Since the launch of the Shapella upgrade on April 12, transaction fees on the ethereum network have been trending strongly upward. From that day through April 22, the network processed more than 1 million transactions per day, excluding April 16. Next, Ether's transaction volume stayed below 1 million, averaging 800,000 to 900,000 transactions per day. Given these 30 days of rising fees, the cost of certain transactions on the Ethernet network is relatively high. For example, sales on Opensea charged $9.93 per transfer, while transactions on Uniswap charged $25.58 per transaction. On the other hand, depositing ERC20 tokens costs $7.50 per transaction.
Interestingly, since the implementation of the Shapella hard fork, the Ethernet Arbitrum Layer 2 (L2) extension solution has exceeded the network's transaction volume in the daily timeframe. Since April, Arbitrum has processed 1.1 to 1.5 million transactions per day, while L2 competitor Optimism has recorded 240,000 to 550,000 transactions per day during the same period. In addition, Arbitrum's average transaction fee is $0.368 per transfer, while Optimism's average transaction fee is slightly higher at $0.682 per transaction.
Over the past 14 days, ETH's market cap has fallen 12.7% against the U.S. dollar. However, the second largest digital asset by market cap is still 1.4% higher than it was in the previous 30 days. Currently, ETH has a market cap of $220.1 billion, or 18.97% of the total value of the crypto economy, compared to $1.16 trillion as of yesterday.
Interestingly, since the implementation of the Shapella hard fork, the Ethernet Arbitrum Layer 2 (L2) extension solution has exceeded the network's transaction volume in the daily timeframe. Since April, Arbitrum has processed 1.1 to 1.5 million transactions per day, while L2 competitor Optimism has recorded 240,000 to 550,000 transactions per day during the same period. In addition, Arbitrum's average transaction fee is $0.368 per transfer, while Optimism's average transaction fee is slightly higher at $0.682 per transaction.
Over the past 14 days, ETH's market cap has fallen 12.7% against the U.S. dollar. However, the second largest digital asset by market cap is still 1.4% higher than it was in the previous 30 days. Currently, ETH has a market cap of $220.1 billion, or 18.97% of the total value of the crypto economy, compared to $1.16 trillion as of yesterday.