Transaction Fees on Ethereum Network Surge

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In the first week of September, Ethereum’s average transaction fee dropped below $1 USD, a level not seen since July 2020.

This occurred before significant changes such as the proof-of-stake Merge, blob upgrades, or the release of the popular Bored Ape Yacht Club NFT collection.

Unfortunately, in recent weeks, the average transaction fee on Ethereum has once again increased. As of September 2021, the seven-day moving average fee is $3.52, more than triple its value on September 1st of $0.85.

This recovery in transaction fees has also resulted in an increase in the amount of Ethereum being burned. From an initial value of 80.27 eth on September 1, it has now reached 1,360 eth as of September 21st, showing a massive 1600% increase in just three weeks.

Leading the list of smart contracts consuming the most gas on the network in the past 30 days is Uniswap, along with its variant V2.