When is the gas fee of Ethereum the lowest?

Katie 辜

Odaily资深作者

2022-01-21 06:00

This article is about 1250 words, reading the full article takes about 2 minutes

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Avoid times when people are sitting at their desks.

This article comes fromDappradarThis article comes from

, the original author: Ian Kane, compiled by Odaily translator Katie Ku.

When are Ethereum gas fees lowest and when is the best time to transact on Ethereum? As an NFT enthusiast, DeFi investor or trader, or project party on Ethereum, how to pay the lowest possible gas fee? If you want to save money, don't miss the following content.

All Ethereum transactions correspond to gas fees, and the specific value is determined by the network supply and demand at that time. Essentially, the cost of Ethereum gas depends on:
The current demand for gas in the entire network;
Handle the computing power requirements of smart contracts;
total number of transactions;

Next, we will analyze the main reasons for the soaring gas fee and summarize the periods when the gas fee is cheap.

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Ethereum was the first blockchain to introduce smart contracts and allow developers to build Dapps on top. As more and more Dapps appeared, the network quickly became congested and gas prices increased. In the summer of 2020, ETH gas prices increased by more than 20 times, and DeFi played a role. In 2022, DeFi will continue to be the mainstay of Dapp activity, and Ethereum will drive thousands of smart contracts every day.

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NFT Minting and Trading Facilitate Gas Fee Rise

Today, NFTs are getting more attention than ever, and platforms like OpenSea, LooksRare, and Foundation are leading new investors into the world of digital art and collectibles. Not to mention that more and more games are now incorporating NFTs. At the same time, the huge NFT transaction boom has led to a sharp rise in gas.

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Gas high consumption

This has also contributed to the rise and development of some well-known Layer 2, sidechain, and EVM-compatible networks. Polygon, Solana, Avalanche, and Binance Smart Chain (BSC) are all clear leaders.

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The chart below calculates the hourly average of standard gas prices using data from the previous two weeks at the time of writing. But as mentioned above, we must keep in mind that specific events may increase gas fees substantially at any time, such as new NFT collectibles being minted or new staking or airdrop opportunities. Below is a good indicator that users can view real-time data at any time for accurate daily information.