Ethereum's Gas Prices Plummet to Lowest Levels in 5 Years
CryptoNewsTerminal Staff11 Aug, 2024
Ethereum's Gas Prices Plummet to Lowest Levels in 5 Years
Ethereum's notoriously high gas prices have taken a significant dive, reaching their lowest point in five years. Data from Dune Analytics reveals that the average transaction fee on the network has fallen below 2 gwei for the first time since 2018. On January 10th, gas prices briefly dipped below 1 gwei, marking a remarkable milestone. Currently, the gas price stands at 2.10 gwei, providing relief to users who have long been burdened by the network's expensive fees. Gwei is the smallest unit of ETH used to pay for transaction fees and is equal to 0.000000001 ETH.
