Why are gas fees so high?

That’s a great question!

Gas refers to the fee or value of the price required to successfully complete a transaction or enter into a contract on the Ethereum blockchain platform. Gas prices have been rising since the beginning of this month, rising by more than 14% year on year in January.

The high cost of gas is due to the popularity of Ethereum. Performing any Ethereum operation requires gas consumption and gas space is limited per block. “We cannot keep the inflation high for long, it’s unsustainable”, one of two lawyers from Ethereum explained. “The inflation rate can be controlled in two ways – either lower it or increase the value of our currency”, he said.”

At the end of June, Ethereum’s transaction costs were more expensive than the US dollar.

When asked about the growing interest in Ethereum, one expert said it was “too early to tell”. On the other hand, those who have invested in cryptocurrencies can expect a significant rise in price. However, there are still numerous problems with this approach. In July, Bitcoin, Litecoin and Ethereum were all listed on Mt. Gox. This website, which lost millions of dollars, has since returned. But it has not returned the funds to investors.