Ethereum transaction fees drops by 80%, market reports reveal. ETH transaction fees are calculated in gas and used for settling ETH operations on ETH blockchain network.
Lately, ETH miners have been experiencing a plunge in revenue. Data from Santiment Research revealed that Ethereuaţm transaction fees dropped by almost 80% from their all-time high today, thereby providing an opportunity for cheaper on-chain operations.
What this means: Ethereum Transaction Fees
Ethereum transaction fees are calculated in Gas and used in paying for ETH operations on its blockchain networkThese don’t just include normal transactions, but also interactions with the decentralized application and smart contracts. Fees going down means that using Ethereum projects is becoming less expensive.
ETH miners have been cashing in averagely because ETH fees on its blockchain network have risen partly due to the rising interest on DeFi assets, which now have about $5 billion worth of digital assets in terms of value, up from less than $1 million earlier this year.
Things you need to know about Ethereum
Ethereum is a cryptocurrency designed for decentralized applications and the deployment of smart contracts, which are created and operated without any fraud, interruption, control or interference from a third party.
Ethereum is a decentralized system, fully independent, and is not under anybody’s authority. It has no pivotal point, and its platform is connected to thousands of its users through their computing system around the world, which means it’s almost impossible for the crypto to go offline.
This article is sourced from:https://nairametrics.com