Atrium 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 wages in the network, 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?

According to Crypto Slate, no one even imagined that the price of gas in the Atrium network would be cheaper again. Last week, the fee for some transactions in the Atrium network, some of which were significant, was only 10 “Gwei” per GAS unit. It is worth noting that each Gwei is equivalent to 0.00000000001 Atrium. This shows that the transaction fee in the Atrium core network can be a total of 50 cents ($ 0.5), which is very cost-effective.

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

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

Read also: What is the gas in the atrium? Comprehensive guide

The demand for transactions is still high

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

Atrium fees hit a two-year low;  The perfect opportunity to use Dapps
Number of daily transactions in the Atrium network since July 2020 (July 99).

Available data shows 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’s network fees is the reduction in the volume of trade and perhaps the reduction of traders’ interest in non-counterfeit tokens (NFT).

In the past, most Atrium blockchain transactions were related to NFT shipments. However, the decline in retailers’ interest in these tokens last month also reduced demand for the Atrium network.

To understand the relationship between NFT and Atrium’s fee reduction, it is enough to look at the trading volume in the OpenSea market. The volume of trade in 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 Nonfungible.com (Nonfungible.com), daily sales in this market, which were 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.

Atrium fees hit a two-year low;  $ 0.5 per transaction!
Gas price chart (according to Gwei) for the last seven days.

Another reason for the decline in gas prices may be the emergence of secondary networks and side chains such as Paligan, Optimism and Arbitrum. The popularity of these second-tier networks has grown to the point where 2.23 million atrium-related transactions take place in Arbitrum and other networks.

In addition, as all network charges are no longer paid to miners and some are burned, the token burning mechanism activated by the implementation of EIP-1559 in the London Update can trigger fraudulent network transactions, especially by minors, such as minors. and by other network operators are reduced.

Atrium 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 price of gas in its network to 30 Gwei 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 price of gas on 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.

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