The gas fee on the Ethereum network is at its lowest level since August 2021.
Due to the drop in DeFi and NFT activity, the Ethereum gas fee has dropped significantly and is currently hovering around 20-24 Gwei for confirmation.
According to crypto data aggregator Cryptorank, the gas fee for transactions on the Ethereum network is at its lowest level since August 2021.
Gas fee has been falling steadily since the beginning of this year. The latest statistics show that a low speed confirmation of around 6 minutes and 45 seconds will require 20 Gwei, a medium speed confirmation of around 2 minutes will require 22 Gwei and a high speed confirmation of approximately 45 seconds will require 24 Gwei. Gas fee has decreased by almost 90% in the last three months.
DeFi TVL Drops
TVL (locked aggregate) on Ethereum’s DeFi has hit an all-time low. Ethereum’s share of DeFi TVL has fallen below 55% in recent weeks, according to data from DeFi Llama. At the time of writing, the TVL figure is around 109 billion dollars. This shows that DeFi has a 54.5% share of the market capitalization.
Protocols are leaving Ethereum. Although Ethereum continues to be in the leading position, other networks such as Terra (LUNA), Avalanche (AVAX), Binance Smart Chain (BSC), Fantom (FTM) have proven to be quite suitable for users, eliminating the inconveniences of high transaction fees. case.
NFT sales also started to decline. According to NonFungible, the average selling price of an NFT used to be over $6,800, now sits around $1,000.
Activity in OpenSea, one of the world’s largest NFT marketplaces, has also decreased. While daily transactions on the platform hit an ATH of around $360 million in the first week of February, they have continued to decline since then.
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