Crypto

Ethereum Reaches a new All-time High for Gas Usage

Transaction fees affecting different cryptocurrency ecosystems in unique ways. For Ethereum, its gas used – based on a 7d moving average – has reached a new all-time high. 

Every service or application built on top of Ethereum utilizes gas to operate.

Ethereum Gas Usage Rises Swiftly

Additionally, all regular users also pay transaction fees in gas.

As such, the more popular the network becomes, the higher the gas usage will be.  

Based on that sentiment, it is impressive to see a new all-time high being reached.

The previous peak dates back to late September 2019, after which a steep decline in gas used began to materialize. 

Today,more gas is being used than ever before in a seven-day period.

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Statistics by Glassnode confirm that the recent gas usage surpassed 60 billion units. 

That is nearly double the amount compared to early January 2020. 

One potential contributor to this new all-time high is Tether’s USDT.

The stablecoin has become increasingly popular on Ethereum’s blockchain.

There are also the many DeFi services, dApps, and smart contracts that contribute to these higher figures. 

All in all, it appears as if Ethereum is in a very good place right now, although there is still room for further growth.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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