Ethereum's layer 1 blockchain hit an all-time traffic high after recording 2.2 million transactions a day, Cointelegraph reported on Wednesday. Transaction fees averaged more than $200 in May 2022 but have since plunged to about 17 cents.
Over the past few years, the Ethereum network has carried out ongoing upgrades to improve scalability and reduce costs. Through the "Pectra" hard fork carried out in May last year, it strengthened staking flexibility. At the end of the year, the Fusaka upgrade increased the gas limit to 60 million from 45 million, improving transaction processing speed and network efficiency.
These changes are further accelerating developers' use of Ethereum. According to Token Terminal, the number of new smart contracts deployed on the Ethereum blockchain in the fourth quarter of last year reached 8.7 million. Cointelegraph said this means developers are increasingly using Ethereum as a payment layer.
The Ethereum staking queue is also changing. For the first time in the past 6 months, the amount waiting to be staked has exceeded the amount waiting to be withdrawn.
Chi-gyu Hwang
delight@d-today.co.kr