Ethereum transaction fees hit another all-time high amid the boom in demand for decentralized exchanges (DEX).
According to data published by Blockchair, fees for transactions on Ethereum’s network hit a new all-time high on Tuesday, coinciding with a surge in volume for decentralized finance (DeFi) products. Average fees hit $11.75 on September 1, with median transaction fees reaching $6.34 in ether.
Ethereum transaction fees have continued to rise substantially throughout the summer alongside a growing interest in DEXs and yield-farming protocols. Data collected by Dune Analytics revealed that decentralized exchanges accounted for $11.6 billion in volume in August, a 152 percent month-over-month increase compared to July’s $4.4 billion.
The surge in volume has extended into September, with ethereum DEX volume surpassing $1 billion in assets traded on Tuesday.
However, median gas prices have also continued to rise, imposing harsh fees for users sending crypto and constructing smart contracts on ethereum’s network.
According to ETH gas station, Uniswap and Tether accounted for the majority of gas usage over the past 30 days, at $12.7 and $10.5 million, respectively.
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