Ethereum network fees are mounting again ensuing a short-lived decline from all-time highs. Nevertheless, DeFi action is keeping them from plummeting any further.
Average transaction fees on the blockchain hiked to around 4.5 USD recently, which is a seventy percent increase from preceding 2 days.
Even as prices quietened down subsequent to an enormous decline at the start of the month, ETH fees have remained uplifted for a notable stretch.
It is to be noted that ETH transaction fee is paid to broadcast Ethereum transfers or communicate with smart contracts on the blockchain network. The transaction fees have remained more than 2 USD on average for a full month, beginning 10th August and is longer than any preceding run above that level, as per data from BitInfoCharts.
The sustained activity is powered by Decentralized Finance applications attracting billions to be used for making loans and providing liquidity for token swaps on decentralized digital asset exchanges. Notably, Ethereum prices are down from recent highs. Nevertheless, fee activity on the blockchain is signifying the enthusiasm and money flowing into DeFi projects may not be over just yet.
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