The Ethereum (ETH) ecosystem’s biggest obstacle to market dominance is often attributed to the sky-high transaction fees or gas fees it requires to complete a transaction. However, with Ethereum’s average fees dropping to 0.0015 ETH, the narrative is going to change.
The average transaction fee on the Ethereum blockchain dipped to 0.0015 ETH or $1.57, a figure previously seen in December 2020. However, as of January 2021, Ethereum gas fees skyrocketed due to hype. around non-fungible tokens (NFTs), decentralized finance (DeFi), and a promising bull market.
For almost two years, between January 2021 and May 2022, the average gas fee required by the Ethereum network was approximately $40, with the highest gas cost recorded on May 1, 2022, $196,638 -as data shows. from BitInfoCharts.
Supporting this sudden drop in gas prices, Cointelegraph found on Saturday that daily sales of NFTs have also fallen to one-year lows. The NFT ecosystem posted its worst performance of the year in June, as the total number of daily sales fell to approximately 19,000 with an estimated value of $13.8 million.
In November 2021, as outrageous gas fees were reported by numerous investors, Ethereum co-founder Vitalik Buterin published a cap and cost reduction proposal to reduce unprecedented levels of stress on the network. Buterin had proposed a short-term solution to further reduce winding costs by introducing a calldata cap per block to reduce ETH gas costs.
Ethereum liquidity provider XCarnival recovered 1,467 ETH just one day after suffering an exploit that drained 3,087 ETH, worth about $3.8 million, from the protocol.
XCarnival was attacked on June 26, 2022 and suspended part of the protocol. XCarnival officials will give 0xb7CBB4d43F1e08327A90B32A8417688C9D0B800a owner 1500 ETH bounty.
At the same time, XCarnival officially exempts the person from legal action.By XCarnival team
— XCarnival (@XCarnival_Lab) June 27, 2022
XCarnival was attacked on June 26, 2022 and suspended part of the protocol. XCarnival officials will give the owner of 0xb7CBB4d43F1e08327A90B32A8417688C9D0B800a 1500 ETH reward.
At the same time, XCarnival officials explicitly exempt the person from legal action.
Blockchain researcher Peckshield explained the nature of the attack stating:
“The hack is made possible by allowing the withdrawal of a linked NFT to be used as collateral, which is then exploited by the hacker to drain assets from the pool.”
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