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Mikhail  pfp
Mikhail
@sleepymishka
The average cost of sending a transaction on the network of the second-largest cryptocurrency by market cap has fallen to a five-year low due to low activity on the Ethereum blockchain, which has led to an increase in the inflation rate of ETH coins. The average gas fee on the Ethereum blockchain fell to 1.9 gwei on August 10. This is the lowest level since mid-2019 and almost 98% below the yearly high of 83.1 gwei in March, according to Dune Analytics. Network fees on the Ethereum blockchain are called “gas”. It is measured in units denoted by Gwei, which is a fraction of the Ether coin, namely 0.00000001 ETH. Gwei are used to pay for the computing resources in Ethereum required to conduct each blockchain operation, including transfers, exchanges, token conversions, protocol interactions, and NFT issuance.
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