ethereum gas fees Archives - Top Crypto Game

Ethereum supply turns inflationary as gas fees drop to record lows

admin — Mon, 29 Jul 2024 15:41:49 +0000

The Ethereum ecosystem is experiencing a historic drop in gas fees, which is impacting both mainnet and Layer 2 transactions.

According to Etherscan Gas Tracker, the average gas fee on the mainnet stands at 4 Gwei at press time, approximately $0.21. However, transactions can be processed for as low as 3 Gwei, or around $0.14.

This decline extends to the blockchain network’s Layer 2 solutions— including Optimism, Base, Arbitrum, and Linea— whose fees are below $0.01 per Gasfees.io data.

Market observers said the fee decline is mainly due to the increased use of Layer 2 scaling solutions and the adoption of blob transactions introduced with the Dencun hard fork in March—the upgrade has contributed to lower transaction costs on Layer 2 networks and has significantly impacted the network.

Effect of ETH gas fees drop

As a result of the lower fees, less ETH is being burned, making the network inflationary.

In the past 24 hours, less than 200 ETH were burned, leading to Ethereum’s supply becoming inflationary with a growth rate of 0.67%, according to data from ultrasound.money. Over 60,000 ETH was added to the network in the last 30 days.

OKX Ventures noted that this continues a trend observed in the second quarter when a 66.7% drop in the burn rate affected ETH’s supply-demand balance. The firm added:

“As network activity slows and burns decrease, managing Ethereum’s supply and inflation will be crucial.”

Ethereum ETFs

Meanwhile, analysts have pointed out that the recent launch of Ethereum exchange-traded funds (ETFs) adds further complexity to the Ethereum ecosystem.

Last week, the SEC approved eight new spot Ethereum ETFs, including the conversion of Grayscale’s ETHE fund, for trading on US exchanges.

These products saw inflows exceeding $1 billion during their first four days of trading, although this was offset by a roughly $1.5 billion outflow from Grayscale’s ETHE.

However, crypto analyst Koffi believes these trends show the network is in a “good place.” He wrote:

“The Ethereum ecosystem is affordable for end users + There’s new capital flowing into the system. I think we’re in a good place.”

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SUPER CRITICAL Crypto Juncture!! eBAY to Accept Bitcoin? Ethereum ETH Drastic Fee Drop!!

Altcoin Buzz — Sun, 31 Jul 2022 16:16:10 +0000

Bitcoin is on the crossroads of a MAJOR BEARISH INDICATOR and the RUSSIA-UKRAINE CRISIS!! Tether is SPIKING against the RUSSIAN RUBLE!! eBay is in talks about ACCEPTING CRYPTO PAYMENTS, Ethereum gas fees hit an ALL-TIME LOW!! Rakuten launches its own NFT MARKETPLACE!! Astar gets a HUGE NEW LISTING, and The Sandbox Alpha Season 2 is on its way!!

TIMESTAMPS
0:00 Major Headlines
0:32 Introduction
0:54 Crypto in the Middle of Russia-Ukraine Crisis
3:03 $USDT Tether Spikes Against Ruble
3:28 eBay Considering Crypto
4:03 Ethereum Gas Fees All-Time Low
4:32 Rakuten Launches NFT Marketplace
5:06 Astar Gets Listed on Binance
5:24 The Sandbox Alpha Season 2

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The post SUPER CRITICAL Crypto Juncture!! eBAY to Accept Bitcoin? Ethereum ETH Drastic Fee Drop!! appeared first on Top Crypto Game.

Is this the SOLUTION to ETHEREUM'S GAS PROBLEM?? And MORE LAYER 1'S are CATCHING UP!!

Altcoin Buzz — Tue, 12 Apr 2022 19:39:52 +0000

Ethereum Co-Founder Vitalik Buterin may have an ETHEREUM GAS FEE SOLUTION!! Near Protocol breaks down a NEW MILESTONE!! Amasa and Enjin PARTNER UP!! Get mentored on your new startup with Polkadot’s Accelerator, Clearpool is bringing DECENTRALIZED CAPITAL MARKETS to POLYGON!! The Brokoli METAVERSE is almost here!! And Harmony drops a HUGE NFT UPDATE for every-ONE! Get your crypto news here!!

TIMESTAMPS
0:00 Major Headlines
0:32 Introduction
1:11 Vitalik Buterin
2:05 Near Protocol Milestone
2:46 Polkadot Accelerator
3:11 Clearpool x Polygon
3:44 Brokoli Metaverse
4:03 Harmony Cross-Chain NFT Bridge

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