Ethereum Fees Reclaim Stability
Santiment data reveals that on the last day of May, Ethereum fees had dropped by roughly 69% from their yearly high of $14 per ETH transaction. The decrease is welcome news for users who were initially hit with inflated costs during the meme coin frenzy fueled by Pepe (PEPE) token’s popularity.
Lowering transaction costs not only attracts new users but also incentivizes existing participants to make full use of Ethereum’s capabilities. As fees normalize and become more affordable for users, it paves the way for enhanced accessibility making Ethereum an even more considerable platform for various applications including decentralized finance (DeFi), non-fungible tokens (NFTs), and more.
Self-Custody Trend And ETH Supply
In addition to lower transaction fees, there has been a declining percentage of Ethereum supply held on crypto exchanges due to growing preference among holders towards self-custody solutions. Recent data shows that this trend has resulted in an all-time low exchange supply rate at just 10.31%. This development aligns with decentralization ethos and further strengthens Etherium’s position as a trusted and secure platform for value transfer and smart contractsSponsored Product.
The combination of lower transaction fees and increased self-custody underscores Ethereums’ maturity as a blockchain network fostering confidence amongst existing users while attracting new participants into its ecosystem.
Meanwhile, Ethereum’s tradingSponsored Product volume has plummeted from nearly $8 billion last Thursday to $6.4 billion in the past 24 hours while its value remains relatively stable with a slight increase of 4.3% over the past seven days and a loss of only 0.4% in value during the previous twenty-four hours.
The decline in fees is an encouraging sign that Ethereum is becoming more affordable for users, consequently encouraging greater utility and activity within the network.
This latest development marks a positive shift for Ethereum users and signals a promising outlook for adoption rates as well as user engagement across various applications such as DeFi or NFTs.
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