The largest altcoin ether (ETH) is trading at $ 2,528 in the middle of this week. The coin has been stagnating since the beginning of June.
But fees for processing transactions on the Ethereum network in monthly terms fell by almost 90%. If in mid-May the average commission was $ 45, now it does not exceed $ 4.5 - this is a colossal drop, the researchers emphasize.
The last time about the same fees on Ethereum was observed six months ago.
The main reason for the negative trend was the market collapse. Along with Ether, NFT tokens collapsed in value, as well as digital currencies deployed in the DeFi decentralized finance ecosystem. The result was a drop in the demand for transactions, which led to their cost reduction.
Researchers are also paying attention to the weakening of transactional activity in the Ethereum network. If in May, on average, the network processed 1.65 million transactions per day, now this figure does not exceed 1.2 million.
Against the background of low transactional activity, the flow of ether to cryptocurrency exchanges has sharply decreased. The volume of ETH. entering the trading floor fell to a minimum since mid-November last year.