Several positive developments have been cited lately around the Ethereum blockchain network, one of which is the recent significant drop in the network’s transaction fees after a period of extremely high costs, which has historically been a major challenge for users.

Ethereum Transaction Cost At A New Low

The average transaction fees on the Ethereum network have fallen sharply to new lows, offering users relief as they enjoy cheaper transactions. Santiment, a leading market intelligence and on-chain data platform, reported the advancement in a recent post on the X (formerly Twitter) platform, reflecting a notable drop in on-chain activity and a rise in the adoption of scaling solutions.

It is important to note that as the blockchain approaches its tenth year of existence, transfer fees have undergone significant changes over time. This result suggests that the Ethereum network is becoming more efficient, potentially leading to increased acceptance and usage as the high transaction costs become less of a barrier.

According to data from Santiment, Ethereum’s average transaction cost is presently valued at $1.63, which is a reasonable amount that has prompted traders to make more transfers in the past. Santiment further shared a chart offering insights on ETH’s transaction costs at certain levels.

In the 4-tier visual illustration, the platform highlighted that when ETH average network fees are under $2, it enhances utility, whic

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Author: Godspower Owie