Ethereum posts new highs as DeFi gas fees go through the roof – Cointelegraph

Ethereum posts new highs as DeFi gas fees go through the roof – Cointelegraph

Ethereum’s gas fees are again spiking to record highs, rendering many decentralized finance protocols unusable for casual investors.

After increasing roughly 20% in the last 24 hours, average Ethereum transaction fees are now sitting at a record $17.67.

With many DeFi projects requiring the execution of complex smart contracts, there are reports fees associated with using protocols requiring complicated transactions now exceed $1,000. Amid the chaos, Twitter-user “Olive Allen” reported estimated gas fees of nearly $5,000 to accept a bid on Rarible. 

When Cointelegraph checked earlier today a single large transaction on Synthetix was estimated at above $1,100 – however the protocol is undergoing an upgrade which could affect estimates.

But even simple swaps using decentralized exchanges Uniswap and SushiSwap cost from $40 to $75.

Responding to the high fees, ConsensusRough podcast co-host ‘Checkmate’ warned DeFi users to consider the expense involved in executing smart contracts before investing.

He shared the screenshot of a user that purports to show estimated gas fees exceeding the price of
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