Ethereum ($ETH) transactions have reportedly become a lot cheaper since Summer 2021, when there was rapidly growing interest in DeFi and NFTs.
Per data by The Block, as of September 22, Ethereum’s transaction costs were at their lowest point in the past two years.
According to a report published by The Block earlier today, although transaction costs are at record lows, Ethereum’s transaction count and daily active users have not decreased concurrently, which is probably because transacting users are not too concerned about getting their transactions through as quickly as possible.
The Block Research data analyst Simon Cousaert had this to say:
“People are not in a hurry and are not willing to pay more for their transactions to go through sooner.“
Neither the total transaction count nor the number of active addresses on the Ethereum network are near their all-time lows. In fact, you may be surprised to learn that both of these metrics have gone up by approximately 20% and 60% respectively during the same two-year period.
The report also mentioned that Ethereum’s layer two (L2) scaling solutions — mainly those based on optimistic rollups — had become more popular, and that while it is true that Ethereum transaction costs are setting new lows, the number of transactions on these L2 blockchains are going up.
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