On Saturday, June 2, the average transaction fee on the Ethereum network was $1.67. The last time the indicator was at such values was in December 2020, according to BitInfoCharts.
Fees have been rising since January 2021 amid the explosion of the DeFi sector and the NFT boom. The average amount of fees recorded a maximum of $196,683 on May 1, 2022. After that, it decreased along with the cooling of the market.
In June, NFT sales showed the worst performance in a year. According to nonfungibleas of the middle of the month, daily trading volume was $13.8 million in approximately 16,200 trades.
The total volume of funds blocked in DeFi protocols in the Ethereum network decreased to $45.7 billion, the values of the beginning of March 2021. The total figure is $72.8 billion.
On June 26, the number of daily transactions in Ethereum amounted to ~920,000. The last time such low activity was observed on the network was in the fall of 2020.
As of June 30, the daily income of miners has fallen to ~ 6784 ETH or ~ $ 7.2 million (Glassnode). At the peak of the average fee on May 1, miners earned ~$269.3 million.
In February, Ethereum co-founder Vitalik Buterin made two proposals to reduce transaction costs using ZK-Rollups.
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Source: Cryptocurrency
