#GasFeeImpact Ethereum, the second largest cryptocurrency by market capitalization, is the backbone of decentralized finance (DeFi) and smart contract applications. A crucial component of this network is the "gas fee," which users pay to execute transactions or run smart contracts. Recently, the sudden spike in these gas fees has raised concerns for both investors and users.

Understanding Ethereum Gas Fees

Gas fees on the Ethereum network represent the cost of executing a transaction or carrying out a smart contract. These fees are paid in Ether (ETH), the native cryptocurrency of Ethereum. Gas is a unit that measures the computational effort required to perform operations. The more complex the operation, the higher the amount of gas required.