{"id":147532,"date":"2021-01-05T14:14:36","date_gmt":"2021-01-05T11:14:36","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/ether-fees-nearly-double-as-24-hour-trading-volume-tops-50b\/"},"modified":"2021-01-05T14:14:36","modified_gmt":"2021-01-05T11:14:36","slug":"ether-fees-nearly-double-as-24-hour-trading-volume-tops-50b","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/ether-fees-nearly-double-as-24-hour-trading-volume-tops-50b\/","title":{"rendered":"# Ether fees nearly double as 24-hour trading volume tops $50B"},"content":{"rendered":"

“# Ether fees nearly double as 24-hour trading volume tops $50B <\/strong>”<\/p>\n

Ethereum network fees continue to climb with the average value topping out at $17.43 per transaction according<\/a> to data from YCharts. As previously reported by Cointelegraph, average fees were at about $10.20 earlier on Monday.<\/p>\n

The $17.43 per transaction constitutes an all-time high in average Ether fees beating the previous record of $12.54 back in September during the height of the DeFi mania. As of press time, ETH transaction fees have declined significantly, with a media<\/a>n fee of $1.63 based on data from\u00a0Etherscan<\/a>,\u00a0ETH Gas Station<\/a>\u00a0and Gas Now<\/a>.<\/p>\n

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Average ETH Transaction Fee. Source: YCharts<\/a> <\/em><\/figcaption><\/figure>\n

Yield chasing on multiple DeFi platforms added to the transaction load of stablecoin transfers, which made the Ethereum network even more actively used than in previous times. As a result, average fees skyrocketed, often to the detriment of some DeFi market participants.<\/p>\n

Indeed, Monday\u2019s ETH fee spike caused DeFi NFT project Aavegotchi to postpone its mainnet launch. The project also stated that it might consider an \u201cL2 first\u201d launch probably on the Matic Network. <\/p>\n

The launch of Ethereum 2.0 \u2014 the network\u2019s upgrade to a proof-of-stake consensus \u2014 is expected to improve the blockchain\u2019s scalability and drive down average transaction costs. While the process has\u00a0already begun, some expect the upgrade\u00a0to take years to reach full actualization. Some commentators say layer-two scaling solutions are a better bet for combatting rising transaction costs.<\/p>\n

Monday\u2019s fee spike also coincided with Ether setting a new 24-hour trading volume high above $53 billion according to data from\u00a0CoinMarketCap<\/a>.\u00a0<\/p>\n

The surge in Ether transaction fees and trading volumes comes ahead of the\u00a0launch of CME ETH futures\u00a0later this year. Back in 2017, when CME announced its Bitcoin (BTC) futures, BTC price and transaction fees spiked amid expanding interest from investors.<\/p>\n

Ether is still about $300 shy of its $1,430 ATH achieved back on Jan. 8, 2018. The second-ranked crypto by market capitalization is up over 660% in the last year.<\/p>\n