Ethereum's Average Gas Fee Drops to $1.57, Lowest Since 2020

For almost two years, between January 2021 and May 2022, the average gas fee required by the Ethereum network was around $40 , May 1, 2022 recording the highest average daily gas cost of $196,638.

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The biggest obstacle to dominating the Ethereum ecosystem is often attributed to the extremely high transaction fees – known as gas fees – required to complete a transaction. However, with Ethereum's average gas fee dropping to 0.0015 Ether (ETH), the narrative is about to change.

The average transaction fee on the Ethereum blockchain has fallen to 0.0015 ETH or $1.57 – a figure previously seen in December 2020. However, from January 2021, Ethereum gas fees have jumped , due to the hype around non-fungible tokens (NFTs), decentralized finance (DeFi) and a promising bull market.

Average Ethereum YTD transaction fees. Source: BitInfoCharts

For nearly two years, between January 2021 and May 2022, the average gas fee required by the Ethereum network was around $40, with May 1, 2022 recording the highest gas cost of $196 $638, as evidenced by BitInfoCharts data. .

Supporting this sudden drop in gasoline prices, Cointelegraph discovered on Saturday that daily NFT sales also fell to their lowest level in a year. The NFT ecosystem recorded its worst performance of the year in June, with total daily sales falling to around 19,000, with an estimated value of $13.8 million.