Ethereum transaction fee has grown tenfold this year because of network congestions

Bit Team
1 min readJul 24, 2020

Network congestions slow down transactions within ETH network and lead to higher operational fees. Although developers are doing their utmost to implement updates as fast as possible, the network’s vulnerabilities provide opportunities to rival.

Ethereum trasaction fees are growing

Despite that Ethereum is the second largest crypto according to market capitalization, it is dominating in many sectors of crypto markets. This includes stablecoins like True USD (TUSD) and the whole ecosystem of decentralized finances (DeFi).

Nevertheless, increasing congestions and fees raise users’ concerns regarding the network’s future. Besides, users worry about that it may take a great deal of time for developers to implement corrections.

A lot of “Ethereum killers” like EOS and Cardano have been launched over the recent years. Still none of them have reached the heights of ETH. Nevertheless, high ETH transaction fees may provide new opportunities to competitors.