Ethereum blockchain data suggests that the average transaction fee has dropped significantly to $1.63.
By data service CryptoRank, the 7-day moving average of the transaction size on the Ethereum network reached $11.14 as of March 9 – the lowest since August 2021. At the same time, at the beginning of this year, the figure reached $55. According to the Etherscan service, at the time of publication, a regular transaction with ETH costs 25 Gwei ($1.36).
Recall that in the Ethereum network, transactions using smart contracts are much more expensive. According to Etherscan, a user will pay an average of $10.5 for the sale of NFTs on the OpenSea site, and $9.59 for the exchange of tokens on the Uniswap v3 decentralized exchange. Moving USDT stablecoins on the Ethereum network will cost less – about $2.8.
The reason for the decrease in commissions in the Ethereum network was the lower activity of projects and users. At the same time, if the total number of transactions in the blockchain did not decrease so much, then the activity of NFT trading platforms and DeFi projects fell significantly. For example, trading volumes on the LooksRare and OpenSea platforms over the past month have decreased by 78.27% and 34.75%, respectively. A similar situation is observed among the most popular DeFi projects.
Earlier it was reported that ETH miners were able to earn $1.25 billion in February.
Source: Bits
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