After a substantial number of Geth nodes, not getting the update, fees for Ethereum rose from 11 dollars per transaction to 0.0088 ether per transaction (27.98 dollars).
Ethereum is the second most valuable crypto asset, with a market value of $375 billion, or 17.4% of the $2.16 trillion crypto-economy. ETH has gained 34.3 percent in the last month but lost 2.1 percent in the last two weeks.
Since August 21, fees have increased by 154.36 percent, to an average of $27.98 today. Interacting with smart contracts and web3 platforms is considerably more expensive, with Uniswap or decentralized exchange (Dex) prices ranging from $300 to over $1K per interaction.
Non-fungible token (NFT) markets have far higher ether gas fees than usual for places like Opensea.
ETH-Killers Continue to Threaten
Ethereum 2.0 aims to reduce transaction fees and make costs more uniform. While Ethereum’s founders prepare for the changeover, ‘ETH-Killers’ continue to threaten the second largest crypto asset.
Other Cryptocurrencies are increasingly vying for Ethereum’s attention. These aims and promises to decrease transaction fees for money transfers and Decentralized Finance applications (DeFi).
Optimism and Arbitrum, two initiatives targeted at decreasing ether gas costs. Both projects utilize “optimistic deployments.” The Ethereum community hopes they will help reduce ether gas costs and other efforts.
Also, the Ethereum community understands that ETH 2.0 will not be fully released until at least 2022. Until then, demand for ‘ETH Killer’ and gas alternatives is sure to grow.