Ethereum (ETH) breaks records and DeFi transaction fees skyrocket

The Ethereum network’s Gas fees are again at record levels. Consequently, many decentralized finance protocols became unavailable for individual investors.

Average Ethereum transaction fees were a record $ 17.67 at the time of the news release, after seeing a roughly 20 percent increase in the past 24 hours. As reported by Cointelegraph, transaction fees soared as the Ether price broke an all-time record.

Many DeFi projects that require execution of complex smart contracts face transaction fees in excess of $ 1,000. In the message shared by Twitter user “Olive Allen”, it was stated that an estimated gas fee of approximately $ 5,000 was encountered in the Rarible transaction.

Even users of decentralized exchanges Uniswap and SushiSwap face transaction fees between $ 40 and $ 75 for simple transactions.

Speaking about high fees, ConsensusRough podcast host “Checkmate” warned DeFi users to consider the costs associated with realizing smart contracts before investing.

Alongside the Ethereum network, Bitcoin average fees have now exceeded $ 14.

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