While Ethereum's (ETH) price has moved above the $400 mark the Ethereum network fees has been skyrocketing abnormally with the users in competition to spend money while transacting tokens between the network. The uptrend in fees could primarily be attributed to the DeFi sector where investors entranced by high returns provided by the same have to deal with the high network fees while interacting with DeFi Smart Contracts.
It has been estimated that the total network fees spend on transactions amount up to $6.8 million USD per day which roughly translates to 17,500 Ethereum (ETH).
Various opportunities within the Ethereum protocols with high profits have been enticing investors to invest in various DeFi sectors (investment in Ethereum based tokens related to DeFi) putting buying pressure which could have been the primary reason for Ethereum’s price surge from $200 to above $400 now.
This trend is likely to grow in future as investors are trying to cash in on the DeFi Sectors’s positive growth notwithstanding the new DeFi Yam Finance contract error code which left some funds locked within the platform.
The latest Ethereum (ETH) Transaction Fees Chart shows more than 20,000 Ether paid as transaction fees for the Ethereum Network as per Etherscan report chart. Price of Ethereum has surged to above $420 USD & the average gas price to about 280 Gwei at the time of writing this post.
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