Ethereum gas fees have reached a 5-year low of $0.05 due to the higher gas limit that increases efficiency and affordability for users.
Ethereum just scored big, with gas fees dropping to the lowest in 5 years and standing at only $0.05 per transaction! That’s a big difference from those crazy highs above $100 sometime in the past. Currently, the low-priority transactions are going for $0.05, while the average and high-priority ones go for slightly higher at $0.06.
This is a big deal for Ethereum, which has seen gas fees skyrocket in the past due to heavy network activity, DeFi mania, and the NFT boom. Back in the pandemic era, the gas fee hit a crazy $196 per transaction at 709.7 gwei.
So, what’s behind this sweet drop? Ethereum recently raised its gas limit to 36 million units, allowing more transactions per block and cutting down on network congestion. This change makes Ethereum more affordable and scalable, which is a win for both users and developers.
In particular, with a drop in fees, Ethereum will automatically become much more appealing for regular users. This means wider usage for Ethereum will be about dApps, DeFi, and NFTs. This is just what Ethereum needed amid the growing competition. The drop is all about making Ethereum more efficient, more approachable, and-most importantly-cheaper.
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