Against a cooling market, Ethereum transaction fees have fallen to July levels of last year.
The chart below shows that after hitting a May 1 peak of $200, the metric fell sharply.
As of writing, a simple ETH transfer from address to address costs $0.53.
Transaction costs on the non-custodial exchange Uniswap and the NFT marketplace OpenSea are around $4-5. Transferring ERC-20 tokens will cost users just over $1.
The drop in fees has affected Ethereum miners’ revenues, which also fell to mid-2021 levels.
Recently, the number of addresses with balances above 10,000 ETH has also been shrinking.
In August activation of the ‘difficulty bomb’ is expected. The software solution is designed to spur the transition to PoS, making mining on the Proof-of-Work network less profitable.
Earlier ForkLog published a piece about how SegWit, the Lightning Network and transaction batching reduce fees in the Bitcoin network.
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