{"id":27193,"date":"2020-08-13T10:04:28","date_gmt":"2020-08-13T07:04:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=27193"},"modified":"2025-08-26T19:18:59","modified_gmt":"2025-08-26T16:18:59","slug":"ethereum-network-fees-hit-a-new-all-time-high-above-7","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/ethereum-network-fees-hit-a-new-all-time-high-above-7\/","title":{"rendered":"Ethereum network fees hit a new all-time high above $7"},"content":{"rendered":"<p>The average transaction fee on the Ethereum network rose to a new historical high, reaching $7.40. Data from <a href=\\\"https:\/\/blockchair.com\/ethereum\/charts\/average-transaction-fee-usd?interval=3m\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">Blockchair<\/a> show this.<!--more--><\/p>\n<p>The previous peak in transaction costs at $5.40 was recorded on July 2, 2018.<\/p>\n<p><img loading=\\\"lazy\\\" decoding=\\\"async\\\" class=\\\"aligncenter size-full wp-image-107262\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-blockchair.com-2020.08.13-09_57_32.png\\\" alt=\\\"Ethereum network fees hit a new all-time high above $7\\\" width=\\\"1200\\\" height=\\\"694\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-blockchair.com-2020.08.13-09_57_32.png 1200w, https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-blockchair.com-2020.08.13-09_57_32-300x174.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-blockchair.com-2020.08.13-09_57_32-1024x592.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-blockchair.com-2020.08.13-09_57_32-768x444.png 768w\\\" sizes=\\\"auto, (max-width: 1200px) 100vw, 1200px\\\" \/><\/p>\n<p>Since the start of August, the average fee has risen more than fivefold, and since the summer began, nearly 17 times.<\/p>\n<p>Against this backdrop, the recommended gas price for processing transactions, according to <a href=\\\"https:\/\/www.ethgasstation.info\/\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">EthGasStation<\/a>, has nearly doubled over the past 24 hours.<\/p>\n<p><img loading=\\\"lazy\\\" decoding=\\\"async\\\" class=\\\"aligncenter size-full wp-image-107264\\\" src=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-www.ethgasstation.info-2020.08.13-10_01_12.png\\\" alt=\\\"Ethereum network fees hit a new all-time high above $7\\\" width=\\\"1096\\\" height=\\\"850\\\" srcset=\\\"https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-www.ethgasstation.info-2020.08.13-10_01_12.png 1096w, https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-www.ethgasstation.info-2020.08.13-10_01_12-300x233.png 300w, https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-www.ethgasstation.info-2020.08.13-10_01_12-1024x794.png 1024w, https:\/\/u1f987.com\/wp-content\/uploads\/screenshot-www.ethgasstation.info-2020.08.13-10_01_12-768x596.png 768w\\\" sizes=\\\"auto, (max-width: 1096px) 100vw, 1096px\\\" \/><\/p>\n<p>Uniswap led in gas usage. The total fees paid in its network over the month reached $3.38 million. The stablecoin USDT slipped to second place with $2.95 million. Third place is held by Forsage, a project that bears pyramid\u2011scheme traits.<\/p>\n<p>Users report fees that are excessively high, in some cases amounting to half the value of the transfer.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Right <a href=\\\"https:\/\/t.co\/aPO6lY1oV1\\\">pic.twitter.com\/aPO6lY1oV1<\/a><\/p>\n<p>\u2014 Prince (@13Prince31) <a href=\\\"https:\/\/twitter.com\/13Prince31\/status\/1293759802196275200?ref_src=twsrc%5Etfw\\\">August 13, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>In late July, when network fees had reached the levels seen two years ago, Ethereum co\u2011founder Vitalik Buterin acknowledged the problem and proposed implementing EIP-1599.<\/p>\n<p>It envisages raising the network&#8217;s total throughput from 12.5 million Gwei to 16 million Gwei. The base fees will rise or fall depending on whether this metric sits above or below the 10 million Gwei threshold. Miner rewards will consist of fees for prioritising transactions, while the base fee will be burned.<\/p>\n<p>Subscribe to ForkLog news on <a href=\\\"https:\/\/www.facebook.com\/forklog\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener noreferrer\\\">Facebook<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The average Ethereum network fee hit a new historical high of $7.40, according to Blockchair.<\/p>\n","protected":false},"author":1,"featured_media":27194,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1178,46],"class_list":["post-27193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-blockchain-fees","tag-ethereum"],"aioseo_notices":[],"amp_enabled":true,"views":"19","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=27193"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27193\/revisions"}],"predecessor-version":[{"id":27195,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/27193\/revisions\/27195"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/27194"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=27193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=27193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=27193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}