According to Analytex data, the cost of gas on Ethereum increased by 29.27% in January 2023. The report compared the cost of gas from January to December 2022, finding that the increase in user activity is the main indicator for An average price increase from 19.2 gwei to 24.82 gwei per month.
On-chain activity on the Ethereum blockchain saw the average daily number of active wallets drop by about 10% to 387,475, the lowest figure in the past six months. meanwhile The average number of dedicated smart contracts increased by 6.74%.
Analytex suggests that this indicates that “The increasing interest of both today’s blockchain users including developers of smart contracts.”
Previously, as reported by DappRadar in January, Decentralized finance (DeFi) protocols have also seen an increase in total locked money, or TVL, with the market holding $74.6 billion in staked assets, a 26% increase from December 2022.
Upcoming Ethereum Shanghai Upgrade Bitcoin has pushed its stake in DeFi higher as ETH withdrawals from Ethereum staking contracts are expected to happen in March.
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