The average cost of gas on the Ethereum network has hit a six-month low near 46 Gwei amid a decline in transaction activity, according to data provided by Glassnode.
According to Etherscan, last February 28, the average cost of transferring USDT on the network of the second-largest crypto by market capitalization amounted to $4.13, while an exchange transaction on the Uniswap V3 platform was $14.09 and sales of NFTs on OpenSea amounted to $15.45.
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The daily number of transactions on the Ethereum blockchain has been falling since October 2021. It now stands at 1.1 million transactions, well below October's half-year peak (1.47 million).
Meanwhile, the percentage of ETH locked into smart contracts in the ecosystem has resumed its growth after declining in January 2021. At the moment, the figure has reached 27.31%.