Gas fees for transactions on the Ethereum (ETH) blockchain have fallen to their lowest level since August. But they are still not cheap.
According to data sourced from Coinmetrics and shared by the CryptoRank platform, the seven-day moving average transaction value of Ethereum as of March 9 was $11.14, returning it to levels recorded in the middle of last year before it skyrocketed to $55. . at the end of 2021.
The cost of transactions on the @Ethereum network has not been this low since August 2021. Notably, gas prices have risen after staying in this range for roughly 3 months, and experts attribute the surge to growing interest in the #NFT and #DeFi ecosystems..https://t.co/oLDJyfSea2 pic.twitter .com/ieigvLT4Gz — CryptoRank Platform (@CryptoRank_io) March 9, 2022
At the time of writing, network congestion has been minimal, with gas fees estimated at around 30 Gwei ($1.53) for a low-speed confirmation to 32 Gwei ($1.64) for a high-speed confirmation, according to Etherscan.
Ycharts data also shows that the average price of ether for gas has been falling rapidly since the beginning of the year, falling from 218 Gwei on January 10 to 40.82 Gwei yesterday.
With the non-fungible token (NFT) and decentralized finance (DeFi) Ethereum sectors booming in 2021, the network has been repeatedly criticized for outrageously high gas fees.
Lower occupancy and lower fees seem to correlate with less speculation or interest in NFTs and DeFi earlier this year compared to late 2021.
Related: Does the future of DeFi still belong to the Ethereum blockchain?
Data from DappRadar over the last 30 days shows that nine of the top 10 Ethereum marketplaces experienced a decline in trading volume, with LooksRare, ranked number one, and OpenSea, ranked second, both losing 78.27% and 34.75% each. Other notable losses include SuperRare and Rarible at 73.29% and 80.65% each.
Ethereum-based DeFi is also suffering, with eight of the top 10 projects last month being all-seeing reds in terms of total value locked (TVL) and native asset token price.