Ethereum's [ETH] transaction fee sets a new record, the L2s can't keep calm
, the largest altcoin underwent the much-anticipated Merge that saw it transition into a Proof-of-Stake consensus. Well, the mechanism has changed, but ETH continues to give mixed signals to traders.Despite being one of the most prominent blockchains, Ethereum’s biggest drawback was its extraordinarily high transaction costs.
But these scenarios seem to have taken a toss especially now after the Merge. Ethereum transactions have reportedly become a lot cheaper. As perSource: IntotheBlockof the Ethereum network has decreased to 0.0011 ETH . Well, keeping Merge aside, there could be other reasons for the fall in gas fees. It could be the broader market drawdown- the crypto markets witnessed a major crash in the last two months, driving crypto prices down. ETH, at press time, was trading around $1.2k. Ergo, falling by more than half from its peak.
Another reason for the fall in gas fees could be major liquidation, especially in the NFT domain. Interest in speculative NFT buying dropped significantly on Ethereum. Consider one narrative involving the largest NFT marketplace,OpenSea contributed to a huge portion of the total gas consumption but has fallen significantly since January. It consumed 230,000 ETH or roughly 16,400 ETH month-over-month . But within the last 30 days, this MoM declined significantly.
Moving on to the other side, ETH’s metrics did see some interesting narrative, thanks to growth in L2s,
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