Ethereum gas fees reach $500K as ETH price hits a 2020-high at $486
Transaction fees on the Ethereum network have recently reached a new hourly record. As the decentralized finance sector continues to push the activity beyond the network’s limits, congestion on the network leads to a higher number of unconfirmed transactions, longer wait times and to higher fees as users compete to get their transactions confirmed faster.
While transaction fees have been a constant issue for Ethereum, there are a few solutions at work, including an old Ethereum Improvement Proposal (EIP), EIP 1559, which is now being tested in Filecoin, a decentralized file sharing and payment protocol. Stephen McNamara, COO at the OMG Network, explained how OMG can help Ether’s current fee issue.