The atherium continues to lead in all-time gas fee, especially in DEFI, despite the decline in on-chain activity and the lowest transaction costs in four years.
According to data analytics platform GrowthThe layer 1 blockchain of the atherium is still dominating the gas fee in all areas except social (finance, gaming, NFT, etc.).
In Defi alone, the Ethereum (Eth) has accumulated more than $ 1.68 billion in the total gas fee. It leads other blockchain in DEFI gas fees on all timeframes (all-time, monthly, 3-maines and weekly). This suggests that Ethereum is still a major platform in terms of Defi use, even though layer 2 solutions usually provide inexpensive fees.
While Ethereum is generating the highest gas fee, the actual transaction costs (fees for individual transactions) are currently at their lowest level in four years (last time it was cheaper to use Ethereum for transactions, July, July Was in 2020). This is primarily because the price of mean gas (price user pays to process transactions) is still very low, average 3 (a small fraction of an ETH). On 16 February, it was even less on 1.19 GWEI, the lowest since January 2020.
However, although the atherium still carries the gas fees and the transaction fee is low, the on-chain activity on the atherium is actually slowing down, which means that there is a low demand for atherium transactions rather than an increase in network efficiency. Ethereum’s on-chain volume 7-day moving average (7DMA) fell to about $ 3.77 billion on February 18, marking the lowest daily volume for the atherium since 2024.
