The average daily volume of gas payments on the Ethereum blockchain fell to April lows after the boom in meme token trading in May, The Block noted.
The cost of the average transaction fee (smoothed by the 7-day moving average) fell to $7.09 from a high of over $20 last month.
A similar trend is demonstrated by the cost of gas in Gwei, the unit of payment for it in Ethereum. The median daily price dropped to 22 Gwei. In early May, the value reached 142 Gwei.
Amid the hype surrounding meme tokens, in May, the ratio of trading volumes on decentralized (DEX) and centralized (CEX) exchanges exceeded 22% for the first time. In early June, the indicator returned to the levels of March-April in the region of 14%.
Trading volume on the DEX rose to $66.4 billion in May from $58.5 billion in the previous month (The Block). Activity on the CEX has dropped to its lowest level since October 2020.
Dominant in the decentralized segment, Uniswap provided about 60% of the total. Almost the entire trading volume of the platform comes from the Ethereum blockchain and its L2-based solutions like Arbitrum, Optimism and Polygon (DeFi Llama).
Experts believe that the hype around meme tokens in May led to an explosion in demand for block space on the network. However, projects on other blockchains also benefited from the boom. For example, Cardano-based DEX Minswap daily trading volume increased ~10x within a month. The driver was trading with NEK and BANK assets.
Recall that DappRadar admitted that meme tokens can become catalysts for the global adoption of digital currencies.
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