Ethereum Gas Fees Hit Lowest Level in Seven Months
The Ethereum (ETH) blockchain’s transaction gas costs have decreased to their lowest level since August. However, they’re still a little pricey. As reported by CryptoRank Platform using data from Coinmetrics, the seven-day moving average cost of an Ethereum transaction was $11.14 on March 9th, bringing it down to levels seen in the middle of last year before a rapid rise to $55 towards the end of 2021.
According to Etherscan statistics, the gas prices for low-speed confirmations are approximately 30 Gwei ($1.53) and the gas fees for high-speed confirmations are around 32 Gwei ($1.64) at the time of writing. Since the beginning of the year, the average gas price of Ether has dropped from 218 Gwei to 40.82 Gwei, according to data from Ycharts, which demonstrates that the price has dropped significantly.
On many instances in 2021, the network has been under criticism for its unreasonably high gas prices, which have been a major factor in Ethereum’s NFT and DeFi growth. Compared to late 2021, there seems to have been a decrease in speculation or interest in NFTs and DeFi at the beginning of this year.
DappRadar data reveals that nine out of the top ten Ethereum markets have had lower trade volume in the previous 30 days, with LooksRare, which came in first, and OpenSea, which came in second, both losing 78.27 percent and 34.75 percent, respectively. SuperRare and Rarible also suffered significant losses, falling by 73.29 percent and 80.65 percent, respectively.
In the last month, eight of DeFi’s top ten projects have fallen into a deep, dark red in terms of total value locked (TVL) and the price of their native asset tokens.
The cost of transactions on the @Ethereum network has not been this low since Aug 2021. Notably, gas prices surged after staying in this range for about 3 months with experts attributing the spike to a rise in interest in the #NFT and #DeFi ecosystems.
— CryptoRank Platform (@CryptoRank_io) March 9, 2022