Ethereum average gas fee falls down to $1.57, the lowest since 2020

Ethereum’s biggest road block is often the high transaction fees or gas charges required to complete the transaction. However, when the average gas prices of Ethereum fall to 0.0015 ETH, the narrative is about to change.

The average transaction fee on the Ethereum blockchain has dropped to 0.0015 ETH or $ 1.57 – a figure previously seen in December 2020. However, since January 2021, Ethereum gas payments have been decentralized due to the spread of decentralized tokens (NFT) and the promising bull market.

Ethereum average transaction fee YTD. Source: BitInfoCharts

For almost two years, from January 2021 to May 2022, the average gas bill required by the Ethereum network was about $ 40, with the highest gas cost on May 1, 2022, at $ 196,638 – according to BitInfoCharts.

In support of this sudden drop in gas prices, the Cointelegraph on Saturday revealed that NFTs sales fell by a year. Total daily sales fell to about $ 19,000 and were valued at $ 13.8 million, with the NFT Eco having the worst performance of the year in June.

Number of daily NFT sales between June 2021 – June 2022. Source: Fungible

A.D. In November 2021, when several investors reported disgusting gas payments, Ethereum founder Vitalik Butterin published a price and capital reduction proposal to reduce unprecedented levels of stress on the network. Buterin has introduced a short-term solution to further reduce packaging costs by introducing call data blockchain to reduce ETH gas costs.

Related: Ethereum liquid supplier XCarnival negotiates return of stolen 50% ETH

Ethereum liquid service provider XCarnival received 1,467 ETH a day after it lost an estimated 3,087 ETH from the protocol.

Blockchain investigator Pescheld explains the nature of the attack:

“The hijacking was successful by allowing the canceled NFT to be used as collateral, which was used by the hacker to remove the assets from the pool.”