Transaction fees can make or break any cryptocurrency ecosystem. In the case of Ethereum, it would appear the fees are skyrocketing once again, which has many people concerned.
It is not the first time Ethereum’s network has become ludicrously expensive to simply send value to other addresses either.
Another Week of odd Transaction Fees
Earlier this week, there were some users who noted the fee had spiked to $30 in quick succession.
While that could have been a temporary incident, it appears things spiraled out of control.
Today, it is not unlikely one would pay $40 or more for a transaction.
Where these spikes are coming from, has yet to be uncovered at this time.
It seems there are some network blocks labeled as “anomalies”, and they are intent on pushing up the transaction fees.
Once those blocks pass, however, it just costs $0.1 or less to send an Ethereum transfer.
There is a lot of activity taking place on the Ethereum blockchain every single day.
A plethora of dApps and smart contracts all carry out their own transactions.
There is also the increase in usage of Tether’s USDT on Ethereum to take into account.
Last but not least, the success of projects such as Gods Unchained cannot be ignored either.
All of these factors indicate Ethereum’s battle for scalability is far from over at this point.
As more projects utilize the available block space, the network will hit its limits a lot sooner and more often.
Finding a way to circumvent that problem has become a necessity, for obvious reasons.