Title: Ethereum Gas Fee Hits Lower Than $1, OpenSea Trading Volume Spikes
Jul 04, 2022 05:30AM ET
The average gas tax in Aetherium is less than $1.
Earlier, gas fees fell to ETH 0.0015, or $1.57, a number last seen in December 2020.
OpenSea recorded $15.92 million in trading volume, jumping 34.18%.
Etherium's average gas fee continues to fall below US $1, having reached a number previously recorded in November 2020.
On Saturday, the Aetherium blockchain saw transaction fees at 69 cents, a number not seen in 19 months.
The next day, gas fees reached $1.57, or 0.0015 ETH, figures similar to December 2020.
Today, the network saw transaction fees at 20 cents, with the highest transaction fee at just 20 cents.
The average gas fee was $0.18 at the time of writing.
From July 2016 to May 2017, gas fees in the Aetherium ecosystem were around $0.01 to $0.10.
These days, users are charged a hefty sum, and in May 2021, the average charge reached $69 per transaction. In May 2022, the highest gas price on record was $196,683.
On May 1, 2022, the highest gas charge of $196,683 was recorded.
Remarkably, the high cost of gas payments or network fees required to complete a transaction on a blockchain makes it difficult for Etherium's blockchain to achieve mainstream dominance, much to the chagrin of consumers.
As their numbers decline, NFT holders are seen to benefit from this decline.
According to DappRadar, 50,466 users have traded their assets within OpenSea, an increase of 10.14% over the last 24 hours.
Meanwhile, NFT's largest marketplace recorded $15.92 million in trading volume, a 34.18% jump at the time of writing.
Meanwhile, data from DappRadar also shows that the top 20 collections are all traded within Ethereum, with Ethereum Name Service, DopeApeClub, Bored Ape Yacht Club, and Mutant Ape Yacht Club leading the list.