Fast two years ago, between January 2021 and May 20,22, the average Ethereum gas fee was $40. May 1, 2022 recorded the highest average daily gas price of $196.638.
The biggest obstacle to Ethereum’s mainstream dominance is the high transaction fees, also known as gas fees. The average Ethereum gas fee is now 0.0015 Ether ( ), but this narrative is changing.
The average transaction fee for Ethereum was 0.0015 Ethereum or $1.57, a decrease from December 2020. The hype surrounding nonfungible tokens, decentralized financing (DeFi), and a promising bull markets caused Ethereum’s gas fees to rise in January 2021.
Fast two years ago, the Ethereum network required a gas fee of $40. May 20, 2022 saw the highest gas price at $196.638. data from BitInfoCharts shows that May 1, 2022 was the highest.
Cointelegraph revealed on Saturday that daily NFTs sales also fell to one-year lows. In June, the NFT ecosystem saw its worst performance in the past year. The total daily sales dropped to approximately 19,000 with an estimated value $13.8 million.
In November 2021, back when numerous investors reported outrageous gas fees, Ethereum co-founder Vitalik Buterin published a decrease-cost-and-cap proposal to reduce unprecedented levels of strain on the network. Buterin proposed a temporary solution to reduce rollup costs. He suggested introducing a call data limit per block to lower the ETH gas prices.
XCarnival, Ethereum liquidity provider, has recovered 1,467 ETH in just one day, after suffering an exploit that drained 3,087 ETH from the protocol, which was worth approximately $3.8 million.
Peckshield, a blockchain investigator, explained the nature and extent of the attack by saying:
The hacker uses a pledged NFT that has been withdrawn to continue to be used as collateral to drain assets from the pool.