The Ethereum (ETH) network recorded its lowest average gas fees since 2016. On June 30, the average gas price dropped to just 3 Gwei ($0.14). 9 of the 10 hours when gas prices were cheapest occurred last week. 📉 Gas fees cover the transaction costs of the Ethereum network and ensure the security of the network by incentivizing validators. Analysts attribute the huge decline in wages to increased efficiency in the tier-1 (L1) market. This efficiency is achieved by increasing layer-2 (L2) throughput and the introduction of “blob operations” via EIP-4844. Low gas fees show that Ethereum's L2 networks effectively reduce transaction costs on the world's second most valuable blockchain. Lower fees open the network to a wider audience and encourage more users and developers to engage with the platform. This could increase the adoption of Ethereum-based applications and services and further solidify the network's position in the blockchain ecosystem.