Ethereum gas fees rise 498% in two weeks as network activity surges

Odaily Planet Daily News Coinbase recently released a weekly report stating that the average Ethereum Gas fee between September 16 and September 26 was 498% higher than the monthly average, and the median transaction cost rose from $0.09 at the beginning of the month to $1.69.
Coinbase analysts David Duong and David Han said the surge in transaction fees was due to a surge in on-chain activity on Ethereum.
Analysts said: "There is no single driving factor that has led to increased trading activity." They highlighted several contributing factors, including a slight increase in trading volume on Ethereum DEX, up 9% month-on-month, and "USDC deposit rates on the lending platform Aave also rose modestly from 3.5% to 4.5%, indicating a slight increase in leverage."
In addition, the analyst added that Ethereum's total transaction volume has increased by 17% in the past week, corresponding to higher transaction fees.
According to blockchain efficiency company Gashawk, the increase in Gas fees clearly reflects the increase in on-chain activity, and Gas fees have soared to 40 gwei several times last week.
Based on CryptoQuant data, increased on-chain activity and transaction fees have also led to a surge in total ETH fees consumed per day, rising by more than 900% between September 14 and September 24 to 2,097 ETH.
At the same time, data from DappRadar shows that Ethereum's on-chain DApp transaction volume has almost doubled in the past 24 hours, up 97% to $3.6 billion. Similarly, NFT transaction volume also increased by 17% on the day, reinforcing the increasing activity on the Ethereum blockchain. (Cointelegraph)