Fees On the Ethereum Network Shrinked to December 2020 Levels

On Saturday, June 2, for the first time since December 2020, the average transaction fee on the Ethereum network was $1.67, according to BitInfoCharts.

Fees have been rising since January 2021 amid the explosion of the DeFi sector and the NFT boom. On May 1, 2021, the average fee reached an all-time high of $196,683. But as the market crashed, the figure began to decline.

In June, NFT sales showed the worst performance in a year. According to NonFungible, as of mid-month, daily trading volume was $13.8 million in approximately 16,200 trades.

The total volume of funds blocked in DeFi protocols in the Ethereum network decreased to $45.7 billion. A similar value was recorded in early March 2021.

On June 26, the total daily transactions in Ethereum amounted to ~920,000. The last time such low activity on the network was recorded was in the fall of 2020.

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