Ethereum transaction fees hit record low as Layer-2 networks siphon activity

Ethereum transaction fees hit record low as Layer-2 networks siphon activity
фото показано с : cryptoslate.com

2024-5-11 22:00

The average transaction fee on Ethereum has reached record lows as more activity moves to the Layer-2 (L2) networks on the chain.

According to Ultrasound.money data, the average gas has dropped to 4.81 Gwei — the lowest level since the network completed the Merge event in 2022.

Market observers attributed this decline to increasing activity on L2 networks following the completion of the Dencun upgrade. The Dencun upgrade significantly reduced fees for L2 networks, making transacting on the base layer less attractive.

Notably, the blockchain analytical platform IntoTheBlock reported:

“An increasing number of transactions are now being settled on Ethereum Layer 2s. Last month, the three largest L2s hit a record 82% transaction share of all Ethereum transactions.”

Ethereum Layer-2 Transaction Share. (Source: IntoTheBlock)

Furthermore, the number of transactions on Arbitrum has seen strong growth, reaching over 2 million daily transactions on May 8 — a significant rise from the early March average of 1 million.

L2beats data further indicates that Base and Arbitrum averaged 30 and 20 transactions per second, respectively, while Ethereum managed 13 transactions per second during the same period.

ETH turns inflationary

Meanwhile, CryptoQuant analysis revealed that ETH has transitioned to an inflationary state post the Dencun upgrade, resulting in diminished gas fees and reducing its burn rate.

In light of this development, the firm noted:

“Since The Merge, Ethereum appeared to be on track with its ‘ultra-sound’ money narrative, showing a slight reduction in the total ETH supply. However, the post-Dencun upgrade challenges this by reducing transaction fees and the ETH burn rate, leading to an increase in supply.”

Chart Showing Ethereum Ultra Sound Money Before and After Dencun Upgrade (Source: CryptoQuant)

CryptoQuant further elaborated that the Dencun upgrade environment has presented a scenario where maintaining deflation would require a substantial increase in network activity, contrasting the current trend of low gas fees and reduced burn rates.

Notably, UltraSound.Money data shows that the daily amount of ETH burned during the past day was 519 ETH, a record low for the network.

The post Ethereum transaction fees hit record low as Layer-2 networks siphon activity appeared first on CryptoSlate.

origin »

Bitcoin price in Telegram @btc_price_every_hour

RECORD (RCD) на Currencies.ru

$ 0.0025727 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0.0025727 - H: $0.0025727
Капитализация $0 Rank 99999
Доступно / Всего 0 RCD

average activity ethereum networks transaction record layer-2

Источник: cryptoslate.com

average activity → Результатов: 68


Cardano Whales Drive Surge In Large Transactions Amid Market Volatility

In recent days, Cardano whales have been actively engaged in the cryptocurrency market, conducting an average of $13.84 billion worth of large transactions daily over the past week. This notable volume places Cardano’s transaction activity at one-third of Bitcoin’s current volume, five times higher than Litecoin’s, and over sixteen times […]

2024-5-1 01:24


Bitcoin’s Tweet Volume Hits 8-Month High Following Price Surge

Bitcoin’s price surge in May can be largely attributed to positive sentiment towards the digital asset and high-level social media activity. This is because data culled from TheTIE.io, a cryptocurrency analytics platform shows that Bitcoin’s 100-day average sentiment has been positive for the past 101 days while its 30-day average tweet volume rose to an […] The post Bitcoin’s Tweet Volume Hits 8-Month High Following Price Surge appeared first on ZyCrypto.

2019-6-6 08:34


Bitcoin Trading Volume Skyrockets in Latin America, Value Hits ATH in Argentina

Weekly peer-to-peer trading volume in the Latin American bitcoin market has been rising steeply, according to data provided by LocalBitcoins. com. The over-the-counter bitcoin trading portal found that Argentina, Chile, Mexico, Columbia, Peru, and Venezuela are posting more offline trading activity than that reported on the global average scale.

2019-5-30 17:36


Institutions Are Here: CME Bitcoin Futures Trade Record $1.3 Billion

The Grayscale Bitcoin Investment Trust (GBTC) was trading with an implied Bitcoin price of over $10,000 May 14 as investor interest peaked. GBTC At 30% Bitcoin Price Premium GBTC, which has made 24-hour gains of almost 20 percent, currently trades on the basis of a single bitcoin costing around $10,200 – a full $2300, or almost 30 percent, above average market rates.

2019-5-14 16:00


Fundamentals Bolstering Price? On-Chain Bitcoin Volume Hits 16-Month High

The Bitcoin daily transaction volume is now at its highest level since January 2018 showing increased on-chain economic activity. Meanwhile, transaction count and average blocksize on the network continue to move in the same upward direction, proof that the 1MB blocksize limit is well and truly a thing of the past in the post-SegWit Bitcoin era.

2019-5-4 19:00


TAGZ ICO

TAGZ is Australia’s first fully licensed and regulated Dual Gateway Exchange based in Australia and registered with the Australian Securities and Investment Commission (ASIC). Our focus is to protect our users by actively monitoring trading activity on our platform and saying goodbye to flash crashes, pump & dumps, spoofing, fake volume aswell as securing against possible data security breaches.

2019-3-28 10:35


Blackmailers made $332,000 in Bitcoin during ‘sextortion’ scam

Cybercriminals raked in more than $300,000 in Bitcoin payments during a ‘sextortion’ email-based blackmail campaign, which was first spotted in 2017 but saw increased activity mid-last year. According to a report by UK firm Digital Shadows, which tracked a sample of 792,000 emails as part of their analysis, criminals received some $332,000 from more than 3,100 unique sender Bitcoin addresses.

2019-2-22 16:12


Report Finds Mining Activity and Bitcoin Exchange Development in North Korea

A report by South Korea’s state-run Korea Development Bank (KDB) suggests that North Korea has been mining cryptocurrencies, according to local media. In addition, a technology firm in the country is developing an exchange platform for bitcoin, while average citizens of North Korea have little knowledge of cryptocurrency, the report claims.

2018-8-28 07:45


дальше еще 19 новостей →

Партнеры Currencies.ru



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum falls after rally as EF sells $8.3M in ETH holdings

Ethereum price moved slightly early Thursday as fresh scrutiny hit with the Ethereum Foundation (EF)’s move to convert a significant portion of its treasury from ETH into stablecoins. While the announcement coincided with the volatile price action that followed the US-Iran ceasefire, the top altcoin’s value pared some of the gains to around the $2,180 level as on-chain data showed EF’s treasury had sold 3,750 ETH for over $8.

Why is Ethereum surging? ETH jumps 6% as whales accumulate

The cryptocurrency market has switched bullish, with Bitcoin and Ether recording excellent gains in the last 24 hours. Ether, the second-largest cryptocurrency by market cap, is up by more than 6% in the last 24 hours and is now trading above $2,250 per coin.

Ethereum Foundation quietly completes its $143M ETH staking mission

The Ethereum Foundation has completed its 70,000 ETH staking mission, depositing approximately 45,000 ETH worth around $93 million in a single on-chain session on April 3 The Ethereum (ETH) Foundation has completed its 70,000 ETH staking target, depositing approximately 45,000…

Геополитическое напряжение и рост нефти замедлили инвестиции в крипто-активы. Анализ Grayscale

Криптовалютный управляющий Grayscale выпустил отчёт, в котором назвал конфликт на Ближнем Востоке главным фактором, удерживающим инвесторов от вложений в крипто-активы. По оценке компании, нефтяной...