Gas prices on Ethereum posted fresh all-time highs on Tuesday as making a transaction now requires bidding more than 450 gwei, according to EthGasStation. Fees reach as low as 2 gwei in calm periods and were previously considered high at 30 gwei.
The gas price is a generalized indicator of average prices, but translating it into actual transaction costs is not straightforward. Since different types of transfers consume varying amounts of gas, there is a very significant difference between simple Ether (ETH) transfers and interacting with a DeFi smart contract.