Ethereum gas fees drop as daily DEX and DeFi volumes decline
Ethereum fees have pulled back from their recent highs alongside a decline in DeFi transaction volumes but the rise of NFTs could push transaction costs back to new highs. The rising popularity of decentralized finance (DeFi) has brought fresh attention and optimism to the cryptocurrency sector with the total value locked on all protocols increasing from $1 billion to $59 billion in less than a year and the top 5 platforms accounting for $24.33 billion of the total value. Rising gas fees have been one of the most noticeable results of the increasing interaction with DeFi protocols and....
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Ethereum fees remain high as the network continues to see some of the highest traffic in the industry. Daily transaction volumes put Ethereum in the billions per day and all of these transactions carry a higher than average fee. This fee structure which has caused concern among users seems to not be going anywhere, but there looks to be a light at the end of the tunnel. Recently, the average transaction fee for Ethereum transactions has dropped significantly. In the past week, the average transaction fee for ETH transactions topped 35% in total, but it still remains on the high side....
Ethereum still boasts one of the highest transaction volumes in the crypto space but recently, the blockchain has been seeing a decline in its transaction fees. The fees decline significantly which has been a welcome development for users of the network. However, this decline has sparked concerns regarding what types of effects it could have […]
Ethereum gas prices have been declining for a while now. It had risen to its all-time high back in 2021 when the bull market was in full bloom. It then continued to maintain on the high spike, spiking at various intervals to high points. At its highest, average ETH gas fees were as high as $69. However, with the recent downtrend and the market losing momentum, the gas fees have crumbled and the recent decline has seen its near six-month lows. Ethereum Fees Are Down Ethereum gas fees for the last three months showed a consistent downtrend that saw average gas fees decline as low as $5.98 in....
Both iterations of the world’s most popular DEX now generate more fee revenue than Bitcoin. The world’s largest decentralized exchange keeps growing and the newly-launched third iteration has now surpassed version two in terms of daily volumes.In addition to v3 topping the daily transaction volumes of v2, both have individually surpassed Bitcoin in terms of daily fee generation. The move was observed by Uniswap founder Hayden Adams who commented that both are earning more daily and weekly fees than Bitcoin miners.Data from Cryptofees showed that Uniswap v3, which was launched on May 5,....
Wallets interacting with Ethereum-based decentralized finance protocols have dipped significantly since mid-February. According to DappRadar, the unique active wallet count on the Ethereum decentralized finance market has seen a significant drop. Between mid-February and the time of writing, unique active DeFi wallets on Ethereum have dipped almost 40%.While Ethereum gas fees seem to have bottomed out, the high transaction costs that have characterized the network over the past few weeks appear to have resulted in a marked effect on DeFi user statistics.Source: DappRadarMajor DeFi....