The usual gas price on Ethereum has really been significantly declining since the beginning of the year, going from 218 Gwei on January 10 to 40.82 on Wednesday, according to data.
The fees for Ethereum gas blockchain transactions have dropped to their barest minimum rate since August. They are, nevertheless, not cheap.
On Wednesday, the seven-day moving average cost of an Ethereum transaction was $11.14, bringing it down to levels seen in the middle of last year before soaring to as high as $55 towards the end of 2021. This was the data sourced through Coin Metrics and published by CryptoRank Platform.
There seems to be low network congestion at the time of writing. According to Etherscan data, gas fees range from 30 Gwei ($1.53) to 32 Gwei ($1.64) for a limited confirmation to 32 Gwei ($1.64) for a high-speed confirmation.
The average gas price of Ether (ETH) has just been drastically declining since the start of the year, going all the way from 218 Gwei on January 10 to 40.82 Gwei as of Wednesday, according to Ycharts statistics.
Amid the rapid growth of Ethereum's non-fungible token (NFT) and decentralized finance (DeFi) sectors in 2021, the network has been chastised in several situations for its exorbitant gas fees.
Reduced capacity and fees appear to be linked to decreased speculation or interest in NFTs and DeFi at the beginning of this year vs. late 2021.
DappRadar statistics show that 9 of the 10 leading Ethereum platforms have had lower trading volume in the last 30 days, with LooksRare and OpenSea both losing 78.27 percent and 34.75 percent, respectively. Further major losses include 73.29 percent and 80.65 percent for SuperRare and Rarible.
DeFis based on Ethereum are likewise struggling. In terms of total value locked (TVL) and native asset token price, eight of the top ten projects have been in the red for the past 30 days