Ethereum has long suffered from high transaction fees, but this figure has dropped significantly in recent days amid falling DeFi transactions.
Ethereum fees have grown steadily since November 2020. The peak was reached on February 23, when users paid an average of 373 Gwei per transaction, which is about $ 11.72 at the current exchange rate. Since then, the average commission has decreased by 65% to 131 Gwei, and at some points it was possible to pay even less than 70 Gwei per transaction.
This was facilitated by a decrease in trading on decentralized exchanges (DEX). So, if on February 23, DEX users made deals worth $ 4.35 billion, then by March 3 the volumes had decreased by about half.
Flipside Crypto analyst Connor Higgins noted that there was significant volatility in the market on February 23rd and a hugely increased number of transactions, so the average commission size of $ 11.72 is out of the picture, and now the commission size is just bouncing back.
At the same time, commissions could be even lower, but in recent weeks the sector of collectible tokens (NFT) has been on the rise. Transactions with them also load the network and keep commissions at a relatively high level.
Note that in February, ETH miners received $ 1.37 billion, and the income from commissions amounted to $ 722.8 million and exceeded the income for the extraction of blocks – $ 644.4 million.