Coinbase Report: Ethereum Gas Fees Rise 498% in Two Weeks as Network Activity Surges

Coinbase's weekly report released recently pointed out that the average Ethereum Gas fee between September 16 and September 26 was 498% higher than the monthly average, and the median transaction cost rose from $0.09 at the beginning of the month to $1.69. Coinbase analysts David Duong and David Han said that the surge in transaction fees was due to a surge in on-chain activity on Ethereum. "There is no single driving factor that has led to increased trading activity," the analysts said. They highlighted several contributing factors, including a slight increase in trading volume on Ethereum DEX, up 9% month-on-month, and "USDC deposit rates on lending platform Aave also rose modestly from 3.5% to 4.5%, indicating a slight increase in leverage." In addition, the analysts added that Ethereum's total transaction volume increased by 17% in the past week, corresponding to higher transaction fees. According to blockchain efficiency company Gashawk, the increase in gas fees clearly reflects the increase in on-chain activity, and gas fees surged to 40 gwei several times last week. Based on CryptoQuant data, increased on-chain activity and transaction fees have also led to a surge in total ETH fees consumed per day, rising by more than 900% between September 14 and September 24 to 2,097 ETH. At the same time, data from DappRadar shows that Ethereum's on-chain DApp transaction volume has almost doubled in the past 24 hours, up 97% to $3.6 billion. Similarly, NFT transaction volume also increased by 17% on the day, reinforcing the increasing activity on the Ethereum blockchain. (Cointelegraph)