Atrium’s fees hit a two-year low; $ 0.5 per transaction!

According to the latest statistics, the price of gas in the Atrium China block, which determines the network’s wages, has reached its lowest level since July 2020 (July 99). In the last few days, some atrium transactions have been processed for a fee of $ 0.5; But what has reduced Atrium’s expensive commissions to such an extent?

To Report Crypto Slate, the price of gas in the Atrium network has become cheaper again; Something no one even thought about. Last week, the fee for some Atrium network transactions, some of which were significant, was only 10 “Gwei” per Gass unit. It is worth noting that each Gwei is equivalent to 0.00000000001 Atrium. This shows that the fee for a transaction on Atrium’s core network can be a total of 50 cents ($ 0.5), which is very cost-effective.

To compare the trend of Atrium network fees in the past, we must go back to July 2020 (July 99). This is the first time in almost two years that the Atrium network’s first-tier chain fee has been reduced. In May 2021, the fee for each transaction on the Atrium network was approximately $ 70. Atrium Network, meanwhile, reached a new high of 659 Gwei (on average) on May 19, 2020. This means that at that time the price per unit of gas in the Atrium network was 66 times higher than the current 10 Gwei.

Add to that the payable gas for processing each standard transaction on the Atrium network is 21,000 units.

Also read: What is Gas in the Atrium? Comprehensive guide

The demand for transactions is still high

Atrium network traffic is still relatively high, with more than one million transactions per day. Compared to the reduction in Atrium network fees, demand has not decreased and has remained almost constant over time.

Available data show that Atrium’s transaction fees have dropped from $ 200 to $ 15 in the last six months. According to Arcane Research, the main reason for the reduction in Atrium network fees is the decrease in trading volume and perhaps the decrease in traders’ interest in non-counterfeit tokens (NFTs).

In the past, most Atrium blockchain transactions were NFT-related shipments. However, the decline in traders’ interest in these tokens last month also pushed down the demand for Atrium network.

To understand the relationship between NFTs and the reduction of Atrium fees, it is enough to look at the trading volume of the OpenSea market. The trading volume of this market increased from $ 247 million on February 1 (February 12) to $ 124 million on February 6 (February 6). At the same time, the average price per unit of gas increased from 134 Gwei to 65 Gwei.

The growing popularity of second tier networks

The popularity of the Open C NFT market seems to have been declining since its peak in the last week of January. According to data from Nonfungible.com (Nonfungible.com), the daily sales of this market, which was 64,000 in mid-January, reached about 24,000 in mid-February. The dollar value of Open C sales also rose from $ 160 million on January 31 to $ 75 million in mid-February.

Another reason for the decline in gas prices could be the emergence of second tier networks and side chains such as Paligan, Optimism and Arbitrum. The popularity of these second tier networks has grown so much that 2.23 million atrium-related transactions are performed on Arbitrum and other networks.

In addition, since all network fees are no longer paid to miners and part of it is burned, the tokens-burning mechanism activated by the implementation of EIP-1559 in the London Update may have triggered fraudulent network transactions, especially by Miners as well as other network activists.

Atrium gas is currently cheaper than the Paligan side chain. Of course, we must also take into account that the Paligan network has deliberately reduced the minimum gas price in its network to 30 Gwei in order to reduce the number of fraudulent transactions. However, as long as the Paligan network uses this policy, the price of Atrium gas is equal to and sometimes less than the gas price of the Paligan network. It is worth noting that the transaction fee in the Paligan network is still much lower than the main Atrium network, and this difference is only related to the price.