July 2022 – Monthly Research Key Data – Average ETH Gas Price Decreased by 51%

By Olga Ortega

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Key data

Average number of Ethereum (ETH) transactions per day increased by 15.7% in July.
Average Ethereum gas price decreased by 51.4% compared to June.
Total number of active wallets increased by 72% in July compared to June.
In July, the number of ERC-20 tokens created in the Ethereum network increased by 93.7%
The number of Ethereum active addresses shot up to 1,066,897 on July 26, 2022, from 607,651 the previous day. It is a new record with an increase of 75.6%.

There were 31,087,190 Ethereum transactions in June (average daily volume was 1,036,240).

From July 1 to July 31, 2022, there were 37,153,023 transactions (average transaction volume per day was 1,198,485). The average number of transactions per day increased by 15.7%.

In June, the average Ethereum gas price was 55.26 gwei, and in July it was 26.85 gwei. The price decreased by 51.4%.

In June, the total number of unique active crypto wallets in the Ethereum blockchain was 5,033,143. In July – 8,670,937 (an increase of 72%).

In June, the average number of unique active crypto wallets per day was 401,525. In July, this value increased by 23.9% and was 498,000.

Compared to June, the number of ERC-20 tokens created on the Ethereum network in July increased by 93.7%. (7,615 in July against 3,931 in June).

Gas price in June 2022

Gas price in July 2022

In July, gas fees fell to the lowest price since April 2020, despite the fact that the total number of transactions increased. Normally, the higher the number of transactions, the higher the gas price.

On July 26, 2022, the number of Ethereum active addresses shot up to 1,066,897 from 607,651 the previous day. It was the biggest spike ever recorded, and it is also a new record for total unique active addresses – the previous one was 718,000 back in 2018.

Also on July 26, 2022, more than 1.6 million transactions were completed. More than 30% of transactions were sent to the Binance exchange wallet.

ETH transactions per day in July 2022

Data-based conclusion

In July, we see an interesting trend as the overall performance of the Ethereum blockchain grows. We can observe an increase in all indicators such as the number of transactions, the deployment of new smart contracts and even the average number of unique active crypto wallets.

But at the same time, the price of gas to the network has decreased significantly. This suggests that there are no significant events that require fast transaction mining. Whether this may indicate the beginning of a trend reversal, only time will tell.

Olga Ortega is the chief product officer and co-founder of the real-time DeFi explorer AnalytEx by HashEx. She is an accomplished expert in the field of IT, with over 12 years in development and implementation of large-scale data systems. Over the years Olga held managerial positions in multiple global organizations, such as IT giants Google and Facebook. At AnalytEx, she is responsible for driving the project’s development.

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