Thanks to the introduction of blobs in post-Dencun Ethereum (ETH), network usage becomes more cost-optimized than ever before. Developers are wondering whether the gas price will surge once market activity recovers.
Ethereum (ETH) average gas price plunges to 6 Gwei
Today, according to automated tracking services, the average gas fee on the Ethereum (ETH) network reached 6 Gwei. This is the lowest level since January 2020, Etherscan data says. As a result, all on-chain operations in Ethereum (ETH) became 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
Per Etherscan, users can swap assets with a $5 commission, while cross-chain bridging is available at $2. For $9, users can mint non-fungible token on Ethereum (ETH).
In terms of USD-demominated gas fees, today’s prices are the lowest in six months: last time the USD price for ETH gas was so low was in November 2023.
This dropdown should be attributed to both the effects of the Cancun-Deneb (Dencun) upgrade and the low on-chain activity on Ethereum (ETH). As crypto prices take a breath amid a rally, many usage metrics dropped in the last few days.
As covered by U.Today previously, the Ethereum (ETH) supply even lost its deflationary status due to a combination of these factors.
Ethereum (ETH) fees dropped by 15x post-Dencun
Since the activation of Dencun in mid-March 2024, USD-demoninated Ethereum (ETH) fee price dropped by 15x, from $30 to $2, BitInfoCharts says.
As U.Today reported yesterday, Ethereum (ETH) founder Vitalik Buterin has already proposed the next radical upgrade for the gas mechanism.
The concept of multi-dimensional gas is expected to allow Ethereum (ETH) to fine-tune how it manages different resources, potentially increasing throughput without risking safety. Technically, it is set to reflect the maturation of the Ethereum (ETH) ecosystem and its usage.
Read the full article here
