Gas Fees Are Paid In Ethereum's Native Currency, Ether (Eth).
Knowing how much to spend on gas in order to pay for one’s transaction is a ux issue that plagues. Ethereum network congestion is observed on many days, and this can cause stratospherically high transaction charges. Why are ethereum gas fees so high?
According To Blockchair, This Metric Has Since Dropped, And Last Month, It Was At $53.03.
Just recently, we have witnessed ethereum transaction fees spiking to unprecedented heights, again. That is presently worth almost $16.5 million, as. This makes ethereum an unusable platform for typical day to day transactions.
Even The Median Fees Of Transactions Have Decreased Drastically In The Past 45 Days.
All fees are counted in gas and later are settled by eth. For example, instead of saying that your gas costs 0.000000001 ether, you can say your gas costs 1 gwei. Eth gas fees are too d*** high.
The Peak Came On May 12 When The Average Gas Price Hit $70.
However, these fees are necessary to keep the network’s performance optimum. Eth is the money unit on the ethereum blockchain. I assume latest mainstream interest on crypto prompts the eth network to be super busy hence super high gas fees.
Since The Network’s Altair Upgrade Went Live, Transaction Costs Of Ethereum Have Spiked.
This massive demand eventually translates into very high transaction fees. If you want to pay the lowest ethereum fees, you should perform transactions early in the morning, between 1 and 3 am utc or late at night, between 9 and 11 pm utc. There is hardly a dull moment in the ethereum chain network, and the blocks are almost always occupied.