The average daily gas fees on the Ethereum blockchain fell to April lows after the meme-token rally in May, The Block noted.
The cost of the average transaction fee (7-day moving average) fell to $7.09 from a peak above $20 last month.
A similar trend is seen by the gas price in Gwei — the unit of payment in Ethereum. The median daily price fell to 22 Gwei. In early May it reached 142 Gwei.
Against the hype around mem-tokens in May the ratio of trading volumes on decentralized (DEX) and centralized (CEX) exchanges surpassed 22% for the first time. In early June the metric returned to March–April levels around 14%.
DEX trading volume rose to $66.4 billion in May from $58.5 billion in the previous month (The Block). Activity on CEX fell to a low not seen since October 2020.
Dominant in the decentralized segment, Uniswap accounted for about 60% of the total. Almost all of the platform’s trading volume is on the Ethereum blockchain and L2 solutions built on it, such as Arbitrum, Optimism and Polygon (DeFi Llama).
Experts believe that the meme-token frenzy in May spurred a surge in demand for blockchain space in the network. However the boom also benefited projects on other blockchains. For example, the daily trading volume of Cardano-based DEX Minswap rose by about 10x in a month. The driver was trading NEK and BANK assets.
DappRadar has suggested that mem-tokens could become catalysts for global adoption of digital currencies.