Since the Shapella upgrade on April 12, the Ethereum network has seen a significant increase in transaction fees. Onchain costs have increased by more than 153%, from $4.65 to an average of $11.80 per transaction. Arbitrum’s daily transactions have likewise surpassed ETH following the Shapella Upgrade. This demonstrates an increase in onchain activity. Ethereum’s transaction volumes have remained below one million, hovering between 800,000 and 900,000 per day.
Arbitrum has been outperforming the network’s transactions on a daily basis since the Shapella hard fork, with an average transaction fee of $0.368 per transfer. The market value of ETH has dropped 12.7% versus the US dollar, although it is still 1.4% greater than it was in the previous 30-day period.ETH’s market value is currently $222.7 billion, accounting for 18.097% of the total value of the cryptocurrency industry.
