- Ethereum’s gas fee was below $2 at press time.
- Ethereum L2s now have a TVL of over $9 billion.
The exorbitant cost of Ethereum [ETH] gas fees has become synonymous with the network’s identity. Yet, a recent development has brought about a welcome decrease in these expenses.
Read Ethereum’s [ETH] Price Prediction 2023-24
Ethereum gas fee decreases
Santiment recently shared an insightful update revealing a notable decrease in gas fees. The accompanying chart vividly displayed the fluctuating nature of these fees, illustrating a surge to over $7 around 5 July, followed by a subsequent decline.
Before this July spike, an even more significant surge occurred in May, with gas fees skyrocketing to nearly $14—an unprecedented high for the network in the current year.
Additionally, in the last 24 hours, most fees were primarily attributed to wrapped ETH (WETH) and native ETH transactions. These two forms of Ethereum tokens accounted for the largest portion of the fees generated on the network during this period.
As of this writing, the gas price had settled around $1.93, offering significant relief to Ethereum users. It’s worth noting that the lowest gas price witnessed this year occurred in February, dipping to approximately $1.7.
A drop in transactions?
According to data provided by
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Author: Adewale Olarinde
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