Ethereum gas fees surged to insane levels amid NFT and DeFi frenzy

TL;DR Breakdown: Ethereum gas fees were seen at high levels today, so much that Uniswap transactions cost nearly $500. About 9.23 ETH are burned every minute due to the spike in the network fee. For days now, many Ethereum users have been complaining about the ridiculous gas fees which have rendered the network almost unusable for them. Due to the continuous frenzy in the non-fungible token (NFT) and DeFi market, Ethereum gas fees were spotted at an insane level today, which would cost nearly $500 to process a transaction on Uniswap. Users lament over spike in Ethereum gas fees  As seen at 14:15 UTC today, the transaction fee for ERC-20 token transfers increased to $147.32 at low priority and $148.87 at high priority. It would also cost about $458 for token swaps and $400 to add/remove LP from the Ethereum-based decentralized exchange, Uniswap.  The ridiculous increase in Ethereum gas fees is a result of the transaction load on the network, which is probably spurred by the rapid-growing amount of trades and activities on the DeFi and NFT market. Consequently, this is rendering the network unusable for many retail Ethereum users, since it’s not profitable to pay more in fees just to process small transactions. These ETH Gas fees are insane. I usually price my NFT’s with gas fees in mind, but high fee prices will turn off potential buyers especially if the item costs less. pic.twitter.com/PbJUl04IxW— REDЯU...