Ethereum network fees dropped to a six-month low
This may be caused by a falling interest in the NFT
09.03.2022 - 13:15
283
1 min
0
What’s new? The analytical company Arcane Research has presented a report that says about declining fees on the Ethereum network. In the report, Arcane uses data from Coinometrics, which shows that the seven-day average of transaction fees on Ethereum is at its lowest level since August 2021. The figure has been falling precipitously since the second week of January.
What are the reasons for the decline? The decline in the fees may be due to a drop in interest in the NFT. Non-fungible tokens, which are issued in the form of digital art objects, appeared on the Ethereum blockchain. They became popular in 2021. This has led to an increase in the number of transactions on the network.
According to analysts, another reason can also be seen as competing networks Solana and Avalanche have wrested market share from Ethereum. They offer similar services to GameFi and NFT, with much lower fees and higher speeds.
Useful material?
Telegram 
Twitter Technologies
Network fees will be integrated into the cost of swaps
Nov 22, 2024
Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Cryptocurrency rates
-
Bitcoin
$99 616
BTC
+1.7%
-
Ethereum
$3 286.62
ETH
-1.75%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.42
XRP
+21.47%
-
Dogecoin
$0.399307
DOGE
+3.8%
-
Cardano
$0.967675
ADA
+21.52%
-
Stellar XLM
$0.322748
XLM
+31.62%
-
Bitcoin Cash
$487.34
BCH
+0.6%
-
Polkadot
$6.32
DOT
+8.39%
-
Litecoin
$90.62
LTC
+2.06%