Ethereum Transaction Fees Skyrocketed to $100 Following BlackRock’s ETH ETF Proposal

Gas Prices Surge to 270 Gwei, Pushing Up Trading Costs

Fees, as measured by median gas prices, spiked to as high as 270 gwei late on Thursday, temporarily touching a level last seen in June 2022. That pushed up costs of trading swaps to anywhere from $60 to $100 for a few hours. Gwei is a small unit of ether (ETH) equal to one-billionth of an ETH and is used to denominate gas prices. Gas refers to the fees Ethereum users pay to ensure their transactions are included in the earliest block by network validators.

Impact on Traders

The surge in gas prices has had a significant impact on traders, forcing them to incur higher costs for executing swaps on the Ethereum network. This spike has led to concerns about the overall usability and affordability of trading on the platform in the short term.

“The spike in gas prices has made trading swaps on the Ethereum network unreasonably expensive for a period of time,” said a trader familiar with the situation.

This recent development has highlighted the need for scalability solutions on the Ethereum network to address issues related to high transaction costs and network congestion.

For more information on gas prices on the Ethereum network, you can refer to credible sources like CoinTelegraph and CryptoSlate.

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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