Gas Fees Dip Further in July

Ethereum’s gas fees have long been a thorn in the side of the network’s community. 

However, in the past few months, gas fees have become less of an obstacle for users to transact on the Ethereum network. In this story, we use data from AnalytEx, an analytics system created for DeFi 2.0, to give a holistic perspective on gas fees trends from July 2022.

Below are a few highlights from this analysis:

• The average gas price on Ethereum decreased by 51.41%, i.e. 26.85 Gwei in July, compared to June when the average gas price was 55.26 Gwei. 
• Gwei is a small denomination of Ether (ETH), 0.000000001 ETH. It is the most widely used denomination of ETH that is used to depict gas fees on the network.
• The user and wallet activity of the network took a huge leap as well in July. The average number of active crypto wallets per day on Ethereum rose 23.88% from just over 401K in June to 498K in July.
• The average number of transactions per day rose 15.66% in July to hit 1.19 million from 1.03 million in June.
• Additionally, there was a 93.72% increase in the number of ERC-20 tokens in July when compared to June. The figure stood at 3,931 in June and rose to 7,615 in July.

As reported by Forbes India, Ethereum Co-Founder Vitalik Buterin, while attending the Korea Blockchain Week this week, has mentioned that the introduction of layer-two scaling solutions like roll-ups will reduce the network’s gas fees to as little as $0.05, which would completely be a “game-changer” for the network. Even though the upcoming Merge for the network will have no direct impact on the gas fees, the sharding technology presented in Ethereum’s roadmap will also lead to a significant reduction of gas fees for users of the network.

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