Ethereum network fees reach their highest since May 2023

  • The average commission on the Ethereum network reached 70 Gwei.
  • The last time such an indicator was observed was in the spring of 2023.
  • At its peak, transaction costs reached 377 Gwei, according to Etherscan.

On February 9, 2024, the average commission on the Ethereum network jumped to 70 Gwei. Peak gas costs reached 377 Gwei, according to Etherscan. The last time such an indicator was recorded was May 12, 2023.

On February 9, the average commission on the Ethereum network reached 70 Gwei.  Source: Etherscan
On February 9 the average commission on the Ethereum network reached 70 Gwei Source Etherscan

Data from the Dune Analytics platform confirms a surge in the cost of commissions on the Ethereum network:

Average fees on the Ethereum network from September 2023 to February 2024.  Source: Dune Analytics.
Average fees on the Ethereum network from September 2023 to February 2024 Source Dune Analytics

At the time of publication, this figure has returned to the standard value and is 20 Gwei. Presumably, the price jump occurred against the backdrop of the launch of the new ERC-404 token standard.

As noted by user X (formerly Twitter) under the pseudonym Pop Punk, ERC-404 uses approximately three times more gas to complete transactions:

On February 7, the trading volume of such assets reached $105 million. Meanwhile, already on February 12, the capitalization of ERC-404 tokens fell by 21.6%.

The Incrypted team collected information about the new standard to understand how ERC-404 works. More details in our material:

Let us remind you that on February 9, the Ethereum rate exceeded the $2,500 mark. The asset is currently trading near $2,480, according to TradingView:

ETH/USDT chart on the Binance exchange.  Data: TradingView.
ETHUSDT chart on the Binance exchange Data TradingView

We previously reported that in November, fees on the Ethereum network jumped to 272 Gwei. In turn, this led to an increase in the cost of trade swaps to $60-100.

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Barack
As an experienced journalist, expert in useful tips, I have a passion for providing valuable information and practical guides to a wide audience. My articles are characterized by thorough research and verification of reliable sources that ensure the quality and accuracy of every information I provide
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