Transaction fees on the Ethereum network dropped to December 2020 levels

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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.

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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.

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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

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