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Ethereum Fees Just Hit a Multi-Year High, But There Are Solutions

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The past few weeks have seen Ether stall in terms of price action, with the cryptocurrency trading between $210-240. Not the same can be said about Ethereum’s underlying blockchain activity.
Due to a perfect storm of events, the number of users of the network has skyrocketed.

Blockchain analytics firm Santiment reported last week that the number of new ETH addresses created a day surpassed 100,000:
“ETHEREUM’S NETWORK GROWTH METRIC HAS RAPIDLY BEEN ON THE RISE SINCE THE BEGINNING OF 2020, CREATING 237% MORE ADDRESSES YESTERDAY THAN IT DID ON JAN 1, 2020 (AND ~+200% ACCOUNTING FOR ROLLING AVERAGES NOW VS. THEN).”

A similar trend of growth has been seen in the daily count of transactions.
Below is a chart from Etherscan showing that the number of transactions on Ethereum is starting to near 2018’s all-time high. Late last week, there were over 1.1 million transactions in a single day; the all-time high is around 1.37 million transactions in a day.

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