Ethereum users are rejoicing as gas fees have dropped significantly, hitting their lowest level since early 2020. Accordingly, transactions are significantly cheaper, making the platform more accessible to everyday users and developers. develop. However, experts warn such low fees may be temporary, raising questions about the long-term health of the network.

Ethereum gas price bottomed

Data from BitInfoCharts shows intraday gas fees are down 93% from a peak of $30 just six months ago. This greatly reduces the costs of various operations on the Ethereum blockchain. A simple asset swap currently costs around $5, while minting NFTs becomes much more affordable at around $9.

There are many reasons for this situation, most notably the recent Cancun-Deneb upgrade which is said to have played a role in optimizing network efficiency. Additionally, the general downturn in network activity coincides with calmer periods in the broader cryptocurrency market.

Source: BitInfoCharts

Benefits for users but challenges for authenticators

While users are celebrating lower fees, there are still concerns about the long-term sustainability of this trend. Nearly zero “blob fees” indicate a lack of demand for block space, increasing the risk of congestion and fee spikes in the future. Additionally, lower fees could negatively impact the profits of those securing the Ethereum network.

According to analysts, this situation of gas prices hitting rock bottom is a double-edged sword. While lower fees are great for users, they can help large players dominate block space more economically, hindering decentralization.

ETH 4-hour price chart | Source: TradingView

Scalability Quest: Multidimensional Gas

Recent gas fee developments highlight the ongoing struggle to optimize Ethereum's scalability and affordability. To deal with these challenges, platform founder Vitalik Buterin proposed a major upgrade introducing the concept of “multi-dimensional gas,” as Bitcoin Magazine reported.

This upgrade aims to provide Ethereum with greater flexibility in managing different resources. By adopting a more nuanced approach to resource allocation, the network can improve transaction throughput without compromising security.

Can Ethereum maintain its momentum?

The significant drop in gas fees comes as a welcome respite for Ethereum users. However, the long-term viability of these low fees remains uncertain. The network's ability to handle future increases in demand and maintain a healthy balance between user experience, miner profitability, and decentralization will be critical to the network's continued success. .

The proposed multi-dimensional gas mechanism represents ongoing efforts to address these challenges. As the Ethereum ecosystem continues to grow, adaptability and innovation will determine the network's place in the ever-changing blockchain technology landscape.


Source: https://tapchibitcoin.io/nguoi-dung-ethereum-vui-mung-khi-gia-gas-eth-cham-day.html