Ethereum (ETH) transaction fees jumped above $ 50 as the crypto market fell into the red zone today. In the last 24 hours, the price of ETH fell more than 12% during the day, to about $ 1,700.
However, those who want to move their Ethereum or trade on decentralized exchanges (DEX) will have to pay heavy sums.
According to the metric platform Etherscan, transaction fees have risen to 1,450 Gwei (the unit where Ethereum’s gas prices are measured), which equates to over $ 50 for a high-speed transaction.
— Anthony Sassano | sassal.eth 🏴 (@sassal0x) February 22, 2021
For an average fast transaction, users have to pay around $ 30 right now – but their transfer will be confirmed in less than a minute. Even the fees for low-speed ETH transactions have risen to about $ 26, these require more than an hour to be confirmed.
“Low”, “average”, and “high” refer to rough categories of how long a transaction is expected to take. It’s useful for measuring how much you need to spend on a transaction, depending on how quickly you want it to happen.
Prices for decentralized finance (DeFi) users are much worse. A transaction on Uniswap, Ethereum’s most popular DEX, is currently charged between $ 217 and $ 286, depending on its priority. So unless you’re trading with a much larger amount than that, it’s probably not worth it.
Even Ethereum-based token transfers are quite expensive today – between $ 70 and $ 93, according to Etherscan’s data. These are tokens that run on the Ethereum network but are not themselves ETH. Ethereum-based token transactions are more expensive because they are processed using smart contracts.
From this perspective, it’s hardly surprising that Ethereum users are flocking to alternative networks such as the Binance Smart Chain, regardless of how central they are.