The average cost of the commission fee for the transfer in the Ethereum blockchain network fell to January figures
The costs of transfers within the Ethereum network are falling. On Sunday, May 2, the average commission for a transfer on the Ethereum network was $7.9. In less than a week, the commission decreased by almost 40%. Thus, the cost of using the Ethereum network was lowered to the level of January 2021.
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It is noteworthy that the decrease in commissions occurs against the background of an increase in the capitalization of the ecosystem. So, on Monday, May 3, the market capitalization of Ethereum reached the threshold of $341.1 billion. Along with the capitalization, the price of ETH also increases. At the time of writing, the price of ETH has set a new high at $3,202 (BitMEX).
See also: The Ethereum (ETH) exchange rate is approaching the danger zone — Santiment
How assumed blockchain journalist Colin Wu, the reduction in fees may be the result of innovations at the software level or the outflow of users on the Binance Smart Chain (BSC). Earlier, the Ethereum network launched a new mechanism for redistributing transactions from arbitrage on-chain bots. With with the new technology, bots send transactions directly to miners, rather than to pools for arbitrage gain.
Also, the editorial board of BeInCrypto previously reported that the daily volume of transactions on BSC reached 9 million units, which is 600% higher than that of Ethereum. Moreover, the rapid development of the ecosystem has contributed to the growth of the price of the binance coin (BNB) token. The price of BNB in the BNB/USDT pair is $641. Whether BNB will be able to beat ETH at the price, the editorial board of BeInCrypto previously tried to find out from financial experts.
Read about why cryptocurrency projects have so far failed to “kill” the Ethereum network in the BeInCrypto special article.
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