Ethereum on-chain transaction volume surges, gas fees hit a one-month high

According to BlockBeats, on February 5, due to the recent surge in Ethereum on-chain transactions, transaction fees once again broke through a one-month high, with the single transfer fee exceeding $20 for the first time yesterday (February 4). Ethereum's average and median transaction fees were as high as $23.43 and $11.77, respectively.

The current price is twice the highest transaction fee recorded during the "DeFi liquidity mining boom" in 2020. According to OKLink data, the current recommended gas fee is 264 gwei.

The increase in transaction costs on the Ethereum network also reflects the growing demand for ERC-20-based tokens, especially stablecoins and decentralized finance (DeFi), which have seen a sharp increase in demand. According to Messari data, the total market value of DeFi has risen by 16.37% in 24 hours, led by tokens such as Uniswap (UNI) and Aave (AAVE).

Uniswap, Tether and 1inch ranked the top three in terms of gas fee share. In the past 24 hours, nearly 18% of the gas fee consumption on the Ethereum chain came from the Uniswap platform.

Of course, thanks to the popularity of the Ethereum network, miners are the main beneficiaries of the surge in fees. According to previous reports, Ethereum miners earned about $830 million in January, 40% of which came from transaction fees.