Fees on the Ethereum network have fallen to their lowest level since 2022
Date: 2023-09-12 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
Against the backdrop of a drop in on-chain activity, the commission size on the Ethereum network has dropped to its lowest level since 2022, according to Coin Metrics.
The average fee for transfers to Ethereum is $1.83, and the cost of exchange through the Uniswap platform is about $4.17 at the time of writing. The last time such a low level was observed was in late 2022 after the collapse of FTX.
Over the past seven days, Ethereum supply has increased by 4,169 ETH, worth about $6.6 million, according to Ultrasound Money.
At the beginning of 2023, online activity showed positive dynamics thanks to sandwich attacks and the airdrop of the Blur NFT marketplace. Additionally, the burn rate has accelerated amid the hype around memcoins and Ethereum token staking.
However, NFT trading volumes fell to a two-year low in late August. Over the past year, the number of wallets buying and selling such assets has decreased by more than three times.
After a temporary surge in popularity in July and August, the popularity of bots Unibot and Banana Gum has also declined, according to data from the Dune platform. Ultimately, all this led to the cost of gas fees on the Ethereum network updating its 2022 lows.
Speaking at the Korean Blockchain Week 2023 conference in September, Ethereum co-founder Vitalik Buterin spoke about ways to solve the problem of centralization in the network.
