According to research, the average gas price on Ethereum has been dramatically reducing since the beginning of the year, falling from 218 Gwei on January 10 to 40.82 on Wednesday.
The cost of gas for Ethereum blockchain transactions has dropped to its lowest level since August. They are, however, not cheap.
The seven-day moving average cost of an Ethereum transaction was $11.14 on Wednesday, according to Coin Metrics data provided by CryptoRank Platform, bringing it back to levels observed in the middle of last year before climbing to as high as $55 by the end of 2021.
At the time of writing, there seems to be minimal network congestion. Gas prices vary from 30 Gwei ($1.53) to 32 Gwei ($1.64) for a low-speed confirmation to 32 Gwei ($1.64) for a high-speed confirmation, according to Etherscan data.
According to Ycharts figures, the average gas price of Ether (ETH) has been steadily reducing since the beginning of the year, falling from 218 Gwei on January 10 to 40.82 Gwei on Wednesday.
Despite the fact that Ethereum’s NFT and DeFi sectors are predicted to grow substantially in 2021, the network has been lambasted on several occasions for its excessive gas prices.
Lower congestion and expenses seem to be associated with less speculation or interest in NFTs and DeFi at the start of this year vs late 2021.
According to DappRadar statistics, nine of the top 10 Ethereum markets saw reduced trading volume in the preceding 30 days, with LooksRare and OpenSea dropping 78.27 percent and 34.75 percent, respectively. Other significant losses include 73.29 percent for SuperRare and 80.65 percent for Rarible, respectively.
DeFi, which is based on Ethereum, is also in jeopardy. In terms of total value locked (TVL) and native asset token price, eight of the top 10 projects have fallen in the preceding month.
