Ethereum network fees paid to miners whenever a payment transaction is initiated on the blockchain more than tripled between October 2020 and March 2021. These transaction fees - commonly denoted as gas or Gwei - were considered to be very low up until 2020, when the Ethereum network started to cope with increasing amounts as well as more complex transactions. This coincided with the growing importance of Decentralized Finance or DeFi, with more services essentially putting more strain on the cryptocurrency's network. The consequence is that Ethereum gas price increased for all users, especially for NFT transactions across various segments.
Average daily gas price of Ethereum from August 2015 to November 29, 2022
(in Gwei)
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Website (EtherScan.io). (November 29, 2022). Average daily gas price of Ethereum from August 2015 to November 29, 2022 (in Gwei) [Graph]. In Statista. Retrieved December 22, 2024, from https://www.statista.com/statistics/1221821/gas-price-ethereum/
Website (EtherScan.io). "Average daily gas price of Ethereum from August 2015 to November 29, 2022 (in Gwei)." Chart. November 29, 2022. Statista. Accessed December 22, 2024. https://www.statista.com/statistics/1221821/gas-price-ethereum/
Website (EtherScan.io). (2022). Average daily gas price of Ethereum from August 2015 to November 29, 2022 (in Gwei). Statista. Statista Inc.. Accessed: December 22, 2024. https://www.statista.com/statistics/1221821/gas-price-ethereum/
Website (EtherScan.io). "Average Daily Gas Price of Ethereum from August 2015 to November 29, 2022 (in Gwei)." Statista, Statista Inc., 29 Nov 2022, https://www.statista.com/statistics/1221821/gas-price-ethereum/
Website (EtherScan.io), Average daily gas price of Ethereum from August 2015 to November 29, 2022 (in Gwei) Statista, https://www.statista.com/statistics/1221821/gas-price-ethereum/ (last visited December 22, 2024)
Average daily gas price of Ethereum from August 2015 to November 29, 2022 (in Gwei) [Graph], Website (EtherScan.io), November 29, 2022. [Online]. Available: https://www.statista.com/statistics/1221821/gas-price-ethereum/