Fees on the second largest network on the market are decreasing as more users are leaving the market
Following the general fee reduction on the Ethereum network, L2 chains now offer significantly lower fees than before, allowing users to make large Ether transactions and pay less than $0.1 for them, according to Gasprice. io.
As the page suggests, ZKSync allows ETH transactions for less than $0.1, while the swap will cost users around $0.16. Other Layer 2 chains are also offering cheaper transactions for Ethereum, with the average cost of sending ETH remaining at approximately $0.5.
As for the mainnet, Ethereum currently allows sending funds for 12 Gwei, which is one of the lowest prices for transaction fees since July 12. Such a drop in the cost of Ethereum transactions is most likely related to the drop in network activity.
Previously, Ethereum users had no other choice but to pay up to $100 to make a simple transaction on the chain. Swaps and NFT mints required even more gas fees of users because of network congestion.
Sharp drop in network usage
The main source of increased transaction fees on the Ethereum network was the NFT and DeFi industries, which lost a lot of volume following the correction in the cryptocurrency market and the general decline in popularity of the industry. .
According to data from decentralized tracking services like DappRadar and DeFiLIama, NFT marketplace OpenSea faces almost a 50% drop in trading volume following security issues and numerous phishing attacks.
As for the DeFi industry, most investors withdrew their funds from lending and borrowing contracts after a series of hacks and exploits emerged in the first months of 2022.
At press time, it is still possible to make Ethereum transactions with gas fees lower than 20 Gwei or to find cheaper Layer 2 alternatives.
