ETH Transaction Fees Hit All-Time High Second Day in a Row

According to blockchain data platform Blockchair, the average transaction fees paid by Ethereum users have reached a new record average of over $7.50. During a similarly congested period from June - July 2020, Ethereum co-founder Vitalik Buterin called for reform to the cryptocurrency’s fee system, suggesting fees this high could undermine the security of the network.

According to Buterin, miners’ increasing reliance on transaction fees may incentivize selfish mining practices. This proposal would result in the blockchain burning base transaction fees to reduce the miner’s reliance on them as a source of income.

Timeline of Ethereum