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8 August 2022
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Ethereum

Ethereum Gas Fee Hits Lower Than $1, OpenSea Trading Volume Spikes 

The average Ethereum gas fee continues to fall below $1 after hitting a number previously recorded in November 2020.

On Saturday, the Ethereum blockchain saw transaction fees as low as 69 cents — a number not seen in 19 months. The next day, gas fees hit $1.57 or 0.0015 ETH, digits similar to that of December 2020.  Today, the network saw transaction fees as low as 20 cents, with the highest tapping only 20 cents.

The average gas fee at $0.18 at the time of writing (Source: Etherescan)

From July 2016 to May 2017, gas fees in the Ethereum ecosystem were around $0.01 to $0.10. These days, users are charged a hefty sum, and in May 2021, average fees tapped $69 per transaction. May 2022 saw the highest recorded gas cost at $196.683.

May 1, 2022, recorded the highest gas fee of $196.683 (Source: BitInfoCharts)

Notably, the high cost of gas or network fees — payments required to complete a transaction on a blockchain — have made it difficult for the Ethereum blockchain to achieve mainstream dominance, much to the disdain of users. With the numbers dwindling, NFT holders are seen capitalizing on the slide.

According to DappRadar, 50,466 users have traded their assets within OpenSea — a 10.14% increase in the past day. Meanwhile, the largest NFT marketplace recorded $15.92 million in trading volume, spiking by 34.18% at the time of writing.

Meanwhile, the data from DappRadar also shows that all the top 20 collections are transacted within Ethereum, with Ethereum Name Service, DopeApeClub, God Hates NFTees, Bored Ape Yacht Club (BAYC), and Mutant Ape Yacht Club (MAYC) leading the list.

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