Ethereum Network's Average Transaction Fee Drops to $0.13

IconCryptoNewsTerminal Staff06 Jul, 2024

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Ethereum Network's Average Transaction Fee Drops to $0.13

The Ethereum network's average transaction fee has dropped to 3 gwei ($0.13) as of June 6, according to data from Etherscan, an Ethereum (ETH) explorer. Gwei, also known as "gas," is the smallest unit of ETH that is used to pay for transaction fees. 1 gwei equals one-billionth of an ETH. The decline in transaction fees can be attributed to a decrease in network activity. The number of transactions per day on the Ethereum network has fallen from a peak of over 1.5 million in May to around 1 million in June. This is likely due to a combination of factors, including the ongoing crypto market correction and the high gas prices. The drop in transaction fees is good news for users of the Ethereum network. Lower fees make it more affordable to use the network for a variety of purposes, such as sending and receiving ETH, interacting with decentralized applications (dApps), and minting NFTs.

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