With Ethereum’s fees skyrocketing to new highs as ETH entered price discovery mode, using some complex DeFi protocols was made impossible as the gas fees increased to over $1,000

Ethereum’s gas fees are spiking to record highs once again, rendering many DeFi protocols practically unusable for traders. After increasing somewhere in the ballpark of 20% in the last 24 hours, average ETH transaction fees are now at a record $17.67.

Transaction fees as high as $5,000

As many DeFi projects require the execution of complex smart contracts, some reports show that fees associated with using these protocols now exceed $1,000. As the chaos unveiled, Twitter user “Olive Allen” reported their estimated gas fees of nearly $5,000 to accept a Rarible bid.

Almost 5k is the price to accept a bid on @rariblecom now!! Is it because of ETH high gas fees or some type of bug ?
Thoughts ? pic.twitter.com/tYoV1ilB85

— Olive Allen (@IamOliveAllen) February 3, 2021

However, this is not the only case of such high transaction fees. A single large transaction on the Synthetix Network was estimated at above $1,100, while even simple swaps using Uniswap and SushiSwap cost anywhere from $40 to $75.

WTF??? pic.twitter.com/0luArQfeaK

— Ran Neuner (@cryptomanran) February 3, 2021

Projects exploring other options, but is it worth it?

Ethereum is not alone when it comes to soaring transaction fees, with Bitcoin’s average transaction costing over $14 at the moment. Despite the skyrocketing costs of utilising the BTC and ETH networks, traders appear extremely bullish on both cryptocurrencies. Ether has recently posted a new all-time high of $1,700.

Ether’s