The median amount of commissions in the Ethereum network has reached its highest level in the past two years due to the growth of the DeFi industry and an increase in the volume of stablecoin transactions.
Coinbase analyst Max Bronstein believes that such a surge in the volume of commissions in the Ethereum network is associated with an increase in the number of transactions of stable cryptocurrencies. At the same time, transactions with the usdt stablecoin affected the most.
Over the past month, the volume of commissions for transactions with USDT in the Ethereum network amounted to $2.56 million. However, the increase in the number of transactions with stablecoins is the main, but not the only reason for the increase in the median size of commissions.
The growth of commissions was also helped by the increased popularity and number of transactions in the decentralized Finance (DeFi) protocols Uniswap and Kyber Network. In addition, the volume of transactions with the ETH cryptocurrency itself is also growing.
Note that the growth of commissions may become a problem for the Ethereum network. According to the managing partner of Blocktown Capital, Joseph Todaro, if the size of commissions continues to grow, or at least remains at the same level, then Ethereum users will start looking for an alternative to this network. They can pay attention to projects similar to Ethereum, but with greater network bandwidth.
However, the launch of Ethereum 2.0 is planned soon. the Update should solve all the performance problems of the network of the second largest cryptocurrency. Earlier, Vitalik Buterin said that Ethereum 2.0 should be launched in July.