Ethereum Network's Transaction Prices has Declined: The Block

blockchain.news:

The Ethereum network's transaction prices (known as gas fees) have declined significantly since 2021, according to The Block.

The report stated that the Ethereum network was at its peak during the DeFi summer and boom in the non-fungible token (NFT) issuances in 2021.

The blockchain platform's gas fees have fallen to the lowest point in the past years, as of Sept 22, data from The Block showed.

Ethereum's average gas price for Sept 25, was 10.96 Gwei, according to Ycharts.com, and the highest was at 474.57 Gwei on May 1, 2022, down from 50.96 one year ago. This is a change of 20.73% from yesterday and -78.50% from one year ago.

The all-time high (ATH) of average gas fees even reached 709.71 Gwei, as of June 11 in 2020, which was much higher than the current level.

Despite the fall in gas fees, Ethereum transaction count and daily active users have not dropped concurrently. According to The Block, the likely culprit could be that transacting users don't see the need to pay high costs to complete their transactions quickly.

The Block Research data analyst Simon Cousaert explained that «people are not in a hurry and are not willing to pay more for their transactions to go through sooner.»

The report also added that statistics do not indicate nearing all-time lows, as shown by the total transaction count and active addresses on the Ethereum network. The opposite is the actual case; both have increased roughly 20% and 60% in the same two-year time frame, respectively.

Uniswap, OpenSea, and ETH transfers were the highest gas-consuming smart contracts in the past month, according to The Block’s data.

NFT marketplace OpenSea has been a huge contributor to a huge portion of the total gas consumption during the entire 14-month