The average transaction fee on the Ethereum network has exceeded $6

The average commission for a transaction in the network of the second largest cryptocurrency by capitalization again exceeded $6.

Previously, the same high rate was in mid-August. In comparison, the average transaction fee on the bitcoin network is currently $2.85.

According to EthGasStation, it is recommended to set the gas price at 300 Gwei for fast transactions (<2 minutes). For standard and slow transfers, these figures are 250 and 162 respectively.

The largest gas consumers are the non-custodial exchange Uniswap, the stablecoin Tether (USDT) and the SmartWay Forsage project, which has signs of a financial pyramid.

According to Glassnode, the volume of transactions on the Ethereum network is 3.6 times higher than bitcoin – 1,074,630 versus 292,637, respectively (as of August 29).

This significant on-chain activity is likely largely due to the continued growth of the decentralized finance sector. The total value of Ethereum locked on smart contracts for DeFi applications is approaching $9 billion.

Also, the segment of decentralized exchanges (DEX) is growing rapidly. The total trading volume on non-custodial trading floors over the past 30 days has grown by 143%, and over the last day – by 27%.

Tether has used the OMG Network sidechain. This is done to improve the performance of the USDT stablecoin network, reduce costs and reduce pressure on the Ethereum network.

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