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Analysts determine the best time to send Ethereum transactions

The rise in popularity of applications from the decentralized finance (DeFi) space is inevitably reflected in the fees users have to pay for processing transactions on the Ethereum blockchain. According to BitInfoCharts, the average cost of processing an Ethereum transaction is now over $ 7, and at times traders have to spend over $ 100 on complex transactions, such as transactions on the Uniswap decentralized exchange.

This situation persists for more than six months, and as long as developers continue to work on short-term and more fundamental solutions, users can help themselves. To do this, they just need to know what time of day it is better to send Ethereum transactions. Analysts from Flipside Crypto have compiled statistics on the hours when fees on the Ethereum network were highest or vice versa favorable.

The data was collected based on the activity on the Ethereum network for the entire 2020. The colored bars represent the areas where the most data accumulation was observed. Outliers are black dots.

The presented statistics clearly show that the highest fees are in the Ethereum network from 2 to 6 PM UTC (from 17:00 to 21:00 Moscow time). The best time to send transactions was from late evening to early morning. Closer to lunchtime, commissions start to rise again.

This information is useful for users performing regular Ethereum transactions. For DeFi traders, any delay can cost the opportunity to conduct a profitable operation. Because of this, many try not to enter into transactions for small amounts, since the commission can absorb a significant part of the profit. The following Flipside Crypto observation confirms this trend.

After analyzing the nature of transactions in the Ethereum blockchain, analysts found that the “whales” move cryptocurrency much more actively than small holders. In this case, wallets containing more than 20 ETH were classified as “whales”. The activity of such large wallets coincided with the increase in commissions.

Number of Ethereum transactions of large and smaller wallets

Based on time zones, analysts also tried to estimate which regions are driving the largest increase in commissions. It turned out that Asian and North American holders of Ethereum show approximately the same levels of activity without visible bias in one direction or another.

Recently, the price of ETH has set new all-time highs around $ 1,500. This has become another factor in the growth of commissions in dollar terms, as while maintaining the same load on the blockchain, the fiat value of a gas unit becomes higher.

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