Crypto NewsEthereum (ETH)

May 2022 – Monthly Research Key Data – ETH gas price up 20%

key data

  • Can set records for highest and lowest gas charges.
  • In May the average price for Ethereum Gas is up 20% compared to April.
  • The total locked value (TVL) in the DeFisector (decentralized finance) fell over 40% to $111.4 billion.
  • Creation of ERC-20 tokens across all networks decreased by 39%.

The average Ethereum gas fee was 54.67 gwei in April and 65.65 gwei in May. The price increased by 20.1%. Excluding the gas price spikes on May 1, 11 and 12, the average price would have been 43.1 gwei, a 20% drop representative of the market situation.

There were 33,502,162 Ethereum transactions during the month of April 1st to April 30th (average 1,120,072 per day). In the month from May 1st to May 31st there were 34,961,397 Ethereum transactions (average 1,127,787 per day). Average daily transactions increased by 0.7%.

In summary, the average gas price increased in May because of price spikes on May 1st, 11th and 12th. May set records for the highest and lowest gas fees.

Gas price in April and May 2022

What does this data tell us?

On May 1st there was a sale in the Bored Ape Yacht Club and the price of Ethereum Gas jumped to 474.71 gwei.

May 2022 – Monthly Research Key Data – ETH gas price up 20%, Crypto Trading News

For a transaction requested on the Ethereum network during the Bored Ape NFTsale, a $273 transaction would have resulted in a gas fee of $3,843.

On May 12, the gas fee rose to 213.73 gwei.

According to the Fear and Greed index Due to extreme fear, investors are rushing to exchanges to sell their tokens. There were 1,211,176 Ethereum transactions on May 11th and 1,328,493 on May 12th a jump of 15%.

Due to the sharp increase in transactions, Ethereum faced network congestion, which led to a rapid increase in gas consumption on the network, resulting in increased gas fees for transaction processing. On average, 15 transactions per second can be recorded on the network (1,328,493 daily transactions is 15.3 per second, practically at the limit), and when demand is higher, congestion occurs, resulting in higher gas prices, longer waiting times and so forth .

The average commission was 61.55 gwei on May 10th, 147.35 gwei on May 11th and 213.73 gwei on May 12th an increase of 247%. Overall, the total value (TVL) in the DeFi sector fell by over 40% in May to $111.4 billion. The average gas price rose despite a similar number of transactions in May and April due to the heavy drag on May 11th, 12th and 13th.

May 2022 – Monthly Research Key Data – ETH gas price up 20%, Crypto Trading News

Transactions per day in April and May 2022

Barring gas price spikes on May 1st, 11th and 12th, the average was 43.1, down 20% and a mirror image of the bear market. That’s why it’s important to look at all the data together and see the big picture.

Soon, Ethereum will undergo ‘the merger’ which will abolish Ethereum mining and significantly decrease Ethereum consumption. But unfortunately for users, the merge is not expected to lower Ethereum’s gas fees.

Statistics show that users continue to prefer other networks, but amid the market crash, ERC-20 token creation has declined across all networks Top among them BSC (Binance Smart Chain), which saw 49% fewer ERC-20 tokens created compared to April.

The data on ERC-20 tokens created across different networks are as follows.

ERC-20 tokens in April (112,996 total)

  • Ethereum 6.133
  • BSC 55,360
  • BSC testnet 41,186
  • xDAI 498
  • polygon 5,450
  • fantom 2,620
  • avalanches 1,749

ERC-20 tokens in May (total 68,380)

  • Ethereum 5,946 (three percent down)
  • BSC 28,224 (49% lower)
  • BSC testnet 26,753 (35% down)
  • xDAI 438
  • polygon 4,323 (21% down)
  • fantom 1,542 (41% down)
  • avalanches 1,154 (34% down)

Olga Ortega is Chief Product Officer and co-founder of HashEx’s real-time DeFi explorer AnalytEx. She is an accomplished IT professional with over 12 years of experience designing and implementing big data systems. Over the years, Olga has held leadership positions in several global organizations such as IT giants Google and Facebook. At AnalytEx she is responsible for driving the development of the project.

Featured image: Shutterstock/delcarmat/Vladimir Sazonov

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