Ethereum
Ethereum (ETH) gas fees at lowest in several months, data shows
Vladislav Sopov
USD-denominated Ether fees hit six-month low, while other metrics are at lowest since 2020: What happened?
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Thanks to the introduction of blobs in post-Dencun Ethereum (ETH), using the network is becoming more profitable than ever. Proponents wonder whether gas prices will increase once market activity returns.
Average Ethereum (ETH) gas price plunges to 6 Gwei
Today, according to automated tracking services, the average gas fee on the Ethereum (ETH) network has reached 6 Gwei. This is the lowest level since January 2020, according to data from Etherscan. As a result, all on-chain operations on Ethereum (ETH) have become extremely cheap for accounts.
According to Etherscan, users can trade assets with a $5 commission, while cross-chain bridging is available at $2. For $9, users can create a non-fungible token on Ethereum (ETH).
When it comes to USD-denominated gas fees, today’s prices are the lowest in six months: the last time the USD price of ETH gas was this low was in November 2023.
This decline should be attributed to both the effects of the Cancun-Deneb (Dencun) upgrade and low on-chain activity on Ethereum (ETH). As cryptocurrency prices catch their breath amid a rally, many usage metrics have fallen in recent days.
As previously reported by U.Today, Ethereum (ETH) supply has even lost its deflationary status due to a combination of these factors.
Ethereum (ETH) fees cut 15x after Dencun
Since Dencun was activated in mid-March 2024, the price of USD-denominated Ethereum (ETH) fees has fallen 15 times, from $30 to $2, BitInfo Charts said.
As U.Today reported yesterday, Ethereum (ETH) founder Vitalik Buterin has already proposed the next radical gas mechanism upgrade.
The concept of multidimensional gas should allow Ethereum (ETH) to refine how it manages different resources, potentially increasing throughput without risking security. Technically, this should reflect the maturation of the Ethereum (ETH) ecosystem and its usage.
About the Author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in computer analysis, 3+ years in blockchain.
Worked in independent analyzes as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)