What's Hot

    Chinese tax authorities step up pressure on private crypto investors

    26.01.2023

    Tether will look for crypto transactions that pay for child pornography

    26.01.2023

    On-chain activity in the Optimism network collapsed after the end of the NFT bonus program

    26.01.2023
    Facebook Twitter Instagram
    Friday, January 27
    Facebook Twitter Instagram
    Crypto News
    • Home
    • Bitcoin
    • Ethereum
      • Altcoins
      • ICO
    • Analytics
    • Blockchain
    • Other
      • DeFi
      • Mining
      • Regulators
      • Security
    Crypto News
    Home»Ethereum»The average commission on the Ethereum network has fallen three times
    9e31c5e3f88572c1f735fc4029b53bf54c6f48db
    Ethereum

    The average commission on the Ethereum network has fallen three times

    AdministratorBy Administrator27.12.2021No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email


    Reading time: ~ 2 m


    Average transaction fees on the Ethereum network have been dropping since November 7th, according to bitinfocharts.com. Two months ago, miners took $ 63 for transfers, now tokens and ETH can be sent almost three times cheaper by paying $ 22.

    1
    The main reason for the fall in user costs for transactions is clearly visible on the ETHUSD chart, since November 7, the pair has been in a downtrend, which has renewed its November lows.

    On the other hand, the drop in the value of Ethereum in percentage terms was 9%, Bitcoin lost 40% of its value over the same period, the total cryptocurrency capitalization sank by 30%.
    2
    It is believed that the ETH rate kept from falling, thanks to the mechanism of burning part of the miners’ commissions, launched on August 5 with the introduction of EIP-1559 as part of the London hard fork. Since its inception by the time of Christmas on December 24th, 1 million ETH, or $ 4.2 billion, has been destroyed on the network.

    The reduction in fees has spurred a renewed flow of funds to DeFi platforms. As can be seen from the graph compiled by analysts of the DeFiLama service, the TVL curve of investment in Ethereum smart contracts almost completely coincides with the fluctuations in the cryptocurrency rate.
    3
    If you add statistics on the average transaction cost to them, you can see how a decrease in this indicator to $ 20 will determine the price low of the downtrend. The coincidence of rate reversals with the level of optimal commissions clearly proves the role of DeFi as the main driver of the development of the cryptocurrency market.

    Considering decentralized finance in separate areas, it is worth highlighting NFT. It was transactions with indivisible tokens that provided the largest volume of ETH flaring according to EIP-1559, exceeding all transactions in the Ethereum network in this indicator.

    Operations on the Uniswap DEX exchange led to the irrevocable destruction of 92.6 thousand ETH, taking third place. In 4th place was the USDT token, which accounts for 56% of cryptocurrency exchange transactions. The fiat dollar is used only in 12.76% of transactions, the rest is occupied by other types of national currencies.




    #average #commission #Ethereum #network #fallen #times

    Average Commission Ethereum fallen Network times
    Share. Facebook Twitter Pinterest LinkedIn Tumblr Email
    Avatar of Administrator
    Administrator

    Related Posts

    On-chain activity in the Optimism network collapsed after the end of the NFT bonus program

    26.01.2023

    Shiba Inu Network Transferred 3 Trillion SHIB Tokens Worth $38 Million

    26.01.2023

    Djed on the Cardano network will be launched next week. What’s next for ADA?

    26.01.2023

    Ethereum (ETH) stumbles but stays on course at $2,000

    26.01.2023
    Add A Comment

    Leave A Reply Cancel Reply

    Recent Posts
    • Chinese tax authorities step up pressure on private crypto investors
    • Tether will look for crypto transactions that pay for child pornography
    • On-chain activity in the Optimism network collapsed after the end of the NFT bonus program
    • Shiba Inu Network Transferred 3 Trillion SHIB Tokens Worth $38 Million
    • AI Calls Bitcoin a Tool to Destroy Central Banks
    Recent Comments
    • 수원출장 on A professor from a US university restored the Tornado Cash code to GitHub
    • 123 on Taproot support added to LND Lightning client
    • houston junk car buyer on 16,000% increase in social media mentions in 2021 Shiba inu
    • Jim Carrey Memy on Bitwise Launches NFT Tracking Index Fund
    • hotshot bald cop on Kava developers launch testnet with EVM support
    Archives
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • September 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • April 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • April 2021
    • March 2021
    • February 2021
    • January 2021
    • December 2020
    Categories
    • Altcoins
    • Analytics
    • Bitcoin
    • Blockchain
    • Ethereum
    • ICO
    • Mining
    • Other
    • Regulators
    • Security
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Top Posts

    Subscribe to Updates

    Get the latest sports news from SportsSite about soccer, football and tennis.

    Advertisement
    Demo
    Facebook Twitter Instagram Telegram
    • Home
    • Bitcoin
    • Ethereum
    • ICO
    © 2023 Bt-Crow.com - CryptoNews

    Type above and press Enter to search. Press Esc to cancel.