Bitcoin and Ethereum network fees fall to January levels

Average fees in the Bitcoin and Ethereum networks continue to decline and have already reached January 2021 levels.

At the time of writing, the average transaction fee in the Bitcoin network stood at $7.57, although on April 21 the figure had surpassed $60.

One of the reasons for such a sharp drop in average transaction fees could be the a year-to-date drop in mining difficulty. It may also reflect reduced market activity, as suggested by Bitcoin’s price consolidating in a tightening range.

For Ethereum, the corresponding figure is $4.72, though less than two weeks ago it had reached $100.

To confirm a transaction within 3 minutes, a gas price of around 18 Gwei should be set.

To swap tokens or add liquidity to the Uniswap pool, a network participant would need less than $10.

The largest gas consumers on the Ethereum network remain the decentralized exchange Uniswap and the issuer of the stablecoin USDT, the company Tether.

As reported, Ethereum developers identified a vulnerability in the EIP-1559 proposal, which envisages burning part of the transaction fees and helps reduce gas-price volatility.

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