Ethereum Gas Fees Plummet to Historic Lows

The Ethereum network is currently experiencing a significant drop in gas fees, impacting both mainnet and Layer 2 transactions.

The average mainnet gas fee has fallen to 4 Gwei, about $0.21, with some transactions costing as little as 3 Gwei, around $0.14, per data from Etherscan. Layer 2 solutions, including Optimism, Base, Arbitrum, and Linea, also see fees below $0.01 according to Gasfees.io.

This reduction in fees is largely due to increased use of Layer 2 scaling solutions and the blob transactions introduced in the Dencun hard fork in March, which have helped lower transaction costs.

The decline in gas fees has resulted in fewer ETH being burned, making the network inflationary. Over the past month, the network’s supply increased by more than 60,000 ETH.

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Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.