Average Ethereum Transaction Fee Drops To Lowest Since Mid-July

The average commission for the transaction in the Ethereum network is reduced. This means a decrease in user activity and a slowdown in Defi industry growth.

The average cost of confirmation of the transaction in the Ethereum has reached the lowest level since mid -July, when boom decentralized finance (DeFi) It just started. Lower commissions mean, that less transactions are carried out in the Ethereum blockchain.

According to
Bitinfocharts on Saturday The average commission for the transaction on Ethereum has reached $0.9, And on Sunday – $1.02. Recall, that in early September this indicator reached $14.58. In the first month of autumn, miners eth earned
$166 Milln on commissions is a record amount in the history of the existence of the Ethereum.

Defi market boom has become the main factor in miner income growth. However, in early October, the commission for transactions in the Ethereum decreased
on 86.2% From the Maximums of September. At the same time, in the first week of October, the Hashrate of the Ethereum network reached
historical maximum c 250 Tx/s against the background of Defi growth.

The decrease in the size of the commissions may be associated with a slowdown in the growth of the Defi industry. According to Defi Pulse, The dollar value of crypto acts blocked in Defi is at a higher level $11 billion from the end of September. Moreover, in the previous months, this indicator grew extremely quickly.  In February, he first exceeded $ 1 billion, in June– $2 billion, and then rushed up sharply, Having reached $3 billion in July, $7 billion in August
and peak in $13.2 billion in September.

Source