WHAT IS GAS FEES

Crypto gas fees are the fees required to process and validate transactions on a blockchain network. These fees are paid by users to miners or validators who process and confirm transactions on the network. Gas fees are typically denominated in the native cryptocurrency of the blockchain network, such as Ether for the Ethereum network, and can fluctuate based on network congestion and demand for processing transactions. Users can adjust the gas fees they are willing to pay to prioritize their transactions on the network.

TOP 4 REASONS WHY ETH GAS FEES ARE HIGHER

1. Network congestion: When there is a high demand for processing transactions on the Ethereum network, the gas fees can increase due to the limited capacity of the network to process transactions.

2. Complex transactions: Transactions that require more computational resources, such as smart contract interactions or decentralized finance (DeFi) transactions, can result in higher gas fees.

3. Market speculation: Speculation and trading activity in the cryptocurrency market can also impact gas fees, as users may be willing to pay higher fees to prioritize their transactions during periods of high market activity.

4. Limited scalability: Ethereum's current infrastructure has limitations in terms of scalability, which can contribute to higher gas fees during peak usage periods.

the high gas fees on the Ethereum network are a result of a combination of factors including network congestion, transaction complexity, market speculation, and scalability limitations. The Ethereum community is working on solutions to address these issues, such as the upcoming Ethereum 2.0 upgrade which aims to improve scalability and reduce gas fees.