Roja
@rojapp
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THEREUM'S GAS FEES HIT RECORD LOW SINCE 2019: FACTSโฆ
- Ethereum's median gas fees dropped to just 1.9 gwei on August 10, the lowest level since mid-2019, according to Dune Analytics.
- This marks a staggering 98% decline from the year-to-date high of 83.1 gwei in March.
KEY POINTS:
- Ethereumโs gas fees have hit historic lows. On August 12, low-priority transactions were priced at just 1 gwei, or about $0.07.
- With gas fees this low, only 210 ETH were burned on August 12, the lowest daily burn rate this year. This has led to an increase in the networkโs inflation rate, with over 2,000 ETH added to the supply.
- The drop in fees is attributed to the growing adoption of Layer 2 scaling solutions and the introduction of blob transactions via the Dencun upgrade in March. These developments have reduced costs on Layer 2 networks.
- Data from L2BEAT shows that Layer 2 activity has surged, with Base alone processing over 109 million transactions in the past 30 days, compared to 33 million on Ethereโฆ 0 reply
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