post dencun Ethereum Thanks to the introduction of (ETH) blobs, network usage has become more cost-optimized than ever before. Developers are wondering whether the price of gas will rise when market activity improves.
Ethereum (ETH) Average Gas Price Dropped to 6 Gwei
According to automated tracking services, today the average gas fee on the ETH network is 6 Gwei. reached. This is the lowest level since January 2020, according to Etherscan data. As a result, all on-chain transactions in ETH have become extremely cheap for accounts.
Ethereum base fee is at record lows. The blob fee still has not even entered price discovery (with a very short exception) and thus is at absolutely 0.
Is this the new normal or will we see periods of +100 GWEI again and by what demand will they be driven?— Martin Köppelmann 🦉💳 (@koeppelmann) May 10, 2024
NEWS CONTINUES BELOW
According to Etherscan, users can exchange assets for a commission of $5, while cross-chain bridging is available for $2. For $9, users can mint non-fungible tokens on Ethereum (ETH). In terms of gas fees in US dollars, today’s prices are the lowest in six months. The last time the US dollar price for ETH gas was this low was in November 2023. This decline should be attributed to both the effects of the Cancun-Deneb (Dencun) upgrade. Both should be attributed to the low on-chain activity on Ethereum (ETH). Crypto Many usage benchmarks have fallen over the past few days as prices take a breather in the midst of a rally.
With these, Ethereum (ETH) supply has even lost its deflationary status due to the combination of these factors.
Ethereum (ETH) Fees Drop 15 Times After Dencun
BitInfoCharts says that since Dencun went live in mid-March 2024, the Ethereum (ETH) fee price in US dollars has fallen 15x, from $30 to $2. With these, ETH founder Vitalik Buterin has already proposed the next radical upgrade for the throttle mechanism.
The concept of multidimensional gas is expected to allow ETH to fine-tune how it manages different resources and potentially increase throughput without compromising security. Technically, it is set to reflect the maturation of the Ethereum (ETH) ecosystem and usage.
