High transaction fees have been a persistent thorn in the side of investors and blockchain projects since at least 2014 when Ethereum Network co-creator Vitalik Buterin stated in reference to Bitcoin, “The ‘Internet of Money’ should not cost $0.05 per transaction. It’s kind of absurd.” 

Fast forward to November 2021 and the simple act of approving a token so that it can be transacted on Uniswap can cost as much as $50 worth in Ether (ETH)  depending on the time of day.

As a result of persistently high Ethereum fees, a growing number of users are bridging assets to lower-cost Ethereum Virtual Machine (EVM) compatible networks. Data from Dune Analytics shows that the total value locked on bridge protocols has been on the uptrend since the beginning of October.

As a result of persistently high Ethereum fees, a growing number of users are bridging assets to lower-cost Ethereum Virtual Machine (EVM) compatible networks. Data from Dune Analytics shows that the total value locked on bridge protocols has been on the uptrend since the beginning of October.