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Ethereum Gas Fee continue to rise

Ethereum is open access to digital money and data-friendly services for everyone – no matter your background or location. It's a community-built technology behind the cryptocurrency Ether (ETH) and thousands of applications you can use today. Lately, transaction fees on the Ethereum blockchain are continuing to rise, making it more expensive to send transactions or use decentralized apps (dapps) on the network. Both critics and supporters of Ethereum have conceded the issue.

According to Etherscan, Ethereum gas used continue to rise since 2018 and almost reaching 80B this year. Transaction fees are used to pay for operations on the network, such as transactions, smart contracts, decentralized applications and others which are measured in Gas. ***If gas prices rise, they become more costly to use.*** There are limits to transaction fees. But recently, they pushed up the limit from 10 million to 12.5 million, where it currently stands—giving the network an extra 25% boost.

The US-dollar backed stablecoin Tether, is the main cause of the inflation, which resulted in $2.4 million of transaction fees in the last month, according to EthGasStation. Other causes are decentralized exchanges, dapps, and at least one suspected Ponzi Scheme. Last July, co-founder of NEO (a rival blockchain platform), Da Hongfei tweeted about the ridiculous expensive cost of Ethereum gas fee which became an obstacle to defi transactions.

Ethereum is making progress towards solving the issue on the base layer (by making the network inherently more scalable) but it will take time. Yet even this won’t solve the problem straight away. According to Ethereum co-founder Vitalik Buterin, the main upgrades that will make Ethereum more scalable will come a few years down the line. **Latest Articles:** Earn Crypto Through Reading and Writing https://read.cash/@Jane/lets-go-crypto-earn-crypto-through-reading-and-writing-64f86e2a **Stellar Unites The Worlds Financial Infrastructure** **Chainlink Entered Top 4 by Marketcap** **Coinpot Has New VIP Reward System** https://read.cash/@Jane/lets-go-crypto-stellar-unites-the-worlds-financial-infrastructure-9d0d870a https://read.cash/@Jane/chainlink-entered-top-4-by-marketcap-50f7b142 https://read.cash/@Jane/coinpot-has-new-vip-reward-system-f2b2dacc **Understanding Segregated Witness (SegWit)** https://read.cash/@Jane/understanding-segregated-witness-segwit-41150169 I hope you learn something new today regarding crypto. If you find this article useful, please click the subscribe and like button and don't forget to comment down your reaction and opinion about this article. Thanks for reading!! Start of the week again RC. @Ashma rewarding contest is on 6th week. Check this out. https://read.cash/@Ashma/rewarding-points-system-for-get-sponsored-community-6848ff1f

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