"Ethereum network fees soar by 130% in one week"
Summary
- It was reported that Ethereum (ETH) network fees surged by over 130% in a week.
- The main reasons mentioned were the increased DeFi demand by institutional investors and higher smart contract usage, which led to greater network activity and higher fees.
- It was noted that the average transaction throughput and gas usage in the Ethereum network are climbing, further increasing the fee burden.
Ethereum (ETH) network fees have surged by over 130% in just one week. The main reasons cited are an increase in decentralized finance (DeFi) demand among institutional investors and a rise in smart contract usage.
On the 27th (local time), cryptocurrency-focused media outlet U.Today reported, citing data from the analytics platform Sentora (formerly IntoTheBlock), "Ethereum's total fee revenue for the past week reached $10.26 million, a 130.4% increase compared to the previous week."
Sentora analyzed, "With institutional funds flowing into DeFi, there has been a sharp increase in network usage, leading to a significant rise in fees."
The outlet added, "As both the average transaction throughput and gas usage within the Ethereum network are rising, the fee burden is again expanding."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
