Ethereum network fees have experienced a significant upswing following the implementation of the Shapella upgrade on April 12th. In the last 30 days, onchain fees have soared by over 153%, from a prior rate of $4.65 per transfer to a current average of $11.80 per transaction. The data highlights a substantial surge in the costs associated with Ethereum network transactions, indicating a notable increase in onchain activity.
Over the past month, Ethereum network fees have witnessed a material surge, with the cost of onchain transfers surging from $4.65 per transaction on April 1, to an average of 0.0064 ether or $11.80 per transfer at present. The data reveals a staggering 153% increase in the average fees charged by the Ethereum network in just 30 days. Moreover, even the median-sized protocol fees on the network have experienced a significant upswing, soaring 157% higher from $2.13 per transfer on the first of April to the current rate of 0.003 ether or $5.49 per median-sized transaction.
The upsurge in transaction fees on the Ethereum network has been particularly noteworthy since the implementation of the Shapella upgrade on April 12. From that day until April 22, the network processed more than one million transactions daily, with the exception of April 16. Since then, Ethereum’s transaction volumes have remained below the million mark, averaging between 800,000 and 900,000 transactions per day. Amid the increase in fees over the past 30 days, the cost of certain transactions on the Ethereum network remains relatively high, with an Opensea sale incurring $9.93 per transfer, and a trade on Uniswap costing $25.58 per transaction. Sending an ERC20 token, on the other hand, requires $7.50 per transaction.
Interestingly, since the implementation of the Shapella hard fork, the Ethereum network layer two (L2) scaling solution, Arbitrum, has been surpassing the network’s transactions on a daily basis. According to data collected from Dune Analytics, Arbitrum has processed between 1.1 million to 1.5 million transactions per day since Shapella, while the L2 competitor Optimism has recorded between 240,000 to 550,000 transactions per day since the Ethereum upgrade. Moreover, the average transaction fee on Arbitrum stands at $0.368 per transfer, while the average fee on Optimism is slightly higher at $0.682 per transaction.
Over the course of the last 14 days, ethereum’s (ETH) market worth has tumbled by 12.7% against the U.S. dollar. However, the second-largest digital asset in terms of market capitalization remains 1.4% higher than it was in the previous 30-day period. At present, ETH’s market value stands at $222.7 billion, accounting for a substantial 18.097% of the cryptocurrency economy’s total value, which amounts to $1.23 trillion on May 1, 2023.
What are your thoughts on the recent surge in Ethereum network fees? Share your opinions and insights in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Ethereum network fees have experienced a significant upswing following the implementation of the Shapella upgrade on April 12th. In the last 30 days, onchain fees have soared by over 153%, from a prior rate of $4.65 per transfer to a current average of $11.80 per transaction. The data highlights a substantial surge in the costs associated with Ethereum network transactions, indicating a notable increase in onchain activity.
Over the past month, Ethereum network fees have witnessed a material surge, with the cost of onchain transfers surging from $4.65 per transaction on April 1, to an average of 0.0064 ether or $11.80 per transfer at present. The data reveals a staggering 153% increase in the average fees charged by the Ethereum network in just 30 days. Moreover, even the median-sized protocol fees on the network have experienced a significant upswing, soaring 157% higher from $2.13 per transfer on the first of April to the current rate of 0.003 ether or $5.49 per median-sized transaction.
The upsurge in transaction fees on the Ethereum network has been particularly noteworthy since the implementation of the Shapella upgrade on April 12. From that day until April 22, the network processed more than one million transactions daily, with the exception of April 16. Since then, Ethereum’s transaction volumes have remained below the million mark, averaging between 800,000 and 900,000 transactions per day. Amid the increase in fees over the past 30 days, the cost of certain transactions on the Ethereum network remains relatively high, with an Opensea sale incurring $9.93 per transfer, and a trade on Uniswap costing $25.58 per transaction. Sending an ERC20 token, on the other hand, requires $7.50 per transaction.
Interestingly, since the implementation of the Shapella hard fork, the Ethereum network layer two (L2) scaling solution, Arbitrum, has been surpassing the network’s transactions on a daily basis. According to data collected from Dune Analytics, Arbitrum has processed between 1.1 million to 1.5 million transactions per day since Shapella, while the L2 competitor Optimism has recorded between 240,000 to 550,000 transactions per day since the Ethereum upgrade. Moreover, the average transaction fee on Arbitrum stands at $0.368 per transfer, while the average fee on Optimism is slightly higher at $0.682 per transaction.
Over the course of the last 14 days, ethereum’s (ETH) market worth has tumbled by 12.7% against the U.S. dollar. However, the second-largest digital asset in terms of market capitalization remains 1.4% higher than it was in the previous 30-day period. At present, ETH’s market value stands at $222.7 billion, accounting for a substantial 18.097% of the cryptocurrency economy’s total value, which amounts to $1.23 trillion on May 1, 2023.
What are your thoughts on the recent surge in Ethereum network fees? Share your opinions and insights in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 7,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Litecoin fell below the $90.00 level on Monday, as sentiment in cryptocurrency markets remained mostly bearish. The global market cap is down 1.87% at the time of writing, which seems to be a result of the upcoming Federal Reserve interest rate decision. Solana was also in the red today.
