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I'm wondering what has caused this recent spike? enter image description here

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The increase has mostly been caused by the interest in DeFi (Decentralized Finance). Interest has soared so users are submitting more transactions to participate in DeFi.

Here you can see the increase in interest (the amount of assets locked up in DeFi): https://defipulse.com/ . You can see that in maybe just two months the amount has gone up from 1 billion to over 6 billion. And the amount keeps on rising, so maybe transaction fees will also keep rising - who knows.

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  • ETH 2.0 will (hopefully) decrease the tx fees again
    – cqx
    Aug 17, 2020 at 9:25
  • Oh yes, in the far far future :)
    – Lauri Peltonen
    Aug 17, 2020 at 11:33
  • trades on decentralized exchanges are expensive
    – user610620
    Feb 2, 2021 at 4:11

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