Summary
Skyrocketing prices in the crypto market have led to a steep rise in Ethereum gas fees, with costs exceeding $372 for NFT transactions and over $220 for token swaps. The surge in fees comes as ETH hits $3,500 and a CryptoPunks NFT sells for $16.03 million. The Dencun upgrade is expected to reduce transaction costs on Ethereum layer-2 scaling networks. Developers anticipate gas fees may soon become obsolete.
Key Points
1. Ethereum gas fees have skyrocketed due to the rising prices across the crypto market, with fees exceeding 174 gwei at certain points.
2. Completing a typical NFT transaction on Ethereum can cost over $372.29, while swapping tokens can cost upwards of $220 per transaction, making certain transactions prohibitively expensive.
3. The increase in gas fees on Ethereum comes amidst surges in the value of cryptocurrencies like Ethereum and Bitcoin, as well as on-chain assets like NFTs. The upcoming Dencon upgrade is expected to substantially reduce transaction costs on Ethereum’s layer-2 scaling networks.