Ethereum transaction fees have climbed to a point they have never been before since the beginning of March and the increased activity is the reason behind the same. It is indeed true that at the moment they are still far from the $4+ fees witnessed in January, but the rise is much higher that anyone could have guessed.
The state of affairs currently
An ETH transaction is at the moment moving slightly above $0.60. It has been climbing steadily from April though at the beginning of the year it started plummeting. A closer assessment of the situation brings it out clearly that the decentralized application (DApp) ecosystem is the culprit. Reports indicate that over the past few weeks it has been witnessing quite a huge deal of attention.
How far is ethereum from full-scale adoption?
It was in December that Gemini blocked withdrawals and deposits as well. That was after it witnessed CryptoKitties bringing everything to a standstill. Experts have said that they aren’t seeing any signs of the network getting bogged down as was the case back then.
Back then, CryptoKitties got to its side about 20% of the entire transaction volume within the Ethereum blockchain. Market analysts have outlined that such an extensive proportion hasn’t ever been witnessed from DApps since then.
It was on Tuesday that reports came out showing the network standing at a figure of about 822,409 transactions. In other words, DApps took up just below 8% of the total volume.
The point we have gotten to require the discovery of a permanent solution, which upon implementation might end up preventing the clogging of the Ethereum network. There is a need to do all that it takes to ensure that the applications do not accumulate to get to a certain threshold.
One of the most recognizable attributes of ethereum is its plethora of dApps, the ones in existence and those in development. Sources indicate that they have been providing real-world use cases not forgetting their massive market dominance at this point in time.
It is indeed great fun playing games on a secure distributed network. However, observers don’t speak quite positively about such congestion. Most of them see it as a sign that Ethereum is still far away from full-scale adoption.