After the implementation of the Shapella upgrade on April 12, Ethereum network fees increased significantly. In the past 30 days, on-chain fees have increased by more than 153% from the previous $4.65 to a current average of $11.8 per transaction. The data highlights a significant increase in transaction-related costs on the Ethereum network, indicating a significant increase in on-chain activity.
On-Chain Fees on the Ethereum Network Grow 153% in 1 Month
Ethereum network fees have increased significantly over the past month, with on-chain transfer fees increasing from $4.65 per transaction on April 1 to an average of 0.0064 ETH or $11.8. data shows that the average fee on the Ethereum network has increased by a staggering 153% in just 30 days. Additionally, even “medium-sized protocols” fees are significantly higher, increasing 157% from $2.13 per transfer on the first day of April to the current level of 0.003 ETH or $5.49 per medium-sized transaction.
Data as of May 1, 2023 | Source: eliminateinfographics
Transaction fees on the Ethereum network have been trending strongly upward since the launch of the Shapella upgrade on April 12. From that day until April 22, the network processed more than 1 million transactions per day, excluding April 16. Next, the transaction volume of Ethereum remained below 1 million, with an average of 800,000 to 900,000 transactions per day. Given the 30-day fee hike, certain transactions on the Ethereum network are relatively expensive. For example, a sale on Opensea charges $9.93 per transfer, while a trade on Uniswap charges $25.58 per trade. On the other hand, depositing ERC20 tokens costs $7.50 per transaction.
Interestingly, since implementing the Shapella hard fork, Ethereum’s Arbitrum layer 2 (L2) scaling solution has surpassed the network’s transaction volume on a daily timeframe.according to data Data from Dune Analytics shows that since Shapella, Arbitrum has processed 1.1 million to 1.5 million transactions per day, while L2 competitor Optimism has processed 240,000 to 550,000 transactions per day during the same period. Additionally, Arbitrum’s average transaction fee is $0.368 per transfer, while Optimism’s average transaction fee is slightly higher at $0.682 per transaction.
Over the past 14 days, ETH’s market capitalization has dropped 12.7% against the USD. However, the second-largest digital asset by market capitalization is still 1.4% higher than in the previous 30 days. Currently, ETH has a market capitalization of $220.1 billion, accounting for 18.97% of the total market capitalization of the crypto economy, which stands at $1.16 trillion at press time.
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