Ethereum average gas fee falls down to $1.57, the lowest since 2020

The biggest obstacle to Ethereum’s mainstream dominance is the high transaction fees and gas fees. The average Ethereum gas fee is now 0.0015 Ethereum. This will change the narrative.

The average transaction fee for Ethereum’s blockchain was 0.0015ETH, or $1.57. This is a lower number than December 2020. The hype surrounding nonfungible tokens, decentralized finance (DeFi), and a promising bull markets caused Ethereum’s gas fees to rise in January 2021.

Average transaction fee for Ethereum YTD. Source: BitInfoCharts

The average gas fee for Ethereum was $40 between Jan. 2021 & May 2022. May 1st, 2022 saw the highest gas price of $196.638, as shown by BitInfoCharts data.

Cointelegraph revealed on Saturday that daily NFTs sales also fell to a one-year low, supporting the sudden drop in gas prices. In June, the NFT ecosystem saw its worst performance in the past year. The total daily sales dropped to approximately 19,000 and was valued at $13.8 million.

Daily NFT sales between June 2021 and June 2022. Source: NonFungible

In November 2021, back when numerous investors reported outrageous gas fees, Ethereum co-founder Vitalik Buterin published a decrease-cost-and-cap proposal to reduce unprecedented levels of strain on the network. Buterin suggested a temporary solution to reduce rollup costs. He proposed a calldata limit per block that would lower ETH gas prices.

Related: XCarnival, Ethereum liquidity provider, negotiates for 50% return of stolen ETH

XCarnival, Ethereum liquidity provider, has recovered 1,467 ETH in just one day, after suffering an exploit that drained 3,087 ETH from the protocol, which was worth approximately $3.8 million.

XCarnival was attacked June 26, 2022. The protocol was suspended. XCarnival officials will give 0xb7CBB4d43F1e08327A90B32A8417688C9D0B800a owner 1500 ETH bounty. XCarnival officials will also exempt the individual from any legal action. By XCarnival team
— XCarnival (@XCarnival_Lab) June 27, 2022

Peckshield, a blockchain investigator, explained the nature and extent of the attack by saying:

The hack is possible because a pledged NFT that has been withdrawn is allowed to be used as collateral. This is then exploited to drain assets from the pool.

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