Analysis shows that the average amount of gas used in the Ethereum system is at its highest in the last two years, and the number of ETH active wallet holders has also seen a noticeable increase.
Analytical data provider Glassnode announced in a post on Twitter that the average amount of Gas used in the Ethereum blockchain has increased, reaching the highest level in the last two years.
The record here was 41,866,375, beating 41,848,917, the highest level reached on September 17th.
The average Ethereum transaction fee hit an all-time high at almost $ 12 last month. While this situation is troublesome for ETH users, in September Ethereum miners earned a total of $ 166 million in transaction fees alone.
Ethereum Support from Uniswap
The UNI token, launched by Uniswap on September 16, took a huge leap forward, increasing ETH miners’ earnings to a total of $ 1 million per hour. During this period, the ETH gas fee rose to 700 Gwei, which corresponds to about $ 5.6.
According to data shared by Glassnode, the number of active wallet holders has also increased significantly, reaching an all-time high.
Conditions Returned to Normal
As a result of the rapidly growing interest in the decentralized finance sector with platforms such as Uniswap, Curve, Aave, the increasing transaction demand and gas consumption increased competition in the Ethereum network, which can only process 10-14 transactions per block per block, and caused prices to rise.
According to Glassnode, things have largely returned to normal. The total Ethereum transaction fee earned by miners on September 17th was 42,763 ETH, and dropped to 5,898 on October 4th. The average transaction fee on the Ethereum network also dropped from a record $ 11.62 on September 17 to $ 2.1.
Along with the decline in transaction fees on the Ethereum network, the absolute number of transactions on the network also fell by about 30% to 935,000 levels. On September 17, the absolute number of transactions reached the level of 1.32 million.
The total value traded on the network fell by a larger rate of 74%, from 6.5 million ETH to 1.7 million ETH.
Ethereum Will Breathe After DeFi Projects
Uniswap lost 27.6%, Yearn Finance 41.2% and UMA 28.5% as the impact of the excitement of DeFi projects on the market gradually passed. This will provide Ethereum with the needed breathing space.