Ethereum Gas Fees Hit 20-Month Low Amid Market Downturn - BitcoinEthereumNews.com
Ethereum average gas price (Source: YCharts) Ethereum gas fees skyrocketed to record highs over the course of 2021 as ETH rallied along with the rest of the crypto market. An explosion of interest in NFTs contributed to the rise as the vast majority of non-fungible asset trading happened on Ethereum. At the height of the market frenzy dubbed NFT summer, minting NFTs set users back hundreds of dollars and more complex transactions came in even higher as the network became increasingly congested. As a result, alternative Layer 1 blockchains like Solana, Avalanche, and the ill-fated Terra soared by enticing users, many of them speculators in the retail market, with lower transaction fees. Ethereum daily transactions chart (Source: Etherscan) Data mula sa Etherscan shows that the average number of daily transactions has also fallen since the market topped. Meanwhile, the rising adoption of Layer 2 solutions like arbitrasyon at Pag-asa sa mabuting ibubunga, which have grown to a collective total value locked of around $2.7 billion over the past year according to L2Beat, has also eased congestion on Ethereum mainet. Still, barring a brief dip last month, the network has consistently processed 1 million daily transactions for the past two years, suggesting that demand