According to BlockBeats, the Ethereum network experienced a surge in gas prices on July 5th. Data from Etherscan revealed that the gas price rose to 36 Gwei.
The Ethereum network uses 'gas' as a measure of computational effort. When transactions are processed on the Ethereum network, gas is used to pay for these transactions. The increase in gas prices indicates a higher demand for processing transactions on the Ethereum network.
It's important to note that the rise in gas prices can affect the cost of transactions and smart contracts on the Ethereum network. Users may have to pay more for their transactions to be processed. This information is crucial for those who regularly use the Ethereum network for transactions and smart contracts.