The main obstacle to taking over the Ethereum (ETH) ecosystem is often the very high transaction fees that have to be paid to complete a transaction. However, with the average Ethereum gas charge falling to 0.0015 ETH, the situation is set to change.
The average transaction fee on Ethereum blocks fell to 0.0015 ETH or $ 1.57 – a figure previously seen in December 2020. However, since January 2021, Ethereum gas charges have increased due to the failure of non-interchangeable tokens (NFT) ), decentralized finance (DeFi). ) and a promising bull market.
For almost two years, between January 2021 and May 2022, the average price of gas demanded by the Ethereum network was around $ 40, and on May 1, 2022 the highest price was $ 196.638 – as data from BitInfoCharts shows .
In support of this sharp fall in gasoline prices, Cointelegraph discovered on Saturday that NFT’s daily sales had also fallen to their lowest level in a year. The NFT ecosystem recorded its worst performance of the year in June, with total daily sales falling to around 19,000 with an estimated value of $ 13.8 million.
In November 2021, with many investors reporting appalling gas charges, Ethereum co – founder Vitalik Buterin released a proposal to cut costs and limit blockchain to reduce unprecedented pressure levels on the network. Buterin had proposed a short-term solution to further reduce rolling costs by introducing a per-block data limit to reduce ETH gas charges.
Read also: Ethereum liquidity provider XCarnival negotiates a return of 50% of the stolen ETH
Ethereum liquidity provider XCarnival acquired 1,467 ETH, one day after exploiting victims who removed 3,087 ETH from the protocol, valued at approximately $ 3.8 million.
XCarnival was attacked on June 26, 2022 and part of the protocol was suspended. XCarnival officials will give 0xb7CBB4d43F1e08327A90B32A8417688C9D0B800a owner 1500 ETH bounty.
At the same time, XCarnival officials explicitly exempt the person from legal action.
According to the XCarnival team
—XCarnival (@XCarnival_Lab) June 27, 2022
XCarnival was attacked on June 26, 2022 and part of the protocol was suspended. XCarnival officials will give 0xb7CBB4d43F1e08327A90B32A8417688C9D0B800a owner 1500 ETH bounty. At the same time, XCarnival officials expressly exempt the person from any legal action. With XCarnival Team – XCarnival (@XCarnival_Lab) June 27, 2022
The Peckshield Blockchain investigator explained the nature of the attack by saying:
“The hack can be done by allowing a withdrawn NFT to be used as collateral, which the hacker then uses to drain assets out of the pool.”