the network to a gambling proof mining algorithm. The upgrade is expected to bring a major dimension to the Ethereum, although the process will probably take years to fully run.
In the last 24 hours, Ether (ETH) has risen to $1,161 from a level near $830.