For at least two years, between January 2021 and May 2022, the standard gas fee needed by the Ethereum network was approximately 40 dollars, registering on May 1, 2022, with the highest average daily gas cost of 196,638 dollars.
Ethereum’s obstruction to market dominance gets usually attributed to the unreachable transaction fees or gas fees it needs to achieve a transaction. However, with Ethereum’s standard fee going down to 0.0015 ETH, the game would be about to change.
The standard transaction fee on the Ethereum blockchain submerged into 0.0015 ETH or $1.57, a figure previously observed in December 2020. However, as of January 2021, Ethereum gas fees reached a high peak due to hype around non-fungible tokens, decentralized finance, and a promising optimistic market.
Between January 2021 and May 2022, the standard gas fee needed by the Ethereum network was approximately 40 dollars, registering on May 1st, 2022, with the highest gas price, 196,638 dollars -as the data observed in BitInfoCharts.
Supporting this sudden fall in gas prices, daily sales of NFTs have also crumbled to one-year lows. The NFT environment revealed its worst numbers of the year, as the sales crashed to approximately 19,000 with an expected value of $13.8 million.
In November 2021, as shocking gas fees got highlighted by a high group of investors, Ethereum co-founder Vitalik Buterin revealed a cost-cutting and capping proposal to minimize unprecedented layers of stress on the platform. Buterin presented a short-term solution to lessen winding costs by implementing a call data cap per block to minimize ETH gas prices.
Ethereum liquidity supplier XCarnival experienced a recovery of at least 1,467 ETH just one day after facing an attack that extracted at least 3,087 ETH, worth about $3.8 million, from the protocol.
XCarnival faced a cyberattack on June 26th, 2022, and it got forced to stop a considerable part of the protocol. XCarnival officials confirmed they would grant the owner of 0xb7CBB4d43F1e08327A90B32A8417688C9D0B800a 1500 ETH reward.
At the same time, XCarnival officials free the person from any harmful legal action. Blockchain researcher Peckshield explained the nature of the attack stating that The hack occurred by allowing the withdrawal of a connected NFT to serve as collateral, which gets then disrupted by the cyber criminal to extract a high amount of assets from the pool.
By: Jenson Nuñez