Average gas fees on ETH dropped by 17% in June compared to May.
Gas Fees Under Control
High gas fees on the Ethereum network troubled investors and DeFi protocols through the latter half of the bull run across H2 2021 and Q1 2021. But average gas fees dipped from 66.24 Gwei in May to 55.25 Gwei in June, according to data from EtherScan.
Gwei is a denomination of Ether (ETH) that is most utilized to measure the gas fees of transactions on the network. 1 Gwei is equal to 0.000000001 ETH.
The maximum gas fees in June were 95.86 Gwei on June 13.
The minimum gas fees were 31.37 Gwei on June 20.
The average daily transactions on the network in June were 1,127,610, compared to 1,127,787 transactions in May.
The total value locked in DeFi protocols on Ethereum dropped from around $70 billion in May to less than $50 billion in June, as per data from DeFiLlama.
As previously reported by Web3Wire, the developers of the Ethereum network announced that the Ethereum Improvement Proposal (EIP) 5133, which included the setting off of the difficulty bomb, is to be delayed to a later stage in its roadmap. The difficulty bomb is an implementation that makes it more difficult for PoW Ethereum miners to mine ETH tokens. The bomb is one of the critical steps in the Merge that would finally transition Ethereum from being a PoW network to becoming a full-fledged PoS network.
In a more recent development, the network’s core developers have tentatively chosen Sept. 19 as the date when the Merge will take place. This day has been highly awaited for the entire cryptoverse as it marks a very important benchmark for Ethereum, which is the most utilized blockchain network in Decentralized Finance (DeFi).
In response to this announcement, the ETH token price rose 45% in the last week at the time of writing, as per data from CoinMarketCap (compared to an 11% gain by Bitcoin). The token currently trades in the $1,558 range, a 30-day high for the token.
What is Ethereum?
Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts – that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).
Find more about Ethereum here:
Source : bsc.news
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