Liquid, one of the well-known cryptocurrency exchanges, announced that it has temporarily suspended ETH withdrawals due to the rise in transaction fees with the price and demand increase in ETH.
“We temporarily suspended ERC-20 tokens and ETH withdrawals due to the increase in gas fees. Service will be resumed when fees return to normal levels. All other cryptocurrencies are functioning normally. Thank you for your understanding." It was said.
According to the latest data, the average transaction fee on Ethereum is about $ 23, and this is an all-time high. A similar increase in Ethereum's transaction fees was seen early last January. Using decentralized exchanges such as Uniswap and SushiSwap has also been costly as transaction fees hover at these levels. The fees for swap transactions on these platforms have increased to the range of $ 40 to $ 75.
Ethereum developers, on the other hand, have been working on solutions for several years to overcome this problem in the network. Ethereum is currently in an Ethereum 2.0 process. When the transition to Ethereum 2.0, a more developed and improved version of Ethereum, is successfully completed, it is predicted that the capacity of the network will increase hundreds of times and transaction fees will decrease dramatically accordingly. This transition is expected to be completed in the next few years.
