Few exchanges temporarily stop Ether withdrawals.
On February 4th, the ETH price gained another rise of over $ 1,600, with an approximate 20% increase over the past seven days. The rising price has steadily raised transaction costs, reaching new historic highs.
But, average gas fees reached an all-time high of $17.5 per trade on Feb.3, making certain exchanges stop ERC-20 and Ether withdrawals.
As previously reported, gas fees began to see significant growth in early January 2021, when Ethereum broke its previous record of over $1,400.
The latest increase in gas fees has had a major impact on a number of decentralized finance projects, with some DeFi transaction fees rising to over $ 1,000. Fees on major decentralized exchanges like Uniswap and SushiSwap, rose to abnormal levels between $40 and $75. DeFi users looking for lower fees are reportedly turning to Ethereum alternatives like Flamingo.