Ethereum continues to lead to gas costs of all time, especially in Defi, despite a decrease in activities on chains and the lowest transaction costs in more than four years.
According to the data analysis platform GrowdepieEthereum’s Layer 1 Blockchain still dominates gas costs that are generated in all sectors (finance, gaming, NFTs, etc.), except social.
In Defi alone, Ethereum (ETH) has collected more than $ 1.68 billion in total gas costs. It leads other block chains in Defi gas costs on all timetables (all time, monthly, 3 months and weekly). This shows that Ethereum is still the dominant platform in terms of Defi use, although Layer 2 solutions usually offer cheaper costs.
While Ethereum generates the highest gas costs for the day, the actual transaction costs (costs for sending individual transactions) are currently at their lowest level in more than four years (the last time it was so cheap to use Ethereum for transactions in July 2020). This is mainly because the median gas price (the price users pay to process transactions) is currently very low, on average 3 (a small fraction of an ETH). On February 16 it was even lower at 1.19 Gwei, which was the lowest since January 2020.
Although Ethereum is still leading to gas costs and transaction costs, the activity on Ethereum’s chains is actually ignored, which means that there is less demand for ethereum transactions instead of increased network efficiency. The 7-day advancing average (7DMA) of the Volume of Ethereum fell to around $ 3.77 billion on 18 February, which marked the lowest daily volume for Ethereum since November 2024.
