Ethereum (ETH) gas fees at multi-month low, data shows — TradingView News

Thanks to the introduction of blobs in post-Dencun Ethereum ETHUSD, the use of the network becomes more profitable than ever. Proponents wonder whether gas prices will increase once market activity returns.

Ethereum ETHUSD Average gas price drops to 6 Gwei

Today, according to automated tracking services, the average gas fees on Ethereum ETHUSD the network reached 6 Gwei. This is the lowest level since January 2020, according to data from Etherscan. As a result, all on-chain operations in Ethereum ETHUSD has become extremely cheap on accounts.

Ethereum base fees are at an all-time high. Blob fees are still not entered into price discovery (with one very brief exception) and are therefore absolutely zero.

Is this the new normal or will we see periods of +100 GWEI again and what demand will they be driven by?— Martin Köppelmann 🦉💳 (@koeppelmann) May 10, 2024

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 ETHUSD.

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 drop should be attributed to both the effects of the Cancun-Deneb (Dencun) upgrade and low on-chain activity on Ethereum. ETHUSD. As cryptocurrency prices catch their breath amid a rally, many usage metrics have fallen in recent days.

As covered by U.Today previously, Ethereum ETHUSD supply has even lost its deflationary status due to a combination of these factors.

Ethereum ETHUSD fees were divided by 15 after Dencun

Since Dencun activation in mid-March 2024, Ethereum demonized to USD ETHUSD the fee price was cut by 15, from $30 to $2, according to BitInfoCharts.

As U.Today reported yesterday, Ethereum ETHUSD founder Vitalik Buterin has already proposed the next radical improvement of the gas mechanism.

The concept of multidimensional gas should enable Ethereum ETHUSD to fine-tune how it handles different resources, potentially increasing throughput without risking security. Technically, this should reflect the maturation of Ethereum ETHUSD the ecosystem and its use.

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