Ethereum Gas Fees Continue Volatile Swings, Spiking 1,900% in September and 13% in December Despite Recent Lows
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Ethereum gas fees are payments users make to perform functions on the blockchain. Fees are measured in Gwei and have wildly fluctuated.
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In October 2022, gas fees hit new lows as activity slowed. Major drops also occurred after the switch to proof-of-stake consensus.
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On Sept. 30, 2022, gas fees surged 1,900% when Binance activated dormant wallets. Fees spiked to 300 Gwei from 15 Gwei.
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On Dec. 1, 2022, gas fees spiked 13% due to a surge in transactions for a new NFT project, Buterin Cards.
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Social media users have reacted to the high fees with memes and complaints. Some question Ethereum's adoption given the exorbitant costs.