"Ethereum gas fees soared to 50.4 Gwei. Will on-chain activities be restricted by high fees?"
Recently, the average gas fee of the Ethereum network has climbed to 50.4 Gwei, a record high. This change has attracted the attention of the crypto community, especially during periods of frequent transactions, when users face higher transaction costs. With the active decentralized finance (DeFi) and non-fungible token (NFT) markets, this trend may further push up transaction fees. Rising gas fees may pose a challenge to small transactions and everyday users, especially when the network is congested, users may need to pay higher fees to ensure that transactions are prioritized. In addition, with high demand on the network, both platforms and users must find a balance between fees and speed. Although Ethereum is advancing some expansion plans, such as Ethereum 2.0 and Layer 2 solutions, in the short term, high gas fees are still the main bottleneck facing Ethereum network users.
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