The issue of high Ethereum gas prices isn’t going away anytime soon. Just last month, total daily fees on the Ethereum network managed to reach an all-time high of $8.6 million.
Following a brief respite from high charges, the latest data from coinmetrics.io, for August 31, 2020, shows an alarming trend back towards that all-time high. Total daily fees for the end of last month reached $8.2 million.
Considering the activity that has taken place since then, it would be no surprise if the all-time high gets topped in the near future.
Ethereum daily gas fees. (Source: coinmetrics.io)
In line with expectations, this is a pattern repeated for average transaction fees. This time, the latest data shows average transaction fees hit $11.61 yesterday. While some way away from the all-time high of $14.58, set on September 2, 2020, it’s still an unacceptable part of the ERC-20 ecosystem.
More pressing than that, the situation poses serious questions about the sustainability of the Ethereum network.
<img alt="Average transaction fees on the Ethereum network" class="aligncenter wp-image-438863 size-full" data-lazyloaded="1"