Aug 28, 2023

Ethereum's daily transaction fees hit an 8-month low of $2.8M on Sunday, according to data tracked by blockchain analytics firm CryptoQuant.

Video transcript

The chart of the day is brought to you by crypto dot com. The world's fastest growing crypto app. Let's take a look at the chart of the day. Ethereum. Daily transaction fees hit an eight month low of $2.8 million on Sunday. That's according to data track by Blockchain Analytics firm, crypto. A decline in total fees paid represents low network usage as fees are determined by the level of activity in the network. But it could point to a rise in laity of Ethereum layer two scaling solutions, which is actually a long term positive for the development of the Blockchain. David Lewin, head of research at Falcon said in a note last week that Ethereum layer one fees have decreased, which is in stark contrast to the early days of crypto kitties when the network would commonly get clogged. While analytics firm into the block notes that the number of transactions processed between Ether main net and the major layer twos using optimistic roll up technology hit their second largest value in history. Earlier this month, Ether is currently trading around $1650. That's it for today's chart of the day. I'm Jenna. We'll see you next time to unpack more of the data behind top news stories.

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