Ethereum News Daily Official TheBitTimes.com

The decentralized social media platform, Friend.tech, has witnessed sharp transaction volume and fee income declines over the past week.  According to data provided by the analytics platform Dune, Friend.tech’s transaction volume dropped to $883,000 on Aug. 27. It is a 95% decline from Aug. 21, when it reached an all-time high (ATH) of $16.88 million.  Moreover, over the past 24 hours, the platform’s trading volume registered a 99.99% decline as the transaction volume currently sits at $2,760 with only 35 traders.  You might also like: FTX reports security breach involving bankruptcy agent Kroll According to Dune’s data, the fees generated on Friend.tech has also seen a deep dive over the past week. Per the analytics platform, the decentralized social media app generated only $275 in fees over the past 24 hours. This shows a 100% decline since Aug. 21, when the generated fees reached an ATH of $1.7 million. In addition to that, the number of new users on th...

Despite a surge in Ether gas prices in May, NFT marketplaces only accounted for 3% of the entire Ethereum gas consumption. Ethereum gas consumption by nonfungible tokens (NFTs) has dropped significantly since its high in 2021. NFT marketplaces and projects that occupied top spots in gas consumption at the time have declined sharply in the past two years. Data shared by the on-chain analytics platform Glassnode shows that gas usage by NFT marketplaces is currently on a downward trend . This indicates a possible shift in terms of NFT use, where more users may be opting to hold on to their assets instead of trading them on marketplaces. Etherscan’s top 10 contracts or accounts consuming gas on Aug. 4, 2021. Source: The Wayback Machine In 2021, NFTs were leading the charts in terms of Ethereum gas usage, according to blockchain explorer Etherscan. On Aug. 4, 2021, NFT gaming project Axie Infinity placed second in terms of gas usage due to its Ronin bridge, which transfers assets from ...