Ethereum fees spike above $4 amid Scroll airdrop
- Ethereum transaction fees recently surged above 4 USD.
- The increase was triggered by an airdrop from the Layer-2 network Scroll.
- The Dencun upgrade had previously lowered fees on Layer-2 networks.
- Despite temporary spikes, fees remain lower than on the Ethereum mainnet.
Why have Ethereum fees increased?
After a period of low transaction fees on Ethereum, there was a sudden surge in so-called “Blob Fees” to over 4 USD on October 22, 2024. This was caused by an airdrop from the Layer-2 (L2) network Scroll, where the governance token SCR was distributed to users. This heightened activity led to a temporary network overload and a spike in fees.
What are Blobs, and how do they affect fees?
Blobs were introduced with the Dencun upgrade to reduce transaction costs on Ethereum. They are part of the optimizations made possible by the so-called Proto-Danksharding. Thanks to this technology, more transactions are offloaded from the main blockchain (mainnet) onto Layer-2 networks. The result: lower costs for users. However, the recent rise in Blob Fees shows that temporary spikes can still occur during periods of high network congestion.
How often can such spikes be expected?
Since the introduction of Blobs, this is the third significant increase in fees. Such events typically occur during periods of heavy network traffic, like during airdrops or other major actions. Despite these occasional spikes, the fee levels on Layer-2 networks remain significantly lower compared to the mainnet.
How have Ethereum fees evolved overall?
Since the Dencun upgrade, Ethereum fees have generally decreased. Particularly through the migration of many transactions to Layer-2 networks, user costs have been reduced. Data from Crypto Fees shows that average daily fees over the past week were around 6.7 million USD, while 24-hour fees were approximately 5.4 million USD. These figures highlight that Ethereum continues to work towards reducing transaction costs for its users.
Our Assessment
The recent rise in Ethereum fees shows that even after significant upgrades like Dencun, temporary spikes can occur, especially during highly trafficked network events like airdrops. Nevertheless, Ethereum remains on a solid path to reducing transaction costs in the long term, particularly through the use of Layer-2 networks. However, users should be aware that such spikes are still possible during exceptional network activities.
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