Gas fees for transactions on the Ethereum blockchain have fallen to the lowest level since August. But it still isn’t cheap.
According to data from Coin Metrics provided by the CryptoRank platform, the seven-day moving average transaction value of Ethereum was $11.14 on Wednesday, bringing it back to levels seen in the middle of last year before rising to $55 at the end of the year. 2021.
At the time of writing, network congestion is minimal. Etherscan data has estimated gas costs around 30 Gwei ($1.53) for a low speed confirmation, to 32 Gwei ($1.64) for a high speed confirmation.
Ycharts data also shows that the average price of gas ether (ETH) has fallen rapidly since the beginning of the year, dropping from 218 Gwei on January 10 to 40.82 Gwei as of Wednesday.
Amid the explosion of non-fungible tokens (NFTs) and the decentralized financial (DeFi) sectors of Ethereum in 2021, the network has been criticized several times for exorbitant gas fees.
The lower occupancy and lower fees appear to be due to lower speculation or interest in NFTs and DeFi earlier this year compared to the end of 2021.
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DappRadar data over the past 30 days shows that nine of the top 10 Ethereum markets have seen a decline in trading volumes, with LooksRare and OpenSea down 78.27% and 34.75%, respectively. Other notable losses include SuperRare and Rarible at 73.29% and 80.65% each.
Ethereum-based DeFi also suffers. Eight of the top 10 projects have been marked in overall red over the past month in terms of total locked value (TVL) and the original token price of the assets.