Volatility in gas fees and network congestion continue to haunt users on the Ethereum Network.
Ethereum($ETH) Gas fees had a turbulent May, with the highest and lowest gas fees ever recorded.
Amidst a turbulent crypto market, the main metrics on the Ethereum network suggest that the market is on the decline.
The Yuga Labs metaverse land launch on May 1 resulted in users spending over $170 million on gas fees alone and 1653 ETH lost in failed transactions.
The average price for Ethereum gas rose 20% compared to April.
Total value locked (TVL) in the Decentralized Finance (DeFi) sector fell by more than 40%.
The creation of ERC-20 tokens across all networks fell by 39%.
Ethereum will be transitioning soon into a Proof of Stake consensus protocol, but unfortunately, the Merge will not lower Ethereum gas fees.
The average daily transaction on the Ethereum network in May stands at 1,127,787 transactions.
At the time of writing, the price of ETH stood at $987.38, according to CoinMarketCap.
What is Ethereum:
Ethereum is the most utilized blockchain network within the Decentralized Finance (DeFi) markets due to its smart contract functionality for developers to deploy. Ethereum was founded in 2015 by a team of developers that included Vitalik Buterin and the founder of Polkadot, Gavin Wood. After the smart contract functionality inclusion, Ethereum became the most popular network for the deployment of Decentralized Applications (dApps) and currently has a total value locked (TVL) of $67.3 billion, as per data from DeFiLlama.
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Source : bsc.news
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