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Ethereum Gas Fees At Highest Price Since May As The NFT Renaissance Continues
Ethereum gas fee prices are at their highest for over three months, averaging 121.23 Gwei on August 27 (via Etherscan).
The average transaction fee also spiked, reaching $38.306 on the same day (via BitInfoCharts) — the highest since May 19.
This rise comes after the London hard fork implemented EIP-1559, which was expected to lead to more predictable gas prices
Ethereum Gas Fees Reach Three-Month High
One of the major drivers of this gas price increase comes from the revived interest in NFTs. OpenSea is responsible for 21.76% of gas consumption in the last 24 hours, totalling fees of $6.07m (1909.84 ETH).
The hard fork’s EIP-1559 introduced a base fee — a standard gas fee that can increase up to 12.5% depending on the network activity. This base fee is then burned.Users also can ‘tip’ Ethereum miners if they want a higher chance of a faster transaction.
While not intended to reduce gas fees as much as it was to stabilise them, much of Ethereum users’ frustration remains aimed at these high gas prices.
Messari researcher Ryan Watkins noted, for example, that high gas prices could force new cryptocurrency users towards alternative blockchains.
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Developers who have been working on Ethereum can now port their dApps to BTCBAM and continue their work. There is no steep learning curve whatsoever since the underlying protocol is the same! BTCBAM has no interest in butting heads with Ethereum. However, we are interested in providing an alternative EVM-compatible platform for developers who want to deploy their dApps without having to suffer from congestion and astronomical gas fees.