Ethereum Continues to Lead in All-Time Gas Fees

DeFi Dominance and Low Transaction Costs

Ethereum’s Layer 1 blockchain remains the dominant platform in terms of all-time gas fees generated across various sectors, including finance, gaming, and NFTs. According to data analytics, Ethereum has accumulated over $1.68 billion in total gas fees in the DeFi sector alone. This solidifies its position as the leading platform for DeFi usage, despite the availability of cheaper fees on Layer 2 solutions.

Interestingly, while Ethereum leads in all-time gas fees, its actual transaction costs are currently at their lowest levels in over four years. The median gas price, which is the price users pay to process transactions, is averaging a mere 3 Gwei. On February 16, it even dropped to 1.19 Gwei, marking the lowest level since January 2020.

On-Chain Activity Slows Down

Despite Ethereum’s dominance in gas fees and low transaction costs, the on-chain activity on the network is slowing down. The 7-day moving average of Ethereum’s on-chain volume dropped to approximately $3.77 billion on February 18, marking the lowest daily volume for Ethereum since November 2024. This suggests that there is less demand for Ethereum transactions, rather than increased network efficiency.

Some key points to note about Ethereum’s current state include:

  • Ethereum’s all-time gas fees in DeFi exceed $1.68 billion.
  • The network’s transaction costs are at their lowest levels in over four years.
  • On-chain activity on Ethereum is slowing down, with decreased demand for transactions.

For more news and updates on the cryptocurrency market, visit Global Crypto News.

“Ethereum’s continued dominance in DeFi and its low transaction costs make it an attractive option for users, despite the slowdown in on-chain activity.”

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