The Ethereum network reached the all-time-high on transactions fees on August 12,2020 with astonishing $6.87M.
This is a new peak on the Ethereum gas fees, with the last one being registered on the last bull run movement in 2017 with a record of $4.55 million in a single day, this comes to prove that users are willing to pay more to get their transactions executed more faster on Blockchain.
Since the DeFi boom and the shitcoins movement on the mainnet , fees on the network aren't that friendly with small transaction not effective right now on the Blockchain, many transactions take several hours or days to be completed and can cost from $1.8 to $15 just in gas fees to complete a normal transactions.
The automated market maker protocols also a eating huge gas fees to swap or exchange coins between them and the DeFi boom season is leading people to rush increasing their amounts to have the acquired assets on wallets and that is the main reason to catalyst those fees.
Hope the ETH 2.0 can solve this troubles on fees, this version of the mainnet will share transaction fees between the miners.
In the other hand Bitcoin transactions fees remained low on August 12, 2020 reaching a total of $1.43M, representing more than 4 times lower than Ethereum network transaction fees wtf... Something to think about!!
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