According to , transaction fees have increased to 1,450 Gwei, the unit for measuring Ethereum’s gas prices. The surge amounts to over $50 for a high-speed transaction. Ethereum fees soared above $50 even though the crypto market plunged into a red zone and ETH’s price has plunged to $1,700. The dip brought the price down over 12%.
At press time, users are paying about $30 for an average-speed transaction, although the transactions get confirmed in less than one minute. Also, the fees for low-speed ETH transactions have moved up to around $26. These transactions take over one hour before confirmation.
‘Low,’ ‘average,’ and ‘high’ describe the duration required for a successful ETH transaction. These categorizations are essential in calculating how much users should spend on transactions, depending on the desired confirmation speed.
However, prices are worse for Decentralized Finance(DeFi) users. Transactions on Uniswap, Ethereum’s most popular DEX, cost between $217 and $286, depending on its priority. Even ETH-based tokens are now more expensive, ranging between $70 and $93.
These transactions are more expensive because they are processed using smart contracts.
It is, therefore, not a surprise that Ethereum users are moving in large numbers to like Binance Smart Chain.