Ethereum gas fees drop to lowest levels since August 2021

[ad_1] Gas fees for transactions on the Ethereum blockchain have dropped to the lowest levels since August. But, they’re still not cheap. According to data sourced from Coin Metrics and shared by CryptoRank Platform, the seven-day moving average cost of an Ethereum transaction as of Wednesday totaled $11.14, placing it back among the levels recorded mid-last year before it surged dramatically to as high as $55 at the tail end of 2021. The cost of transactions on the @Ethereum network has not been this low since Aug 2021. Notably, gas…

Read More

QuickSwap lets users avoid Ethereum transaction fees with Polygon

[ad_1] As Ethereum gas prices rise, the chain that inspired Web3 is becoming gentrified, with high transaction costs pushing less wealthy users onto competing blockchains or scaling solutions. This means that many use cases are becoming unfeasible in the proverbial layer-one downtown, and suburban neighborhoods are being developed to allow for a cost-effective layer-two blockchain experience.  Since getting acquainted with Polygon around the time of its launch in late 2019, Sameep Singhania has been an avid supporter of projects built on the protocol. In 2021, he created QuickSwap, a decentralized…

Read More

Ethereum Gas Fees Are Currently 62% Cheaper Than Last Month – Bitcoin News

[ad_1] Since November 9, 2021, or 46 days ago, transaction fees on the Ethereum network have been cut by more than half the rate they were on that day. At the time, the average fee to move ethereum was $62.84 per transfer and since then, the fees have dropped 62.85% to $23.34 per transaction. From $62 to $23 per Transaction, Ethereum Fees Have Been Cut by More Than 62% Just over a month ago, it was a lot more expensive to transfer ethereum (ETH) onchain, let alone move an ERC20…

Read More

High Ethereum fees kick-start a liquidity migration to layer-1 platforms

[ad_1] In the ever-evolving world of cryptocurrencies and blockchain technology, the race to establish a highly scalable, user-friendly network capable of being adopted on a global scale is a never-ending marathon where new competitors regularly join in on the race.  Bitcoin is undoubtedly the market leader when it comes to network security, active users and market capitalization value, while Ethereum has thus far established itself as the top smart contracts platform, but the continued difficulty in getting these networks to scale has opened the door for next-generation blockchain protocols to…

Read More

Ethereum supply flips briefly into deflation as gas fees spike

[ad_1] The theoretical deflationary properties of Ethereum’s London upgrade last week have already been seen in action on the blockchain with almost 800 “deflationary blocks” produced. A spike in the Ethereum transaction fee burn rate has resulted in at least two hours when the supply was deflationary. The network has come under heavy load over the past couple of days which has resulted in a lot more gas being burnt. Around four hours ago (as of 22.00 UTC), the ‘ETH Burn Bot’ recorded an instance when 545 ETH was burnt…

Read More

LocalBitcoins Reduce Fees To Zero

[ad_1] Bitcoin exchange LocalBitcoins has announced that deposit fees and transaction fees between wallets in the platform are now free. Launched in 2012, the platform doesn’t touch fiat currency itself; users can transact with each other leveraging the platform that only intermediates the process – introducing sellers to interested buyers. Initially, LocalBitcoins became very popular because the platform was more lenient on identity-verification procedures since it doesn’t transfer money itself. Users could also go further to buy bitcoin anonymously through cash trades, where buyer and seller would meet on a…

Read More

Bitcoin falls to sixth for daily revenue, with just 12% of Ethereum’s fees

[ad_1] Ethereum appears to be extending its fee dominance over Bitcoin by roughly 10 times, with Bitcoin currently ranking just sixth by weekly fee generation. According to CryptoFees’ data for July 18, the Bitcoin network had generated $725.7 million in daily fees on average over the past seven days, and less than $400,000 worth of fees for the day. Ethereum tops the rankings by far, generating more than $6.1 million in daily fees on average for the week, and more than $5 million for the day. As such, Ethereum’s daily…

Read More

Bitcoin and Ethereum transaction fees sink 95% from all-time highs

[ad_1] The cost of using the Bitcoin and Ethereum blockchains is on the rapid decline, as evidenced by a 93%–95% reduction in average transaction fees over the past couple of months. Fees are paid to the miners who process transactions on a typical proof-of-work blockchain. The size of the fee depends on the size of the transaction in bytes and how many transactions a coin has gone through in the past (as these need to be checked every time a coin is moved). Supply and demand for space also dictate the…

Read More

Bitcoin and Ethereum fees slump to six-month low

[ad_1] The transaction fees of Bitcoin and Ethereum have slumped to six-month lows as the markets cool after the recent crypto downturn. According to BitInfoCharts, the average price of performing a transaction using Bitcoin has fallen from an early-April all-time high of $62.77 to around $7.20 — an 88% drop over just six weeks.  Bitcoin average transaction fees – BitInfoCharts The falling Bitcoin transaction fees appear to have been driven by a decline in overall market activity, with daily volumes evaporating from more than $67 billion on May 10 to…

Read More

Bitcoin and Ethereum usage fees drop 70%–80% as market slide continues

[ad_1] Transaction fees on Bitcoin and Ethereum have fallen by 81% and 71%, respectively, over the last few weeks as the broader cryptocurrency market continues to descend from its recent all-time high. The average cost of using the Ethereum blockchain fell from $69.92 per transaction on Wednesday to $20.06 by Sunday, according to data from Bitinfocharts. In the same time period, Ether’s (ETH) spot price both peaked and crashed, falling from an all-time high of $4,358 on Wednesday to $3,183 just prior to publication — a 27% decline. Before 2021’s…

Read More