Gas prices for transactions on the Ethereum (ETH) blockchain have plunged to the lowest levels since August 2021. But not inexpensive. According to information from Coinmetrics and the seven-day moving average cost of an Ethereum transaction as of March 9 amounted to $11.14, spotting it back amongst the statuses documented mid-last year before it climbed to as high as $55 at the end of 2021. During writing this news, there was less congestion in the network with Etherscan data approx gas price to rate around 30 Gwei which is $1.53 for a low-speed confirmation to 32 Gwei which is $1.64 for high-speed confirmation.
Ycharts data indicates that the average gas rate of Ether has been plummeting since the start of this year, falling over from 218 Gwei on 10th Jan to 40.82 on 9th March. In between the flourishing expansion of Ethereum’s non-fungible token (NFT) and decentralized finance (DeFi) sectors in 2021, the web has come under flame on numerous events for its highly costly gas tariffs.
Poorer congestion and lower fees seem related to dwindling assumptions or interest in NFTs and DeFi during the start of this year as compared to the end of 2021. With regards to the last 30 days, DappRadar data reveals that 9 out of the 10 top marketplaces on ETH have witnessed curtailed trading volume, with 1st placed LooksRare and 2nd placed OpenSea both removing 78.27% and 34.75% respectively. Other significant losses include SuperRare and Rarible with 73.29% and 80.65% respectively. ETH based DeFi is also enduring, with 8 out of the top 10 projects in all-seeing red in the last few months in terms of total value locked, TVL and native asset token price.
Have a look at this- Ethereum Gas Fees are at a 6-month low.