The average commission for Ethereum gas has fallen to $1.57, which is the lowest since 2020
The biggest obstacle of the Ethereum ecosystem to mainstream dominance is often attributed to the extremely high transaction fees, known as gas fees, that are required to complete a transaction. But, if the average Ethereum gas fee drops to 0.0015 ether, the narrative will change.
The average transaction fee on the Ethereum blockchain decreased to 0.0015 ETH or 1.57 US dollars - a number previously observed in December 2020. However, starting in January 2021, Ethereum's gas fees have increased due to the hype around NFT tokens, decentralized finance (DeFi) and a promising bull market.
For almost two years, between January 2021 and May 2022, the average gas fee required by the Ethereum network was approximately $40, and on May 1, 2022, the highest gas cost was recorded at $196,638, as evidenced by BitInfoCharts data.
Supporting this sudden drop in gas prices, Cointelegraph found on Saturday that daily NFT sales have also fallen to annual lows. The NFT ecosystem recorded its worst performance of the year in June, as the total number of daily sales fell to about 19,000 with an estimated value of $13.8 million.
In November 2021, when numerous investors reported outrageous gas fees, the co-founder of Ethereum Vitalik Buterin has published a proposal to reduce the cost and capitalization in order to reduce the unprecedented level of load on the network. Buterin proposed a short-term solution to further reduce the cost of folding by introducing a data limit on calls per block to reduce the cost of ETH gas.
https://coin-signal.com/ethereum/the-average-commission-for-ethereum-gas-has-fallen-to-1-57-which-is-the-lowest-since-2020/
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