After the madness of DeFi dapps, the Ethereum platform started seeing a rapid drop in network usage. This also led to a drop in the price of Ethereum gas.
According to Santiment, a sharp decline in interactions on the Ethereum network started in mid-September, after the previous months saw strong growth in market activity. Farming Opportunities DeFi like Uniswap has promoted these activities.
The price of Ethereum gas falls
Gas price Ethereum has seen a severe drop since it went on sale at an all-time high between August and early September.
After that, an average transaction fee cost up to 50 USD but today, that price has dropped exponentially to the level before the madness started.
The ETH gas station also reports that ethereum gas prices are currently at the standard level of 40 gwei, while for high-speed transactions at 50 gwei. While Uniswap is still the project using the most gas. Last month, this project processed transactions totaling more than $ 12 million.
Ethereum is rising again
Tradingview reported that Ethereum price has risen 12% in the market after it was sold at a low price of $ 335 last week.
Many believe that if current support persists, ETH could continue to climb as high as $ 400 again. Analyst Logan Han also predicts that Ethereum could surpass its all-time high price in 2021 and that its price will continue to rise in the short term.
Ethereum is considered by many to be a competitor to the leading crypto asset in the market, Bitcoin. This property has seen a boom in usage following the development of DeFi applications on its platform, which has spurred its use and adoption in the Ethereum community.
DeFi applications were the new gold mine on the market until they experienced a recent price drop that hit the industry as a whole.