by BSC News
July 19, 2022
Average gas fees on ETH dropped by 17% in June compared to May.
High gas fees on the Ethereum network troubled investors and DeFi protocols through the latter half of the bull run across H2 2021 and Q1 2021. But average gas fees dipped from 66.24 Gwei in May to 55.25 Gwei in June, according to data from EtherScan.
As previously reported by Web3Wire, the developers of the Ethereum network announced that the Ethereum Improvement Proposal (EIP) 5133, which included the setting off of the difficulty bomb, is to be delayed to a later stage in its roadmap. The difficulty bomb is an implementation that makes it more difficult for PoW Ethereum miners to mine ETH tokens. The bomb is one of the critical steps in the Merge that would finally transition Ethereum from being a PoW network to becoming a full-fledged PoS network.
In a more recent development, the network’s core developers have tentatively chosen Sept. 19 as the date when the Merge will take place. This day has been highly awaited for the entire cryptoverse as it marks a very important benchmark for Ethereum, which is the most utilized blockchain network in Decentralized Finance (DeFi).
In response to this announcement, the ETH token price rose 45% in the last week at the time of writing, as per data from CoinMarketCap (compared to an 11% gain by Bitcoin). The token currently trades in the $1,558 range, a 30-day high for the token.
Ethereum is an open-source, distributed computing platform based on blockchain technology that can execute smart contracts - that is, the terms written in the contract will be executed transparently, automatically when the previous conditions are satisfied, and no one can interfere. At the same time, Ethereum also allows developers to build decentralized applications (DApps) and decentralized autonomous organizations (DAO).
Find more about Ethereum here:
Website | Twitter | Documentation | Whitepaper | Reddit | Discord | YouTube | GitHub | Ethereum Foundation Blog
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