Ethereum transaction fees are multiplying due to increased activity again. While they are far from the $4+ fees in January, it seems that some phenomenon is enabling them to reach levels we have not seen since the beginning of March.
The current rate of an ETH transaction right now is just above $0.60. It has been on a slow climb since early April after crashing at the beginning of the year.
Making a good perspective on the situation, the culprit appears to be the regionalized application (DApp) ecosystem that’s been receiving much attention over the last few weeks.
In the 24 hours up to 0300 GMT on June 23, a total of 65,250 transactions were made, consuming a total of over 20 million gas that moved about 23,500 Ether across the network, IDEX, the most common DApp right now, moved over 21,000 ETH in those 24 hours, accounting for over a fifth of its volume in the past seven days.
Still, right now, no signs are seen that the network would be bogged down like it was back when Crypto kitties – one of the first DApps on Ethereum – ground everything to a halt in December and even made Gemini block deposits and withdrawals.
In that case, crypto kitties took up about 20% of the whole transaction volume within the Ethereum blockchain. This long proportion has never been seen from DApps since then.
On Tuesday, the network was at 822,409 transactions. This means that DApps took up just below 8% of that volume.
But if these applications manage to attain the threshold of transactions, we might once again see the Ethereum network clog up. So far, we know of no permanent solution applied to prevent such a thing from happening again.