Ethereum's daily total fees fell to 1,719 ETH ($2.8 million) on Sunday, the lowest single-day total since Dec. 26.
Costs associated with executing transactions on Ethereum's blockchain have dropped to lowest since December., which is built on Coinbase's L2 chain and points to rising popularity of scaling solutions.
The total daily fees, paid by users for executing transactions on Ethereum, fell to 1,719 ETH on Sunday, the lowest single-day total since Dec. 26, according to data tracked by South Korea-based blockchain analytics firm CryptoQuant. The tally is down 89% from the year-to-date high of 16,720 ETH observed on May 5.
That said, the eight-month low in fees probably stems from the rising popularity on the Ethereum layer 2 scaling solutions, a long-term positive development for Ethereum.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin Transaction Fees Plunge 15% This Week Amid Slower ActivityBitcoin transaction fees have plummeted over 15% this week to $3.3 million, according to analytics firm IntoTheBlock
Read more »
Friend.tech critics declare the platform dead as transaction volume drops 95%BASE’s decentralized social network Friend.tech is in a state of decline less than three weeks after its launch on the chain. Several users and critic
Read more »
Charles Hoskinson says Cardano will beat competitors Bitcoin, Ethereum, become world’s largest cryptocurrencyCharles Hoskinson, an American entrepreneur and the creator of Cardano shared his thoughts on Cardano. The creator of the Ethereum-alternative believe
Read more »
First L2 in History Smashes Through 100 TPS MilestoneStarknet, decentralized ZK rollup on Ethereum (ETH), accomplishes major performance milestone and welcomes new apps
Read more »
Balancer exploited in nearly $900k after vulnerability warningEthereum automated market maker Balancer was exploited for nearly $900,000, the protocol confirmed on Aug. 27.
Read more »
OnlyFans’ parent company bought $20M of Ethereum as revenue surgedOnlyFans parent company Fenix international purchased almost $20 million worth of Ethereum between 2021 and 2022. However, due to the crypto bear market that investment fell by more than 42% to $11.4 million by November last year.
Read more »