Against a backdrop of waning transaction activity, the average gas price on the Ethereum network fell to a six-month low, near 46 Gwei. This is according to data from Glassnode.
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The daily number of transactions on the Ethereum blockchain has been falling since October 2021. At the time of writing, this figure stands at 1.1 million transactions, well below the six-month peak in October (1.47 million).
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Earlier, Vitalik Buterin proposed two proposals aimed at reducing transaction costs in the Ethereum network. Both rely on ZK-Rollups technology.
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In February 2022, the Matter Labs team deployed zkSync 2.0 on the Ethereum testnet as the first EVM-compatible Layer 2 solution based on ZK-Rollups.