The average gas price on the Ethereum network has been steadily increasing throughout 2020. This is due to a variety of factors, including the increasing popularity of Ethereum and the DeFi protocols built on top of it.
As the number of transactions on the Ethereum network increases, so does the demand for gas. This has resulted in higher gas prices, as users are willing to pay more for their transactions to be included in a block.
The rise in gas prices has caused some users to reconsider using Ethereum, as the fees can now be quite high. However, there are still many reasons to use Ethereum, despite the high fees.
Gas fees are necessary to ensure that miners are compensated for their work in validating transactions and securing the network. Without gas fees, miners would not have an incentive to keep the network running.
While high gas fees may be off-putting for some users, it is important to remember that they are necessary to keep the Ethereum network running smoothly. For now, users will just have to continue to pay higher fees in order to use Ethereum’s decentralized applications and protocols.