Ethereum transaction fees fall to December 2020 levels

On Saturday, June 2, the average Ethereum transaction fee stood at $1.67. Such levels had last been seen in December 2020, according to BitInfoCharts.

Since January 2021, fees have risen amid rapid growth in the DeFi sector and a boom in NFTs. The average fee peaked on May 1, 2022 at $196,683, after which fell as the market cooled.

In June, NFT sales posted their worst figures for the year. According to NonFungible, by mid-month the daily trading volume stood at $13.8 million across roughly 16,200 trades.

Total value locked in DeFi protocols on the Ethereum network fell to $45.7 billion — levels last seen in early March 2021. The aggregate figure stands at $72.8 billion.

On June 26, the number of daily Ethereum transactions stood at about 920,000. Such low network activity was last seen in autumn 2020.

As of June 30, daily miner revenue fell to about ~6,784 ETH or about $7.2 million (Glassnode). At the peak, on May 1, miners earned about $269.3 million.

In February, Ethereum co-founder Vitalik Buterin put forward two proposals to reduce transaction costs using ZK-Rollups.

ForkLog explained how solutions based on the technology contribute to network scalability in an exclusive interview.

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