Litecoin (LTC) was down for a second straight session on Monday, as markets prepared for the upcoming United States Federal Reserve policy decision.
LTC/USD dropped to low at $86.83 earlier in today’s session, which comes 24 hours after trading at a high of $91.39.
Today’s drop in price has pushed litecoin to its weakest point since last Wednesday, when the token was at a low of $84.21.
Looking at the chart, Monday’s move came as the relative strength index (RSI) fell to a support level at 44.00.
At the time of writing, the index is tracking at 44.80, with an upcoming ceiling of 50.00 a potential target for bulls.
Should this point be hit, there is a strong possibility that LTC will move back above the $90.00 mark.
In addition to litecoin, solana (SOL) was another notable mover on Monday, as the token fell for a third consecutive day.
Following a high of $23.93 on Sunday, SOL/USD slipped to a bottom of $22.05 earlier in the day.
This bearish spell started after bulls were unable to force a breakout beyond a ceiling at the $24.00 mark.
One of the catalysts for this was the RSI, which also failed to surge past a key resistance level at 55.00
As of writing, price strength is tracking at 48.58, with the next visible floor at the 45.00 zone.
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Will solana fall below $20.00 this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
Litecoin fell below the $90.00 level on Monday, as sentiment in cryptocurrency markets remained mostly bearish. The global market cap is down 1.87% at the time of writing, which seems to be a result of the upcoming Federal Reserve interest rate decision. Solana was also in the red today.
Litecoin (LTC) was down for a second straight session on Monday, as markets prepared for the upcoming United States Federal Reserve policy decision.
LTC/USD dropped to low at $86.83 earlier in today’s session, which comes 24 hours after trading at a high of $91.39.
Today’s drop in price has pushed litecoin to its weakest point since last Wednesday, when the token was at a low of $84.21.
Looking at the chart, Monday’s move came as the relative strength index (RSI) fell to a support level at 44.00.
At the time of writing, the index is tracking at 44.80, with an upcoming ceiling of 50.00 a potential target for bulls.
Should this point be hit, there is a strong possibility that LTC will move back above the $90.00 mark.
In addition to litecoin, solana (SOL) was another notable mover on Monday, as the token fell for a third consecutive day.
Following a high of $23.93 on Sunday, SOL/USD slipped to a bottom of $22.05 earlier in the day.
This bearish spell started after bulls were unable to force a breakout beyond a ceiling at the $24.00 mark.
One of the catalysts for this was the RSI, which also failed to surge past a key resistance level at 55.00
As of writing, price strength is tracking at 48.58, with the next visible floor at the 45.00 zone.
Register your email here to get weekly price analysis updates sent to your inbox:
Will solana fall below $20.00 this week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament
A bill updating Russia’s tax law to incorporate provisions pertaining to cryptocurrencies has been filed with the State Duma, the lower house of parliament. The legislation is tailored to regulate the taxation of sales and profits in the country’s market ... read more.
PRESS RELEASE. The rise of AI-generated art has created ethical concerns and challenges within the art community, as many artists perceive these tools as undermining their skills and exploiting their work for profit. Paysenger, a groundbreaking blockchain-based collaboration platform for content creators, fans, and brands, is poised to tackle these issues with its native token, EGO, and AI integration.
Paysenger introduces a personalized AI model that allows artists to create unique, AI-generated art in their distinctive style. This exclusive, artist-specific AI model uses the artist’s social account for validation and access. By combining personalized AI models, blockchain technology, and NFTs, Passenger aims to revolutionize the art world and foster new opportunities for artists and brands alike.
Paysenger’s cutting-edge technology and proprietary AI have been developed in collaboration with Dr. Tamay Aykut, formerly a visiting assistant professor at Stanford. The company also collaborates with Polygon and ConsenSys, a prominent blockchain software company, further solidifying its position in the industry.
Despite the skepticism surrounding AI projects and the hype they generate, Paysenger stands out as a project backed by substantial investments and focused on addressing real-world challenges. Projects with such foundations are expected to yield impressive results, capturing a significant market share in the long run.
The platform’s native token, EGO, not only serves as a medium for users to interact with their favorite creators and support their work but also provides an incentive for users to perform targeted actions like content publication, paid communication, and purchasing content from creators. As Paysenger continues to develop its ecosystem, the EGO token is poised to become an essential component of the Paysenger platform.
In addition to addressing the ethical concerns surrounding AI-generated art, Paysenger offers a wide range of features for content creators, including AI-generated chat, photo generation, and content requests. These features, combined with the platform’s commitment to fostering a thriving creative community, make Paysenger an appealing choice for those interested in blockchain-based projects with real-world impact.
Paysenger’s success in bridging the gap between Web2 and Web3 technologies and its potential for mass adoption of blockchain technologies present a strong case for the value of its native token, EGO. As the platform continues to grow and expand its offerings, EGO is set to become an integral part of this innovative ecosystem.
On May 25th, Paysenger is scheduled to launch its Initial DEX Offering (IDO), marking a significant milestone for the company.
This is a press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
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Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Source From : News