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Between January 2021 and May 2022, the average gas rate needed by the Ethereum network was around $40, with the highest average daily gas cost recorded on May 1, 2022, at $196,638.
The extraordinarily high transaction costs — also known as gas fees — that Ethereum requires to conduct transactions are frequently cited as the most significant obstacle to its widespread dominance. Nonetheless, the story will shift once Ethereum's average gas fees decrease to 0.0015 Ether (ETH).
The average transaction price on the Ethereum blockchain has decreased to 0.0015 ETH, or $1.57, a figure last seen in December 2020. Nonetheless, starting in January 2021, Ethereum's gas fees increased due to the euphoria around nonfungible tokens (NFT), decentralized finance (DeFi), and an optimistic bull market.
According to statistics from BitInfoCharts, between January 2021 and May 2022, the average gas charge required by the Ethereum network was around $40, with the highest gas cost being $196,638 on May 1, 2022.
Cointelegraph discovered on Saturday that daily sales of nonfungible tokens had fallen to one-year lows, corroborating the abrupt decline in gas prices. In June, the NFT ecosystem had its poorest performance, as the total number of daily transactions decreased to about 19,000 at an estimated value of $13.8 million.
In November 2021, after multiple investors complained about exorbitant gas fees, Vitalik Buterin, the co-founder of Ethereum, proposed a decrease-cost-and-cap proposal to mitigate unprecedented levels of network pressure. Buterin has proposed a short-term solution to further reduce rollup costs by implementing a per-block call-data restriction to reduce ETH gas expenses.
XCarnival, an Ethereum liquidity provider, regained 1,467 ETH just one day after an attack emptied 3,087 ETH, worth about $3.8 million, from the network.
Peckshield, a Blockchain investigator, summarized the nature of the assault as follows:
“The hack is made possible by allowing a withdrawn pledged NFT to be still used as the collateral, which is then exploited by the hacker to drain assets from the pool.”