Ethereum Gas Price Drops to Almost 5-Year Lows
Well-known journalist Colin Wu said that on June 22, 2024, the median gas fee on the Ethereum main network was only 2.95 gwei. This figure dropped below 3 gwei for the first time since the end of January 2020. According to the statistical and analytical platform Dune, this is the 3rd lowest daily fee in the last 5 years.
According to data at the time of writing the news, the current value is only 2 gwei. Thus, the average commission per transaction is no more than $0.1. In order for the transfer to take place faster than 30 seconds, you need to pay 3 Gwei or about $0.15.
The low gas fee rate on the Ethereum network may be due to several factors. Gwei is the smallest unit of measurement used to pay for transfers on the Ethereum network. The reasons for the decline may be various factors. One of the main ones is a decrease in user activity. When the number of users interacting with the network decreases, the demand for gas decreases.
In addition, recent updates and improvements to Ethereum protocols, such as EIP-1559, may help reduce the cost of gas.
