Ethereum

When Are Ethereum Gas Fees Lowest?

some days and times are better than others

when are ethereum gas fees lowest and what are the best times to buy, trade and send transactions in ethereum? How can you, as an NFT enthusiast, investor or trader, optimize your business to get the lowest gas rates possible? that’s crucial information if you want to get the most out of your investment.

all eth transactions have a fee, which must be paid in gas. the cost of gas fees varies, set by the miners according to current supply and demand. Essentially, the cost of ethereum gas depends on:

Reading: When are miner fees lowest ethereum

  • current demand for gas
  • the demand for computational power to process smart contracts
  • total number of transactions
  • size of smart contract you want to be executed

gas fees are required to process transactions on the ethereum network. however, gas rates can skyrocket with high activity. Now that you understand how the ethereum network works and the fee you need to pay to run smart contracts, let’s find out the main reasons for the surge and abnormally high gas fees. when can that happen and what causes it?

defi caused the first major spike

ethereum was the original blockchain to introduce smart contracts. then in turn allowed developers to build decentralized applications or dapps on top. With an increasing number of dapps hitting the blockchain, the network quickly became congested and gas prices rose. eth gas prices increased more than 20 times during the summer of 2020, and defi contributed to it. in 2022, defi is a mainstay in dapp activity. powering thousands of smart contract transactions a day through ethereum.

nft minting and trading add fuel to the fire

an nft can represent art or any other digital asset and anyone can create an nft by minting it on the blockchain. The minting process requires a fee with specialist nft platforms available to guide people through how to mint and sell nfts.

See also: Choosing Proof-of-Stake Over Mining Is Ethereum&039s Biggest Mistake and Here Is Why – Crypto Mining Blog

One of the first nfts was a collection of virtual cats called cryptokitties. in 2017, cryptokitties were released, clogging up the ethereum network due to high on-chain activity. pushing gas fees to 0.008 eth from an initial 0.002 eth. causing the ethereum network to hit a historically high number of transactions, all of which require gas fees.

Today, nfts are getting more attention than ever, and platforms like opensea, looksrare, and foundation are guiding new investors into the world of digital art and collectibles. Not to mention the growing number of play-to-win games now incorporating nfts. however, this huge nft rush causes a critical spike in gas prices.

gasoline guzzlers

As more dapps and utilities for eth holders have arrived in the last 3 years, it is evident that the patterns of gas fees are clearly seen. Looking at five years of ethereum gas fees to date, we can see clear spikes leading to a now normalized situation where the average gas fee can reach $100. Mainly driven by gaming to win and nft dapps increase in popularity at the end of August 2021.

It’s worth noting that this has contributed to the rise and traction of some notable layer 1, sidechain and evm compatible networks. polygon, solana, avalanche and binance smart chain stand out as clear favourites.

radar eligibility & claiming

On December 14, 2021, dappradar, now the world’s dapp store, launched radar. a token designed to reward platform users and link the community. As a way to get the ball rolling, we started a radar token airdrop for longtime ethereum dapps users on dappradar.

To date, around 35% of eligible wallets have claimed. the cutoff date for those wallets and users to claim is March 14, 2022. ethereum gas fees are potentially playing their part in part of the community’s ability to claim, or stake the radar on the yield farm 2x currently available on sushiswap.

See also: Norton 360 Now Comes With a Cryptominer – Krebs on Security

although we can’t create a magic formula to make gas fees disappear. we can provide information on when to take action and claim radar.

when are ethereum gas fees lowest?

The heatmap below calculates an average of standard gas prices for each 1-hour window using data from the previous two weeks at the time of this writing. As mentioned above, it is essential to remember that specific events can greatly increase gas rates at any given time. unique events, such as the minting of new nft collections or new opportunities for participation or airdrop. while the following is a good indicator, users can always view the live data for accurate daily information.

Between 1am and 5am UTC, Monday through Friday are the most expensive times to transact on Ethereum. Friday is just a hot day and should be completely avoided. If you want to pay the lowest ethereum fees, you need to transact between 9 and 11 p.m. utc. weekends are also more favorable, with lower costs between 10 p.m. m. and 11 p.m. m. utc.

You should be aware that most transactions take place in the US. USA, Europe and Asia. Historically, Saturdays and Sundays are the days when gas rates are lowest since not everyone works. An easy way to benefit from lower gas rates on ethereum is to simply avoid times when people are at their desks.

you can check the price of gas rates in ethereum according to the time of day. You can also check the gas price in gwei in real time here. use this to convert gwei to dollars.

The foregoing does not constitute investment advice. the information provided here is purely for informational purposes. please exercise due diligence and investigate. writer has eth, btc, agix, hex, link, grt, cro, omi, immutable x, ens, gala, avastr, gmee, cube, radar, flow, ftm, bnb, sps, wrld, atom, and ada. strong>

See also: FORSAGE To Launch Its xGOLD Program In ETH

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