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Golden Observation | ETH hits a new high Gas has dropped by more than 40% within a month.Is Ethereum not blocked?



Historic moment, double new highs.

As of press time, the price of Bitcoin is $62,965.88, and the price of Ethereum is $2,222.35, both hitting record highs.

However, Jinse Finance has noticed that while Ethereum is gradually hitting new highs, the average Gas price of Ethereum continues to drop.

According to data from OKLink, the transaction fees of Ethereum continued to decline this month. In the past week, the average transaction fee for a single transaction on Ethereum was 0.007451 ETH/transaction, and the average Gas price was about 121 Gwei, down 42% and 45% respectively from the beginning of the month. On April 11, the average price of Ethereum Gas was about 85.2 Gwei, which hit a low point in nearly two months.

Golden Noon News | March 7th at noon important updates: 7:00-12:00 Keywords: Compound, IRS, Grayscale

1. Analyst Joseph Young: Selling pressure from Bitcoin miners is drying up

2. Compound passed a new proposal, and the mortgage factors of WBTC, BAT, and ZRX will be lowered tomorrow

3. Personal finance expert Suze Orman: I love Bitcoin

4. IRS adds investigative team to root out tax evasion by crypto holders

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6. Biden announced that a $1,400 bailout will be distributed starting this month [2021/3/7 18:22:30]

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1. Yam Finance announced that it has started the migration;

2. The EU will introduce an encrypted asset system in 2024;

3. Foreign media: Abkhazia may lift the ban on cryptocurrency-related activities;

4. Lightning Labs updated the Faraday suite this week, and c-lightning launched version 0.9.1;

5. The U.S. Space Force awards a cybersecurity contract to blockchain company Xage;

6. ETC Labs proposes a 51% attack prevention protocol, which may be launched within 10 days;

7. French and Italian regulators blacklist more crypto scams;

8. Yam Finance: only supports Uniswap YAM/yUSD pool at launch;

9. UNI breaks through 8.3 dollars, the highest rises to 8.66 dollars within a day. [2020/9/19]

Is Ethereum uncongested?

Golden Morning News | March 1 Overnight Important Updates: 21:00-7:00 Keywords: Earnings in February, Nanning Customs, Blockchain Professional

1. Nanning Customs applies technologies such as blockchain anti-counterfeiting locks to help epidemic prevention.

2. Nearly $769 million worth of Bitcoin longs on BitMEX were liquidated in February.

3. V God: Forking futures contracts may bring adverse effects to the market.

4. Bitcoin and other crypto assets had zero gains in February.

5. British cryptocurrency exchange Luno will add support for XRP.

6. Tang Chunming: Guangzhou University’s plan to increase enrollment covers five majors including blockchain.

7. Founding members of the Bitcoin Foundation: Some Americans cannot pass the certification of institutions such as encrypted exchanges.

8. Professor of University of International Business and Economics: The transformation of production and lifestyle will promote the rapid development of blockchain and other technologies.

9. Bitcoin fluctuated slightly, the highest rose to 8676.29 US dollars, and the lowest fell to 8592.87 US dollars. [2020/3/1]

As we all know, with the explosive growth of DeFi, limited by TPS, the transaction processing mechanism of the highest price makes the Ethereum network expensive and congested during the DeFi boom.

Gas fees have been increasing steadily since November last year, and reached a historical peak on February 23 this year. The average transaction cost reached a staggering 373 Gwei, which is about $82.8 based on the current Ethereum price. As of now, the average price of Gas in April is about 135.7 Gwei, which is lower than that of February and March, but still higher than that of January.

Looking at the daily transaction volume data of decentralized exchanges (DEX), we can find possible reasons for the drop in gas fees in the past few days.

Debank data shows that DEX trading volumes have shown a downward trend since reaching a peak of $4.35 billion on February 23.

In the past three months, the daily trading volume of Ethereum DEX

As of now, monthly DEX trading volume

At the same time, multiple expansion plans of Ethereum have been launched one after another.

On March 24, Hermez Network, the Ethereum ZK Rollup expansion solution, was officially launched. This means that Hermez's main network has been launched, and users can now transfer money at a lower Gas cost. According to Jordi Baylina, technical director of Hermez, users can save about 90% of Gas costs.

On March 23, RollupsWallet, a zkSync-based second-tier wallet, announced that its mobile app has been launched on the iOS app store, with over 1,000 downloads in the first week. The RollupsWallet team stated that the wallet is powered by zkSync (MatterLabs), its Gas price can be reduced by two orders of magnitude, and it can also realize the instant transfer of Ethereum ERC-20 tokens.

In the NFT market, the NFT trading platform OpenSea will integrate the Layer 2 expansion solution Immutable X. OpenSea product director said: "Integrating Immutable X will allow OpenSea to provide users with a gas-free transaction experience without sacrificing the security of the Ethereum network. Future game developers and OpenSea players will benefit from this.

It is also worth looking forward to that the EIP-3298 proposal initiated by Vitalik, the founder of Ethereum, which removes the rule of "executing SELFDESTRUCT to obtain gas fee reduction rewards" in the London upgrade, will also be implemented in July or August.


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