Ethereum Gas Crisis Eases as NFT Marketplace Fees Plunge
- Rudolph Harmon
- May 20, 2023
- Ethereum, News, NFT
- Ethereum, Ethereum Gas, NFT
- 0 Comments
As reported by Nansen recently, Ethereum gas fees in NFT marketplaces have observed a significant reduction, steering the cryptocurrency ecosystem out of an impending gas crisis. A noteworthy point to consider is the substantial drop in Ethereum gas usage by NFTs, which now only account for a minor 3% of the total gas consumption.
Uniswap Takes Lead in Gas Consumption
As NFTs trail behind in the gas consumption race, Uniswap has surfaced as the main gas guzzler, representing a staggering 31.99% of total consumption. A contributing factor to this shift appears to be the intense traffic triggered by meme coin trading, thereby bringing down the gas usage related to NFTs.
Cardano Wins Favor as Cost-Efficient Alternative
In the wake of these events, Cardano is gaining traction as a cost-effective contender, especially following the implementation of its Hydra upgrade. This decline in NFT gas usage signifies a major shift in Ethereum’s persistent gas issues, presenting a respite for the concerned market players.
Ethereum Market Trends Witness Positive Shift
Consequently, Ethereum’s price trajectory has embarked on a positive course, experiencing a hike from $1,771 to over $1,800. The market capitalization of Ethereum has also recorded a growth surge, hitting an impressive high of $218 billion.
On the contrary, daily trading volume for Ethereum has seen a downward trend, sliding from $10 billion to $5.5 billion. Despite this, Ethereum continues to demonstrate resilience, with its trading value slightly surpassing $1,800 to $ 1,813 at the time of writing.
Future Expectations for Ethereum
In light of the current scenario, updates and improvements are expected on Ethereum’s mainnet, aimed at resolving prevailing gas issues and enhancing scalability. This critical shift in Ethereum’s gas consumption could indeed pave the way for a more sustainable and efficient cryptocurrency ecosystem.
Also Read: Ethereum Dominates Blockchain Competition with Unmatched Network Fees
