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Both Layer-2 solutions have a collective total value locked (TVL) of around $2.7 billion. The rising adoption of Layer-2 solutions such as Optimism and Arbitrum have also helped in easing congestion on the Ethereum network. At this time, ETH was trading around $500.Įtherscan data shows that there has been a decline in the average number of daily transactions as well.

The last time gas fees on Ethereum made their way below the $2.50 mark was in November 2020. This has led to the dollar cost per transaction also falling significantly. Since the market peak in 2021, ETH has lost around 77% of its dollar value. However, since the market’s peak, there has been a steady decline in gas fees. These blockchains offered significantly lower fees to users, which led to a massive influx of users. This led to several competing blockchains gaining prominence, including the likes of Avalanche, Solana, and the ill-fated Terra blockchain. At the height of its popularity, minting a single NFT set users back by hundreds of dollars, with more complex transactions costing even higher as the network struggled to deal with increased congestion. This was compounded by a surge in interest around NFTs, which saw a majority of NFTs and NFT collections traded on the Ethereum blockchain. Gas fees on Ethereum had skyrocketed to record highs in 2021, with the price of ETH surging during the crypto market rally. ETH is currently trading at around $1100, which comes up to around $2.31. The decline can be attributed to a fall in the price of ETH and a drop in network activity.ĭata from Etherscan shows that the average fee to make a transaction on Ethereum is currently 21 Gwei, which is equal to 0.0021 ETH.

This price level was last seen in December 2020. The prices pushed back up the following day, rising to $1.57 or 0.0015 ETH. This has been the lowest gas fee in 19 months as the market downturn has a visible effect on costs. Gas Fee In FreefallĮthereum saw gas fees drop to as low as 69 cents on Saturday. The average transaction fee on Ethereum is just over $2. The market slump has resulted in a significant reduction in network congestion, although the demand for block space remains high.

Ethereum’s gas fees have plummeted, hitting a 20-month low as the market downturn saw a sharp decline in user activity.

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