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Ethereum (ETH), the second cryptocurrency, is often criticized for its high transaction fees (gas). At the same time, on average, transaction fees have been falling for six consecutive weeks.
Ethereum Average Gas Fee Drops 50% In Less Than Two Months
Ethereum (ETH) gas, which is the fees charged on all ETH and ERC-20 transactions, has plummeted since late October, according to data provided by third-party trackers.
The last peak was registered on October 28, 2021 – over 190 Gwei. Thus, the average value of transaction fees has lost more than 50% since the last local high.
Usually, the dynamics of Ethereum (ETH) gas fees is related to the activity of Ethereum and ERC-20 token holders. The more activity, the higher the gas price.
Thus, the unusual negative dynamics of Ethereum (ETH) average fees can probably be attributed to the low performance of Ether, which makes it less attractive to traders and contributes to the overall stagnation of crypto markets.
L2 platforms are losing TVL: the segment has taken off since May
The mid-term collapse of L2 platforms in terms of total locked-in value (TVL) is another interesting process that dominates the Ethereum (ETH) segment.
According to the leading L2Beat tracker, the aggregate TVL of major scalability protocols has grown 10x in the three months from late August to late November.
Then, in just two weeks, this volume fell from $ 7.1 billion to $ 5.5 billion. Arbitrum Network, Boba Network based on Optimism, dYdX and Loopring account for half of this volume.
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