Ethereum's gas fees hit record highs again ?

By szakal1916 | What is Eth? Ethereum's gas fees hit record highs | 5 Feb 2021

Ethereum's gas fees hit record highs again, rendering most DeFi protocols useless to small investors.
After increasing by around 20% in the last 24 hours, average Ethereum transaction fees hit a record high of $ 17.67.
Many DeFi protocols require the implementation of complex smart contracts. There have been reports on the web that fees associated with the use of such protocols exceed $ 1,000.
A Twitter user with the nickname "Olive Allen" posted a tweet in which he provided estimated fees for accepting an offer on Rarible. It seems impossible, but Olive Allen would have to pay nearly $ 5,000 to complete the transaction.

Almost 5k is the price to accept a bid on @rariblecom now !! 😂 Is it because of ETH high gas fees⛽️ or some type of bug 🐜? 🤔
Thoughts? pic.twitter.com/tYoV1ilB85

Olive Allen (@IamOliveAllen) February 3, 2021

Even simple swaps made via decentralized exchanges such as Uniswap or SushiSwap cost between $ 40 and $ 75.

WTF ??? pic.twitter.com/0luArQfeaK

Ran Neuner (@cryptomanran) February 3, 2021

In response to high fees, the co-host of ConsensusRough podcast, "Checkmate," warned DeFi users to consider the costs associated with executing smart contracts before investing. He shared a screenshot of a user that shows estimated gas charges in excess of the price of Ethereum itself.

Think very hard about whether you will be able to unwind your defi positions when the time comes to sell and gas fees are exponential.
Worth considering this risk because inability to exit is increasingly looking to be a reality. https://t.co/m9d09pUe0a

Checkmate 🔑⚡🎟🌱checkonchain.com (@_Checkmatey_) February 3, 2021

Think very hard about whether you will be able to unwind your defi positions when the time comes to sell and gas fees are exponential.

Worth considering this risk because inability to exit is increasingly looking to be a reality. https://t.co/m9d09pUe0a
Checkmate 🔑⚡🎟🌱checkonchain.com (@_Checkmatey_) February 3, 2021

BTC suffers from a similar condition

Ethereum is not alone in suffering overload. BTC, whose average fees currently exceed $ 14, is also struggling with the same problem.

Despite the rapidly increasing costs associated with using the Bitcoin and Ethereum networks, investors seem to be definitely bullish on ETH, which hit a new ATH of $ 1,700 tonight.

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What is Eth? Ethereum's gas fees hit record highs

Ethereum is a digital platform that allows building multiple decentralized applications. These can be security programs, voting systems, or payment methods. Like Bitcoin, Ethereum operates outside the control of central authorities such as banks and governments. The idea of creating Ethereum arose thanks to Vitalik Buterin. He launched the first version of the platform in 2015 with the help of several contributors. It has since become the second largest cryptocurrency and has helped increase the number