Ethereum gas price drops to $0.82 ( 24 gwei ), end of defi/NFT hype?

[Review Master]

Ethereum gas price is dropping and it's now $0.82 (24 gwei) which is less than $1 and erc20 transection fee is almost $2.50. Kind of low transection at current time from my side. So is it the end of defi/nft hype? Because see a lot of hikes in the ethereum gas price whenever there was defi boom in the crypto market or hyped up nft minting. In current market, everyone is almost bearish and the question's: is it the end of defi/nft hype or not?

Gas price tracker: https://etherscan.io/gasTracker

[nakmantu99]

Ethereum gas price is dropping and it's now $0.82 (24 gwei) which is less than $1 and erc20 transection fee is almost $2.50. Kind of low transection at current time from my side. So is it the end of defi/nft hype? Because see a lot of hikes in the ethereum gas price whenever there was defi boom in the crypto market or hyped up nft minting. In current market, everyone is almost bearish and the question's: is it the end of defi/nft hype or not?

Gas price tracker: https://etherscan.io/gasTracker

It's good to hear.
I think the reason why Ethereum gas fee is going down, because ETH price is low.
But Hopefully It's because of Ethereum 2.0 launched completely.

[Review Master]

Ethereum gas price is dropping and it's now $0.82 (24 gwei) which is less than $1 and erc20 transection fee is almost $2.50. Kind of low transection at current time from my side. So is it the end of defi/nft hype? Because see a lot of hikes in the ethereum gas price whenever there was defi boom in the crypto market or hyped up nft minting. In current market, everyone is almost bearish and the question's: is it the end of defi/nft hype or not?

Gas price tracker: https://etherscan.io/gasTracker

It's good to hear.
I think the reason why Ethereum gas fee is going down, because ETH price is low.
But Hopefully It's because of Ethereum 2.0 launched completely.

It's not related to ethereum price, i guess. However it could be dropped because of the bearish movement of overall market in recent months. On the other hand, defi or nft hype/trend is slowing down as of now. 
Ethereum 2.0 isn't launched completely as merge from POW to POS might happen in August. You can check this post: https://www.altcoinstalks.com/index.php?topic=267960.msg1363857#msg1363857

[Octoalts]

This Ethereum gas price fell because the activity on the Ethereum platform fell, this happened because many people were making transactions on other platforms. 
This is an opportunity for everyone who wants to send Erc20 tokens because Gas costs are cheap, but it definitely won't take long because Eth Gas is always changing.

[Review Master]

This Ethereum gas price fell because the activity on the Ethereum platform fell, this happened because many people were making transactions on other platforms.

Actually activity is still same compared to other chains because 1.7 millions transections were done at the beginning of this month and it's now 1.1 millions according to etherscan. Just look into the attached picture where we can see the sideways/uptrend chart of ethereum transections.

If we look into BNB smart chain or BSC, than 9 millions transection were completed back in March and it's now 4 millions transection which is 2x down in the activity. In the following picture, we can see a downtend of completed transections in BSC.

So activity or transections on ethereum chain is still good compared to BSC or other chains. However lets wait for the POS migration to see the lowest gas fee on ethereum again.

[TomPluz]

I find this to be a big good news since I am planning to transfer an ERC-20 toke to another wallet...and that was in hold for so many months because of the incredibly high gas fees back then. I guess this is a big benefit during the bear market but it can also mean that my ERC-20 toke is getting useless, in the first place and that means I am still ending up as a loser.

[Freemind]

True, two days ago I sent some tokens and the fee was $0.95, but I don't think that means the end of DeFi/NFT. I think that this drop in fees is due to the current market situation, we already know that there is little movement and that Bitcoin tries to stay close to $30,000, although it sometimes has a hard time doing so. The whales are waiting for people to panic so they can buy cheap, as usual. When Bitcoin drops to the whales target price, those fees will rise exponentially again.

[elbans89]

True, two days ago I sent some tokens and the fee was $0.95, but I don't think that means the end of DeFi/NFT. I think that this drop in fees is due to the current market situation, we already know that there is little movement and that Bitcoin tries to stay close to $30,000, although it sometimes has a hard time doing so. The whales are waiting for people to panic so they can buy cheap, as usual. When Bitcoin drops to the whales target price, those fees will rise exponentially again.

You're right, I think they gas fee is drop because market situation.
We know about the gas fee always depending on Ethereum price.
But for 0,9$ it's too low. Maybe etherueum 2.0 success to launch.

[Freemind]

You're right, I think they gas fee is drop because market situation.
We know about the gas fee always depending on Ethereum price.
But for 0,9$ it's too low. Maybe etherueum 2.0 success to launch.

I don't know when the Ethereum issues will finally be resolved, there are actually several issues, but I still think the one that deserves the most attention is the gas fee, something that the developers have always delayed for the release of Ethereum 2.0, meanwhile many users and projects migrate to other chains. I don't doubt the ability of the developers, but after so long it seems a shame that they don't have any empathy for the users of their products, which means that users with less funds will not be able to move their tokens (again) when the market rises again.

[Zezari]

You are definitely talking about a problem that has been solved for a long time and has not been solved, the transaction fee has decreased due to the fact that the entire market is falling and when it grows again there will be a problem like this.

[mahadev]

You are definitely talking about a problem that has been solved for a long time and has not been solved, the transaction fee has decreased due to the fact that the entire market is falling and when it grows again there will be a problem like this.

You're right, because crypto currency market is going down, gas fee also down.
That's the fact.
Gas fee depends on traffic and Ethereum price.
And now, market traffic is low.

[Lanirex]

Gas prices have indeed dropped, and this is an opportunity for Crypto people or traders who like to play on the Ethereum Blockchain. They can freely transfer Ethereum-based tokens at a low cost, but unfortunately now many tokens are experiencing a significant price drop, so the decline in Eth Gas for some people does not have a high impact.

[pieppiep]

I think when the transaction fee on the ethereum network decreases then it's because of the influence of no good news that can make whales interested in entering and starting to buy some items on the ethereum network, different when it's good and can get a lot of profit when buying NFT then the network fee to make transactions can increase.

[Freemind]

I think when the transaction fee on the ethereum network decreases then it's because of the influence of no good news that can make whales interested in entering and starting to buy some items on the ethereum network, different when it's good and can get a lot of profit when buying NFT then the network fee to make transactions can increase.

The fact that the fees are now much cheaper is due to the current market situation, very few people are buying right now, that is why there are fewer transactions and that is why the fees have dropped so much, but it is not for lack of interest, it is because the majority of users are being patient to see how far they can drop prices to be able to buy cheaper. When the market changes and is bullish again, we will see how the fees will go back up a lot, since there will be many more transactions.

[cheezcarls]

Nah I don’t want to count on that for long because anytime without warning it could surge back up again through future network congestions, etc. But of course, we are lucky to pay this gas fee on Ethereum. But it’s still way much higher than Binance Smart Chain, Polygon, TRON, etc. What we are waiting for is the upcoming consensus layer a.k.a. ETH 2.0 update that would convert Ethereum from PoW to PoS.