The average transaction fee on the Ethereum network has exceeded $6

The average commission for a transaction in the network of the second largest cryptocurrency by capitalization again exceeded $6.

Previously, the same high rate was in mid-August. In comparison, the average transaction fee on the bitcoin network is currently $2.85.

According to EthGasStation, it is recommended to set the gas price at 300 Gwei for fast transactions (<2 minutes). For standard and slow transfers, these figures are 250 and 162 respectively.

The largest gas consumers are the non-custodial exchange Uniswap, the stablecoin Tether (USDT) and the SmartWay Forsage project, which has signs of a financial pyramid.

According to Glassnode, the volume of transactions on the Ethereum network is 3.6 times higher than bitcoin – 1,074,630 versus 292,637, respectively (as of August 29).

This significant on-chain activity is likely largely due to the continued growth of the decentralized finance sector. The total value of Ethereum locked on smart contracts for DeFi applications is approaching $9 billion.

Also, the segment of decentralized exchanges (DEX) is growing rapidly. The total trading volume on non-custodial trading floors over the past 30 days has grown by 143%, and over the last day – by 27%.

Tether has used the OMG Network sidechain. This is done to improve the performance of the USDT stablecoin network, reduce costs and reduce pressure on the Ethereum network.

Be the first to comment

Leave a Reply

Your email address will not be published.